The lure of Lake Nona has an Orlando developer seeking to buy and build in the area, providing the retail — as well as office — that follow a successful development.
John C. Reich of Reich Properties has approached Orlando city planners about building the maximum density, 35,000 square feet of commercial space, on 3.56 acres he has under contract two miles east of Lake Nona proper. Right now, the density allowance is 5,000 square feet.
Reich declined to confirm his contracted purchase price for the land. The last time it sold was in 2013, in a transfer for $15,100 to United Asset Holdings Residential, LLC, an agent for Valley National Bank, property records show.
Orlando-based restaurant chain Gator's Dockside paid $2.3 million on Jan. 27 for a 3.8-acre parcel on Narcoossee Road south of S.R. 417, where the company plans its 26th restaurant and an additional 33,000 square feet of future mixed-use development.
"There are thousands and thousands of homes being built there," Reich told GrowthSpotter on Thursday.
Specifically, Reich is seeking a an amendment to Village Center 3 of the East Park Planned Development.
The 3.56 acres have been approved for commercial use for a number of years. Once approved, Reich hopes to begin building in six to 12 months.
Lake Nona, which is being developed by an affiliate of Tavistock Group, is a 7,000-acre planned community within the city limits of Orlando that, per its website, will be home to world-class education, medical and recreational facilities, a medical city, diverse work spaces, retail centers, entertainment choices and residential options for all types of people.