Retail developer NGI Investments is part of an investment group that paid $2.1 million on Jan. 31 for the vacant corner parcel on Osceola Parkway at Dyer Boulevard, next to the Loop West shopping center.
NGI President Harry Kay bought a 20 percent interest in the project through affliate company SAI Osceola Pkwy. LLC. Kay has developed multiple retail projects in Orlando and Kissimmee, including a Family Dollar and Starbucks on Vine Street.
Kay told GrowthSpotter he's planning three to four retail and quick service restaurant pads, and already has a lease with AutoZone. Kay will file a Site Development Plan with the city of Kissimmee next week.
"The main thing was the location, being right next to The Loop," he said. "Plus there's another 60-acre development going right across the street."
Two other investors bought 40 percent shares in the project. They are Sally and Ashiq Mohmedali through affiliate Purley Properties LLC, and Ahmed Naqvi through affiliate 7551 Realty Corp.
The seller was Mori Investments Inc., which bought the land in 2002 for $5 million.
The site is directly across from a Publix-anchored shopping center and new McDonalds. Miami-based Courtelis Company has a contract on the 50 acres at the southeast corner of the intersection, tentatively slated for a home-improvement themed shopping center anchored by a 220,000-square-foot City Furniture showroom and distribution center.