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Costco pays $9.25M for parcel at Gardens on Millenia, outparcels start to take shape

An aerial view of the property being developed into Gardens on Millenia, seen above as green undeveloped land, directly east of an existing shopping center.
An aerial view of the property being developed into Gardens on Millenia, seen above as green undeveloped land, directly east of an existing shopping center.

With the 15.46-acre anchor parcel at Gardens on Millenia bought Tuesday by Costco Wholesale for $9.25 million, the big-box retailer could be built and open in as soon as four months, and ground should break in First Quarter 2016 on outparcels for the $100 million-plus development, a lead executive with BBX Capital told GrowthSpotter.

"Costco already has more than 30 people there on site, starting the prep for their concrete slab," said Bruce J. Parker, managing director with BBX Capital. "They're likely to pour that slab before end of the year, and from my experience they typically build, stock, train and open their stores within a four-month period."

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Spanning 87 acres, Gardens on Millenia is being developed jointly by South Florida-based Stiles Corporation and BBX Capital Real Estate, 30 acres of which are Lake Amanda. The property is bordered by Millenia Boulevard and Interstate 4.

First reported as the anchor tenant on Sept. 3, Costco plans to build a 152,000-square-foot store and gas station. Adjacent will be a 141,100-square-foot retail center with Hobby Lobby and Academy Sports as secondary anchors. Vertical construction on those two secondary anchors is likely to start in First Quarter 2016.

Construction should also start at that time on two stand-alone retail buildings of 12,000 and 12,500 square feet, fronting Millenia Boulevard, that can house restaurant and retail tenants in anywhere from 1,000 square feet to 7,000 square feet. Tijuana Flats should be the first leasee signed for that space, Parker said.

BBX Capital and ContraVest Construction formed a joint venture in late November to build the 292-unit multi-family complex on 11.5 acres of the property, dubbed The Addison on Millenia. That partnership will own the land, build and manage the apartments, with ContraVest as managing member and general contractor.

Costco has signed notices of commencement with Oviedo-based Arft's Electric Inc., Wynn Builders & Contractors out of Fort Lauderdale and T.D. Farrell Construction of Alpharetta, Ga.

Gardens on Millenia's general contractor is Jon M. Hall Co. of Longwood, engineers are Madden, Moorehead & Glunt of Maitland, and the architect is Charlan Brock of Maitland.

Finishing of land development on the entire 87 acres will include landscaping, signage and street lights, and should conclude by First Quarter 2016.

Development of Millenia Boulevard has progressed rapidly this year, with Pollack Shores' 288-unit M North apartments opening on the corner of Millenia and John Young Parkway, a new Wawa fuel station currently breaking ground at the same intersection, and vertical construction underway on a new public school just north of the apartments.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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