Orlando developer Dustin Lucas is moving ahead with plans to redevelop a brownfield site in east Orange County that will transform the vacant property into a mixed-use project with multifamily units and industrial space.
The developer has revised plans, originally approved in 2001 to allow for up to 327,725 square feet of industrial space, to instead feature 350 multifamily units and 110,647 square feet of industrial space that will include self-storage use.
Located at 4450 Innovation Way, the roughly 46-acre property was formerly owned by the late landfill company operator, John Cecil Redditt. The estate was passed down to his family members before Lucas paid $900,000 to acquire the site in 2015.
About a year later, Lucas sold about 12.5 acres of the property for a little more than $1.3 million to Surelock Self Storage operators Bouik and Dana Koshmer.
The Koshmers have been working with Lucas to entitle their portion of the property.
The most recently approved plans show the self-storage operators intend to build four buildings totaling 80,347 square feet. The development will consist of 1,600 square feet of office space and 453 self-storage units. The multifamily portion will be developed on 17.5 acres.
The tract where the multifamily units will be built also allows for up to 30,300 square feet of industrial space fronting Innovation Way.
The site was designated a Brownfield Area in 2015. According to the Florida Department of Environmental Protection, a brownfield site is defined as a property to be expanded, redeveloped or reused that may be complicated by actual or perceived environmental contamination.
A Technical Review Group summary report filed in Orange County states the prior use of the property included cattle grazing and a cattle vat. The report also claims that clean debris waste material was buried on portions of the site, which was also formerly used as a yard trash recycling facility.
Other portions of the site were formerly used to operate one or more wood waste incinerators that resulted in ash disposal on the site, the report claims.
The developer has entered into an agreement with the state to rehabilitate the property prior to any development. The agreement, called a Brownfield Site Rehabilitation Agreement, or BSRA, indicates property owners are endeavoring to remediate the site for public use.
Once the agreement is successfully completed, property owners are eligible for a slew of state and federal incentives, including a tax credit on cleanup costs and a sales tax credit on building materials for some redevelopment projects. The Environmental Protection Agency also offers brownfield grants for site assessment and cleanup.
Multiple attempts to reach Lucas were unsuccessful. Attorney Thomas Sullivan of GrayRobinson filed the most recent Change Determination Review in Orange County on behalf of the developer.
The property sits near neighborhoods like Waterford Lakes and Avalon Park.
Last year, GrowthSpotter reported plans by Avalon Park Group (APG) to develop a new five-story apartment building directly across from the community’s central park. The apartments would lie adjacent to its four-story, 38,500-square-foot Avalon Business Centre, which will contain a mix of office and retail space once complete.
Roughly 3,400 single-family units, 1,431 multi-family units and more than half a million square feet of commercial space is planned for the area, according to its website.
Earlier this month, GrowthSpotter reported that Beverly Hills investment group, PRG Fund, paid $77 million to acquire a 400-unit apartment complex in Waterford Lakes. The area is known to attract students from the University of Central Florida to its nearby open air shopping district.
PRG’s purchase was part of an ongoing effort by the company to expand its portfolio of luxury rental communities in the neighborhood. The company paid roughly $94 million in recent years to acquire two other apartment communities: Rexford at Waterford Lakes and Victoria at Waterford Lakes.