O'Connor Capital Partners is culling developers for a five-story, 27,000-square-foot hotel and six satellite retail spaces at Centerview Boulevard and Orange Blossom Trail, less than a half mile south of Tupperware headquarters, an agent for the firm told GrowthSpotter.
The development, dubbed Trailside, lies east of The Crosslands Osceola Corporate Center, a 440,000-square-foot retail center built over the past year on Tupperware land in the 700-1,000 block of W. Osceola Parkway. New York-based O'Connor CP is a commercial real estate investment, development and management firm that has worked for years with other big-box retail center developments up and down Osceola Parkway.
"We're talking with a number of hotel developers for a limited service concept," said West Palm Beach-based businessman Peter Bergner, a local representative for O'Connor CP. "For the retail spots we have a custard shop concept and some fast food drive-thru options in consideration, but nothing signed yet."
O'Connor CP has invested at least $65 million in The Crosslands retail center, with the final 40,000 square feet of big-box shells now under construction for The Fresh Market, Kirkland's and Payless Shoes, which should open by May 2016. O'Connor CP financed the development in part with a construction loan from Bank United.
South of The Crosslands across Osceola Parkway lie another eight acres where O'Connor CP breaks ground Oct. 1 on Cinque Terre, a 100,000-square-foot satellite center that should feed off the new big-box retail hub.
Projected at $20 million or more (with another Bank United loan), Cinque Terre was a direct response to the overflow of big box demand the developer received from retailers while leasing The Crosslands, Bergner said.
Burlington Coat Factory (55,000 SF) and 24 Hour Fitness (40,000 SF) were signed for land leases earlier this year, and a restaurant chain is in final negotiations for the remaining 5,000 square feet, he added.
O'Connor CP is also working with Tupperware on about 25 acres of office, residential and retail development near the future SunRail station at Orange Avenue and Osceola Parkway.
Tupperware owns roughly 1,300 acres in Osceola County that it acquired in 1953 for $5 million. The current development plan for the land has been in place since 2002, with The Crosslands' development on 75 acres over the past year starting a domino effect for future plans, The Orlando Sentinel reported July 13.