Looking to cash in on the recent growth spurt along International Parkway near Lake Mary, Winter Park-based Central Parc Development plans to spend $3.8 million developing three outparcels at the Exchange at Savannah Park.
Central Parc, under affiliate Savannah Park Retail LLC, purchased four remaining undeveloped parcels at Savannah Park for $850,000 in late September.
The sellers were an affiliate of Inland Private Capital Corp., which built the Lofts at Savannah Park, an upscale multifamily community in the Savannah Park planned development. The company then sold the apartments last year for $22.2 million.
Work on two of the parcels will likely begin in two weeks, said Central Parc principal Miguel de Arcos, who's also a commercial real estate broker with Sperry Van Ness. He's partnering on the Savannah Park development with Gino DellaCava, president of ACS Construction Inc.
The project should include 18,000 square feet of retail across three buildings, with an initial focus on 10,500 square feet as a first phase. That initial portion is about 40 percent pre-leased, de Arcos said. Site work will be done first for all three building sites, with the vertical phased in.
"The third building we're going to wait on until we get a little more activity," de Arcos told GrowthSpotter on Tuesday. "We have an up-and-coming spa/salon and a couple of others we're working with right now. We can't really say who we're talking to, but it includes a yoga studio, a juice bar and a fast and casual restaurant."
The company has yet to submit development plans for the fourth parcel it purchased, de Arcos said.
Recent public and private investment around International Parkway's intersection with S.R. 46 lead de Arcos and DellaCava to believe an investment in Savannah Park will pay off. Some of that activity includes:
- The long-awaited construction of the former Gunter Village apartment complex at 3300 International Parkway. Originally approved as a planned development in January 2009, the project was shelved when the real estate market crashed;
- On-going construction of the Florida Department of Transportation’s District 5 regional transportation management center, a 55,000-square-foot building near the I-4, Wekiva Parkway and S.R. 427 interchange;
- The Wekiva Parkway interchange itself, which de Arcos said is going in “directly caddy-corner” to Exchange at Savannah Park;
- And reported this week in GrowthSpotter, Elevation Development’s grocery-anchored retail center proposed for 17 acres at the southwest corner of International Parkway and S.R. 46.
De Arcos said the as-yet-unannounced specialty grocery will not compete with whatever retail shops his company lands for Savannah Park. In fact, the developer said he welcomes the Elevation project, because it will drive business toward the shops at Savannah Park.
"We're going for a very modern, industrial look and feel for this project," he said. "Knowing that since we are not on the main drag of Lake Mary Boulevard, we wanted to build something unique that will draw people and certain types of unique tenants."