Orlando-based Reich Properties is gearing up to build a neighborhood shopping center on a Narcoossee Road parcel the company bought nearly a decade ago for just $110,000.
"We bought that land with the idea that all the residential development was going to happen and they would need some commercial services," John Reich told GrowthSpotter on Wednesday. "In fact, I went to the county and petitioned them to do some commercial in this area, and they were agreeable that it was a good location."
The 3.5-acre parcel at 865 Narcoossee Road (near St. Cloud) was rezoned in 2012 for Planned Development allowing a variety of uses, including restaurants, churches and medical offices.
"The residential development is extremely active," Reich said. "There are probably a dozen active developments within a two-mile radius, so that Narcoossee corridor is very active. The proximity to Medical City is important. It's a nicely developed area. The housing that's going in is a step up from typical development."
Reich said he already has a signed lease with Domino's for a location that would include takeout, delivery and dine-in. He's also in discussions with other restaurants, a medical user and a daycare facility. Reich serves as general contractor, and said he'll be hiring an architect soon to design a shopping center that fits the rural character of the Narcoossee corridor.