The Ocoee City Commission is getting ready to hand off a chunk of vacant land to a Tampa-based real estate company that plans to turn the property into a vibrant mixed-use development.
An unsolicited offer by Wire Development was accepted on consent at a commission meeting, Tuesday. The development team, led by Holly Collins-Garcia, offered to pay the city $3 million for 16.2 acres at 2012 Ocoee Apopka Rd., which includes 2.25 acres of future right-of-way.
Development is planned to rise on 13.5 acres, next to Ocoee High School. A staff report claims the developer intends to build a mixed-use community with a live-work feel called Ocoee Crown Point Village Center.
According to a letter of intent (LOI), the development plan will include a minimum of 2,500 square feet of commercial space and 175 multifamily units with access to community amenities such as a clubhouse and pool.
Plans also mention the integration of new and current retailers as well as enhanced connections to the West Orange Trail. To the north of the property, there is a new Dollar Tree and small retail strip development built last year by Oakland-based Jebailey Realty LLC.
The City of Ocoee is responsible for completing the construction of the right-of-way, including roads, sidewalks, landscape, and traffic improvements prior to closing.
The property sits within the 300-acre Crown Point Planned Unit Development that the City of Ocoee acquired from The Coca-Cola Company in 2000 for $3.75 million. Since then, the city has been busy selling off pieces of the property.
Later that year, the city received an unsolicited offer from Keewin Real Property Company to purchase the village center subject property for about $1.35 million. Shortly after, in early 2019, the city received another unsolicited offer from Meritage Homes, which offered about $1.5 million for the property.
The interest prompted the city to send out a Request for Letters of Intent and in response, it received seven bids, but none offered a purchase amount that closely reached the appraised value of $2.91 million. The highest price offered for the property was $2 million and the bid proposed building a mix of multifamily units and townhomes. Ocoee’s City Commission elected to not pursue the sale.
Currently, the property features PUD and Commercial zoning. The land use for the site (Village Center) allows for a variety of retail, office and residential uses.
Collins-Garcia was not immediately available for comment. Prior to forming Wire Development in 2018, Collins-Garcia served as the executive vice president for DeBartolo Development.
Wire Development is a certified woman-owned business in the State of Florida that specializes in project sourcing, underwriting, ground-up development, asset repositioning and asset management, according to its website.
The property along Florida’s Turnpike is owned by members of the family-run citrus grower Heller Brothers Packing Corporation, which hope to prep the land for mixed-use development and sell it to developers or users.