Local developers Intram Investments and Blurock Commercial Real Estate are partnering on their fourth retail project together, with land under contract in Southeast Orlando for a shopping center near Mattamy Homes' growing Randal Park community.
Located on the northeast corner of Dowden Road and Randal Park Boulevard, the 33.5-acre parcel is one of the last large undeveloped parcels within or neighboring the Randal Park PD.
The current owner and prospective seller is an affiliate of MAA, a publicly traded multifamily developer REIT focused on the South and Southeast, which inherited the site after a merger in 2013 with Colonial Properties Trust.
The retail center will provide long overdue commercial uses in support of rapid residential growth in the area. Intram and Blurock have the entire 33.5 acres under contract, but will eventually sell roughly 18 acres on the northern side to an unnamed residential developer, which plans more than 100 townhomes.
"The (land purchase from MAA) will likely close in the Fourth Quarter, we would split it and do all the infrastructure and stormwater system across the entire property," with retention ponds designed as amenities for the townhome developer to build around, Intram president Rashid Khatid told GrowthSpotter on Thursday.
Between the extensive infrastructure, stormwater retention and mass grading work that would precede development on the 33.5 acres, Khatib estimates delivery of tenant-ready retail building shells to only come in the second half of 2018.
A Master Plan filed with the City of Orlando projects 15.13 acres for the retail center, with 82,500 square feet of leasable area. That would consist of a 50,000-square-foot anchor tenant, 8,000-square-foot inline retail space, and six outparcel pads ranging from 1,000 to 6,000 square feet each.
Khatib confirmed one of those outparcels would be a new 25-foot Twistee Treat ice cream stand, one of Intram's affiliates it has developed across Central Florida.
The anchor tenant will most likely be a grocery chain, he added, but declined to name retail or restaurant brands that Intram and Blurock are negotiating with.
The property is currently zoned AC-1, and bordered by S.R. 417 to the east.
Intram and Blurock are already partnering on retail and mixed-use developments in Ocala, on 18 acres in Downtown Orlando at S. Orange Avenue and Pineloch Street, and on a 2.3-acre parcel on Kissimmee's W192 tourism corridor planned for a restaurant and retail strip center.