Orlando-based Car Wash Palace has roughly an acre under contract for its fourth regional store, part of a retail center planned by Toronto-based North American Development Group (NADG) east of the tourism corridor.
Located northeast of the intersection of John Young and Central Florida parkways, the 1.32-acre lot is part of 23 acres that have been seen through development approvals since January 2016 by NADG.
About 9.4 acres of that land has been included in a Phase 1 plan for commercial outparcels that front the two parkways, dubbed Grande Lakes Plaza. A separate DP for a Wawa fuel station and convenience store on 2.5 acres of the parcel was approved last year.
Manish Parikh, president of Car Wash Palace, filed a Development Plan on Feb. 9 with Orange County for a 1.32-acre portion of Lot 4 of the Grande Lakes Plaza.
The new location for Car Wash Palace would follow stores in Winter Springs, Orlando and Kissimmee.
It was Parikh's most recent development in 2015 on Kissimmee's Osceola Parkway that introduced him to the NADG property, as he would often drive to and from home along John Young Parkway.
"I became familiar with it that way, could tell it was a good corner, and have been waiting for development to take shape there," said Parikh, who was represented by Yogesh Melwani of Align Commercial Real Estate.
"We looked at the car counts, and were told it was about 50,000 cars per day," he continued. "Demographics of the area and growth are key, and we like to be close to some sort of major traffic draw, like we know this Wawa can be."
Parikh will spend the next four to six months working through Orange County permitting approval, he estimates. NADG would subdivide the property for Parikh and his brother Amish Parikh (a local cardiologist) to purchase their lot.
Parikh estimates total investment in the project to near $4 million including land acquisition, for which he would seek a local construction loan in the third quarter.
The project would be bid out to general contractors in Q3. Marjon Construction has served as GC on past Car Wash Palaces, Parikh said.
Jeff Preston, managing partner in NADG's West Palm Beach office, said Friday no other retail partners have been signed for Grande Lakes Plaza.