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.
The first phase of the project would be 8,750 square feet. At full buildout, the Old Town Narcoossee shopping center would approach 30,000 square feet.
Reich Property Project Manager Paul Gutman said a few existing uses, including gourmet ice creamery Chill, would remain.
Gutman and engineer Raymond Stangle from The Jordan Companies met Wednesday morning with Osceola County planning staff and received positive feedback about the project.
"It's nice when people come in and do exactly what we want them to do," Principal Engineer Jose Gomez said.
In fact, Community Development Director Dave Tomek prodded Gutman to consider adding density, noting that there a limited commercial nodes along the Narcoossee corridor.
"I can't convince you to add a second story? Maybe add some residential or office over the retail?" he asked.