BluRock Commercial Real Estate is forming a symbiotic relationship with two other developers on S. Orange Avenue, acquiring four lots that surround an established Chipotle to provide that restaurant better parking and traffic access, while adding new satellite retail to the mix.
BluRock affiliate Pineloch Orange LLC spent $1 million on April 20 across two transactions, for four contiguous lots totaling 0.62 acres that surround the Chipotle at 2211 S. Orange Ave. The site lies between E. Murial and E. Grant streets, and northeast of the SoDo mixed use complex.
That Chipotle parcel is owned by an investment vehicle of local developers Daryl M. Carter and Scott Crossman. BluRock principal Joe Schuemann knew the restaurant was strapped for parking, so he pitched Carter and Crossman his plans to buy and redevelop the home lots and a car sales business that surround it on the block.
BluRock's newly acquired property will provide motorists new entry and exit points to the Chipotle on E. Grant and E. Muriel streets, creating an internal circle of traffic for the retail outlets to minimize use of S. Orange Avenue. It will also provide additional parking to the restaurant.
Schuemann told GrowthSpotter he plans to build a 6,700-square-foot retail building shell with lease commitments from Verizon and Mattress One, and a 2,600-square-foot restaurant space on the corner of E. Muriel Street and S. Orange Avenue, for which he has yet to find a tenant.
Schuemann estimates total investment in the project through build-out will be $2.75 million, and expects to have his permits within the next few weeks to begin demolition and construction. Vista Constructors is general contractor on the project.
BluRock has a demolition permit pending approval with City of Orlando for the 0.62 acres, and has a determination request under review for an administrative master plan for the new retail building.