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Winter Park-based Progressive Capital Group wants to buy a Golden Corral site near the University of Central Florida with plans to redevelop the property into student housing.
Winter Park-based Progressive Capital Group wants to buy a Golden Corral site near the University of Central Florida with plans to redevelop the property into student housing. (Dennis Wall/Orlando Sentinel)

Winter Park-based Progressive Capital Group, led by Russ Greer, is trying to negotiate a deal with Golden Corral franchise owner Eric Holm.

The company is seeking to buy one of Holm’s Golden Corral restaurants at 11731 E. Colonial Dr. and replace it with a new student housing development.

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A Land Use Plan application recently submitted by Kimley-Horn’s Jonathan Martin is seeking a density that allows for 42 dwelling units per acre and four beds per unit, meaning the 3.64-acre site would permit approximately 150 units and 600 beds. The applicant is requesting Planned Development zoning and a Future Land Use designation of PD-HDR (Student Housing).

In order for the development to come to fruition as proposed, Orange County officials would need to grant several waivers including a waiver to build above the three stories of height acceptable. The proposed development plan calls for two, 5-story student housing buildings that wrap around a 7-story parking structure.

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Developers are trying to chip away at a gargantuan amount of office entitlements within The Quadrangle PD to enable new multifamily development in lieu of new office construction.

Progressive Capital Group is also seeking a student housing parking ratio of nine-tenths spaces per bedroom, in lieu of one space per bedroom.

“Based on the growing trend of reduced vehicle ownership along with public and university-provided transportation, a 10% reduction from code-required parking is sufficient,” application material states.

If a sale takes place, Holm told GrowthSpotter he intends to use the money to build a new Golden Corral restaurant.

During the pandemic, Holm’s 1069 Restaurant Group LLC filed for Chapter 11 bankruptcy protection citing the coronavirus pandemic’s effect on restaurants and buffet-style dining.

He said he closed a Golden Corral at 2328 S. Semoran Blvd. because COVID-19 had kept most people home and the building, around 25 years in age, was getting old. Holm intends to open a new Golden Corral restaurant somewhere between where the one on Semoran Boulevard closed and the restaurant on State Road 50.

“We have several sites in mind,” he said “I told [Progressive Capital Group] if you could put student housing in the manner that you want to, we can get a brand new restaurant and some cash.”

The site currently holds a 26-unit apartment community built in 1982. The proposed development program shows plans to build up to 764 bedrooms across 191 suites.

Records show the Golden Corral building was completed in 2012 around the same time Metro Corral Partners Inc., which is managed by Holm, was granted a ruling in the Ninth Judicial Circuit Court of Florida to take over the property.

The site is less than 10 minutes away from the University of Central Florida and is surrounded by commercial uses, including the 6-story Holiday Inn Orlando East UCF Area Hotel at 1724 N Alafaya Trail.

The university has drawn a number of other propositions from developers to build student housing by the campus.

Last summer, GrowthSpotter reported there were at least two student housing developments being planned almost simultaneously near UCF.

In December, Orange County’s Development Review Committee approved a site plan for a 750-bed student housing community at 4742 Data Ct. being developed by Lafayette, Indiana-based Trinitas Ventures. Currently, the Fort Lauderdale-based charter school developer Red Apple Development owns the 6.25-acre site.

To the south, American Campus Communities wants to develop up to 249 units (898 student housing beds) at 12124 High Tech Avenue. The applicant is still in the planning stages.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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