A family investment team led by local owner-developer Daniel Wise is working to entitle nearly 13 acres of land along Colonial Drive for multifamily and retail use, with the prospect of selling it to a market-rate multifamily developer.
The property at 6575 and 6525 E. Colonial Dr. currently holds a C-3 (Wholesale Commercial District) zoning.
According to a Land Use Plan application filed in Orange County last week, the owners are looking to rezone the property to allow for a 280-unit multifamily complex and a commercial development featuring up to 19,600 square feet of retail space fronting on Colonial.
The Wise family have owned the site more than 50 years. It previously traded hands for about $769,000 in 1998 after an entity controlled by the family sold the property to themselves.
Chris Dougherty of S&ME, Inc., is the assigned civil engineer and planner.
Jason G. Toll of NAI Realvest, the Orlando-area representative of NAI Global, is marketing the property on behalf of the owners with an asking price of $3.99 million. Two offers have already been made, Toll said.
“There’s a high demand for multifamily sites,” Toll said. “Apartment rents have been on the rise over the last few years, and the site sees almost 60,000 car trips a day on that stretch.”
Citing a market study he said, the proposed development would be the first apartment building within a 4.5-mile radius of the property.
"The fact is that there is a lack of supply in the corridor," Toll said. "[The proposed project] is filling a void."
The commercial portion and multifamily portion are being listed individually or together.
Toll said he expects to have an approved Comprehensive Plan Amendment by July, with an approved PD running consecutively.
The site is near Barry University Law School. It currently houses a 14,000-square-foot warehouse, built 1964.
Nearby, developer Khaled Hussein and Park Square Homes are developing 67 single-family market-rate homes on roughly 17 acres directly east of Harrell Road.
Another development opportunity along Colonial Drive may be on the grounds of the Orlando Fashion Square. As it heads into possible foreclosure and bankruptcy, experts say it could serve as a good location for a new entertainment concept.