Intram prepping to add 66,000 square feet of retail at Posner Village
By J. Kyle Foster
Nov 03, 2020 at 3:30 PM
Orlando-basedIntram Investments is almost ready to begin Phase 2 of its Posner Village retail center on U.S. 27. Conceptual plans were filed in Polk County in October and the company is working on finding tenants.
“We’re waiting to finish Phase 1 before we start Phase 2,” Intram Executive Vice President Randy Hodge told GrowthSpotter. With two last outparcels in Phase 1, Hodge sees Phase 2 construction starting in the first quarter of 2021.
Intram paid $9.7 million in 2017 for the 29-acre site in Posner City Center, just south of the I-4/U.S. 27 interchange in Davenport. The retail community has more than 600,000 square feet of retail, Target, Best Buy, Dick’s Sporting Goods, Ross Dress for Less, Michaels, and Cinepolis IMAX Theater. Intram added Posner Village, which includes Burlington, Bealls, HomeGoods, Marshalls and Ulta among its Phase 1 tenants. It also features stand-alone Starbucks, Chipotle and a First Watch end-cap.
Phase 2 will include a 55,000-square-foot big box retail building and a smaller multi tenant building with two retail pods and an end-cap restaurant.
“Posner Village with the Phase 1 and with the retail to the north it operates as somewhat of a regional shopping center for all of the communities in about a 20-mile radius,” Hodge said.
Intram is still working to get the outparcels in Phase 1 leased and Hodge said he expects that will happen over the next couple of months. Meantime, the company is marketing Phase 2 with Orlando-based Cuhaci & Peterson working on the building design.
The multi-tenant building totals 11,000 square feet, according to site plan created by Kimley-Horn. There’s also a corner lot at the Posner Boulevard/Main View Drive intersection reserved for future development. Stacy Miller Menendez with JLL is leading up leasing efforts.
“We probably wouldn’t start construction until we have some leases in place,” Hodge said. “We’re working on some things, so hopefully over the next couple of months.”
The mixed-use district at the busy I-4 interchange will be getting vacation townhomes and an age-restricted apartment complex as it approaches buildout.
By J. Kyle Foster
Mar 16, 2020 at 4:30 PM
The area continues to attract residential developers as well, with little sign of slowing.
Eastwind Development, based in Palm Beach Gardens, acquired a 7-acre parcel at Posner Park with plans to for a 55-plus apartment community for the site. Cushman & Wakefield, which arranged the sale by an affiliate of BTI Partners, announced its completion. Andy Slowik and Margery Johnson of Cushman & Wakefield represented the seller. Eastwind paid $2.7 million, according to land records.
This is the fourth parcel of land Cushman & Wakefield has sold at Posner Park, a $500 million mixed-use development. Walkable amenities are a big draw for developers, Johnson said in a press release.
Columbus, Georgia-based Flournoy Partners is under contract to buy and develop into apartments about seven acres of land in the mixed-use district on U.S. Highway 27, just off the I-4 interchange. Plans are for 313 apartments with a resort-style pool, Jake Flournoy told GrowthSpotter in February. He said the deal is expected to close this quarter.