Local developers Blurock Commercial and Intram Investments are jointly assembling 18 parcels that make up an entire block along S. Orange Avenue, with an estimated $11 million to be spent on 11.75 acres for an eventual retail and multi-family development, Intram's executive vice president confirmed for GrowthSpotter.
The focal point of acquisition and redevelopment for the companies is a block bordered by S. Orange Avenue to the west, Butler Drive to the south, Center Street to the east and E. Pineloch Avenue to the north.
Most of the taxable parcels -- which include small homes, businesses and two mobile home parks -- have slowly been acquired by Blurock and Intram since 2014 under different LLC names. Only a handful remain to buy, all of which are now under contract.
"This corner is just south of the SoDo area, and has the proximity to downtown but also the established retail base of East Michigan Street and South Orange, so we think it's a lot better area for urban living than, say, North Orange Avenue," said Intram's Randy Hodge. "This will have a more traditional multi-family project that neighbors the retail, with a shopping center likely on two-thirds of the property."
The developers most recently bought a 0.31-acre parcel at the intersection corner for $1.15 million on Oct. 6, currently home to a gun and pawn shop. On Oct. 7, they closed on six parcels within the block owned by the Rolls family for $5.5 million, per Orange County records.
While the parcels are currently being acquired under varied LLCs for tax and financing needs, those entities should ultimately be owned by a master LLC, Pineloch Center Street, of which Intram and Blurock will share ownership, according to Hodge.
Because part of the block's properties fall in Orlando city limits and part in unincorporated Orange County, the developers have begun filing an annexation petition with Orlando. The process for annexation and re-zoning of the properties could take up to a year, Hodge said.