An Orlando developer is planning a mixed-use commercial project on 10 acres near the prime intersection of U.S. 192 and Narcoossee Road in St. Cloud.
St. Cloud Marketplace LLC paid $2.8 million last week for the vacant lot front on U.S. 192 at the entrance to the Live Oak Estates subdivision. The site has 798 feet of highway frontage directly across from a Publix-anchored power center with a Walgreens.
Next door, the Thompson Grove development also has 10 acres of land with Highway Business zoning on U.S. 192, while D.R. Horton is building a residential neighborhood just south of it.
St. Cloud Marketplace was formed by longtime business partners Beau Blackerby, founder of RRB Partners, and Mobile, Alabama-based developer Wayne Cave. Blackerby had a pre-application meeting with St. Cloud planning staff on May 20 to discuss potential uses, such as retail, multifamily and independent living facility, for the site.
Blackerby subsequently applied for a conditional use permit to allow an independent living facility. The application is being reviewed for sufficiency.
“We’re not under contract to anyone,” Blackerby said. “We’re just exploring that use. Things tend to materialize pretty quickly once you close on the land.”
Blackerby said he’s pretty far along in discussions with several potential retail tenants and felt confident closing on the property even though it will likely be 2022 before construction starts.
“It’s not one you want to let go,” he said. “We’re excited to be able to tie something up in such a booming area. We’ve had discussions with the planning staff, and they want us to coordinate with Thompson Grove to create a gateway to the city.”
Deanna Armel, broker/owner of Armel Real Estate, represented the seller, Poffenbaugh Ford, which had owned the property since 1997. Iberia Bank provided $2.26 million in financing to the buyer. The retail team at Colliers, led by Jorge Rodriguez, represented the buyer.
Nearby, Pulte Homes has nearly sold out its Live Oak Lake community and just went under contract for another 74 acres between the existing subdivision and Thompson Grove.
Orlando Division Director Clint Ball told GrowthSpotter they expect to get about 260 lots once the project is subdivided and permitted. It will be designed with a connecting road to Live Oak Lake but will be a separate community, he said.
Green Slate Land & Development also recently submitted new plans for the 30-acre site on Narcoossee Road, about ¾-mile north of U.S. 192. The developer is seeking approvals for 141 townhomes and 320 multifamily units. An earlier version of the project also had commercial lots fronting on Narcoossee, but the developer nixed them in order to qualify for a residential Planned Development zoning.