Chad Busby has his respective eyes on two different real estate prizes.
One rests on an R2 residential parcel in Oviedo that's zoned for duplexes and priced to sell. The other is an active hunt for an Oviedo or Winter Springs property where he can build and expand his business.
"We bought it from a friend who owned it for years," he told Growthspotter on Wednesday. "We didn't have any big plans for it, but we have some rental properties in our portfolio and were thinking if we could build rentals there – that's cool. I like the area. I think it has potential. Our friend did, as well, but after sitting on it for eight or 10 years, I think he got tired of waiting for the potential to roll around."
But roll around it has.
Last month a pre-application for new townhomes was filed by a prospective buyer. The property is being marketed by Dapore Realty.
"We're super flexible as to what we might do with it and it's kind of fun that someone is looking into doing something with it – that's promising," he said.
Busby describes the property, and its end-of-the-block location just adjacent to Oviedo's downtown, as a nice area for potential homeowners to build on large pieces of wooded land, but doubts the area could support such an undertaking.
"It's probably better suited for multifamily," he said. And while Busby still mulls over the parcel's possibilities, selling is probably ideal – as he has a more pressing matter: the Winter Park-based Busby Antiques, which presently resides in 4,200 square feet of space.
"We're ready to own," he explains. "We've had to move twice in the past because the buildings we were in were sold out from under us."
So he's been searching for the right place – in both Oviedo and Winter Springs – to build a new home, something in the 10,000- to 12,000-square-foot range, a warehouse/showroom. Depending on the layout, he believes one acre could easily fit his needs, adding that a reasonably priced two-acre parcel would be fine, as well. $250,000 is his max price.
Busby imagines a standard warehouse construction with a more substantial façade serving as showroom; the split would be 25 percent up front, 75 in back to house inventory.
"Ideally, it would be subdivided into four or so units, two of which we would occupy and two we'd lease out and have the ability to grow into, as we've been growing steadily over the last seven years," he said.
Busby envisions something along the lines of an antique mall, particularly if they build in a good, commercial area. "We could have similar businesses – a consignment shop, vintage clothing…. Either would dovetail nicely with our business."
That said, Busby notes that high-traffic areas, while nice, are not mandatory.
"Since the majority of our business is online, a heavily traveled corridor isn't necessary. If the parcel were, however, it would be an added bonus…," he said. "Being there could change our model; we might try doing a little more retail."