UPDATED: SEPTEMBER 15, 2016 5:12 PM — An affiliate of Aventura-based Master Real Estate has 18 acres under contract on S. Orange Avenue, with conceptual plans for a mixed-use development within walking distance of the Sand Lake Road SunRail station.
Located at 7803 S. Orange Ave., the property includes 18 gross acres across multiple parcels, 12 of which are developable, and lies northeast of the S. Orange and McCoy Road intersection.
A conceptual development plan for the property filed Wednesday with Orange County includes a two-story retail and office building fronting S. Orange Avenue with each use having 19,000 square feet, three four-story condominium buildings with 192 total units, and 47 two-story townhomes.
Residents of the property would have to walk roughly five minutes west (0.2 miles) to reach the SunRail station platform, with a signaled crossing on S. Orange Avenue already in place near the development's proposed entry.
Those uses would cover 7.15 acres of the property, with a remaining 10.94 acres that's currently zoned for single-family residential, according to the property's PD-LUP.
"We'll close before the end of this year," Isaac Peckel, partner in affiliate Mir Development, told GrowthSpotter on Thursday. "We have a long-term plan for the full 18 acres, but wouldn't do single family. We would seek rezoning for that portion."
AIP Design is the project architect that filed the pre-app request with county staff on Wednesday. A pre-app meeting has been set for Sept. 28.
The property owner and seller is California-based Sabal Financial Group, a diversified financial institution that acquires large pools of non-performing loans and forecloses on them to sell the assets.
This site is one of the largest undeveloped tracts available in the S. Orange gateway to Orlando International Airport, an area the county government wants to see transition toward mixed-use development, said Jim Kazaros, broker at Avalon Land & Commercial and listing agent for Sabal.
"You've got the new rail station, and the county has big plans for that area and wants to make sure things modernize there, moving away from historically industrial use to more residential and mixed use," he said. "It's got great exposure on S. Orange, walkable to SunRail, and lies between the airport, tourist corridor and downtown."
Focused mainly on the sale and development of condos in Greater Miami, this would be the third project in Orlando for the investors from Master Real Estate, all clustered around the intersection of S. Orange Avenue and McCoy Road.
At the nearby Palm Square at Belle Isle condo complex (2323 McCoy Road), the company bought 90 of the 107 condo units through foreclosure in recent years, and completed thorough renovations on all at the beginning of this year.
Master Real Estate is also developing the 120-unit Royal Palace condo complex on 5 acres at 2121 McCoy Road. The company has finished site infrastructure work, and is waiting on final building permit approvals to start vertical construction, Peckel said.
Sabal paid less than $200,000 for the land in 2012. Peckel said Mir Development would go hard on its contract deposit by the end of October, and close at less than the $2.495 million it was listed for.
He said the company would handle pre-construction sales of the condo units, and would market domestically and to Latin America. Mir Development would hire a local property management firm for the complex.