Palm Beach Gardens-based Blackfin Partners has brought on a partner in North American Development Group to help finance and develop its planned neighborhood retail center south of Lake Nona High School.
The duo paid $4.55 million on March 31 through an affiliate LLC for the 14.6-acre property, have yet to hire an architect or general contractor, and aim to break ground in the Third Quarter, said Scott Goldsmith, director of leasing and development with NADG.
"This was a strategic relationship that really came about through a history of working together, and should be a good marriage as we move forward," he told GrowthSpotter on Tuesday. "Blackfin did a good job at the beginning on this project, but for a number of reasons we were brought on, and it's a joint effort now."
Based on the southwest corner of Narcoossee and Tyson roads with a signalized intersection, the property has an estimated 20,000 homes within a two-mile radius that are built, or in varied stages of planning and construction.
Formerly marketed as Shoppes at Tyson Place, the project is now named Shoppes at Nona Place.
Planning began in 2015 by Blackfin for an initial 37,000 square feet of retail, but that expanded in 2016 to a 70,000-square-foot neighborhood shopping center, with the goal of bringing an anchor specialty grocer to serve growing Lake Nona.
Earth Fare was confirmed as anchor tenant last year, with Pet Supermarket now an inline secondary tenant, and Heartland Dental on one of four outparcels.
Two more inline end-cap spaces of 2,450 and 2,800 square feet remain available, along with three outparcel pads that could accommodate a bank, stand-alone restaurants or multi-tenant retail buildings, Goldsmith said.
Blackfin successfully annexed the site into the City of Orlando in February 2016. The developers are now finalizing their permitting applications, continuing pre-leasing efforts and should submit construction documents in the next few months, he added.
CPH is civil engineer on the project. An architecture group is being considered but remains unsigned, Goldsmith said, and a general contractor has yet to be chosen.
The companies aim to break ground some time in Q3, and deliver the main building's shell in late 2018, he said.
The sellers were Edgar O. Yates and Colleen R. Yates as co-trustees of a revocable trust, along with Clifton and Joy Ackerman. They previously paid $285,000 in 1999.
This would be the second location in Central Florida for Earth Fare, which is also confirmed as the grocery anchor for the mixed-use Crescent Lucerne project in Downtown Orlando.
Earth Fare is no longer being considered as the anchor-grocer for Griffin Farms at Midtown in Lake Mary by Unicorp National Developments, said president Chuck Whittall on Wednesday. The developer has no grocer locked in there and is speaking with several, he added.