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Osceola County Developments

Shoppes at Celebration Place nears build-out for first 4 restaurant tenants

By Bob Moser
Growthspotter
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Highlighted in red above, nearly seven acres are under development for up to seven restaurant tenants and a Walgreens along Celebration Place, south of the road's intersection with W. US 192.

Highlighted in red above, nearly seven acres are under development for up to seven restaurant tenants and a Walgreens along Celebration Place, south of the road's intersection with W. US 192. (Osceola County Property Appraiser)

A South Florida developer of the new Shoppes at Celebration Place plans to turn over finished site work and building shells for the project's first four restaurant tenants by the second week of September, with interior build-out potentially done by mid-November, a principal with the company told GrowthSpotter.

Set on nearly seven acres in front of the W. US 192-Celebration Place intersection, the property was acquired in September 2014 for $10.1 million by an affiliate of Flagler Realty & Development out of West Palm Beach.

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The new restaurant and retail cluster lies directly in front of four large office buildings totaling more than 583,000 square feet of space, which are home to tenants such as Disney Cruise Lines, Disney Institute, Disney animation departments, Experience Kissimmee and a variety of medical office tenants.

The thousands of office workers in those buildings currently have just one restaurant within walking distance, a Panera Bread on Celebration Place that neighbors the new Shoppes development.

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Scott Johnson, principal with Flagler Realty & Development, said his company was drawn to the parcel in large part because of the under-served office space there, as well as staff at a nearby hospital, the residents of Celebration and the 70,000 cars that pass by on W. US 192 each day.

Four buildings now under construction will serve as the development's first phase, and include Chipotle Mexican Grill, Dunkin' Donuts, Five Guys Burgers & Fries, and Pei Wei Asian Diner. Interior build-out by those tenants should be complete 60 to 90 days after they take over buildings in mid-September, Johnson said.

The developer has permit requests in for three more buildings and expects work to start next week on one for Walgreens. The only executed tenant so far for Shoppes' second phase is Applebee's, Johnson said, "but we have many prospects, with several LOIs being negotiated."

The development had previously been linked in news reports with Subway and TooJay's Original Gourmet Deli as potential tenants.

St. Cloud-based Jimmy Hickman Excavating is providing all underground utility, paving and related site work on the property, while Orlando's CCS Construction is building the tenant shells.

bmoser@growthspotter.com or (407) 420-5685

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