CVS/pharmacy is closing in on a ground lease agreement for the Ming Court restaurant property on International Drive, directly across from Pointe Orlando, multiple real estate sources have told GrowthSpotter.
Neither a lease nor sale agreement has been finalized yet by the owners of Ming Court, one of the restaurant's shareholders told GrowthSpotter. Oher offers have been made in recent years for the property by hotel, restaurant and retail developers, hesaid, but no deal was reached.
It may take up to a year for the investing party to conduct due diligence on the property, which includes confirming a change of use is approved by Orlando Plaza Partners, which administers the covenants and restrictions of the Convention Center Plaza Overlay District. Located at 9188 International Dr., the property is zoned C-2, which allows for a pharmacy.
CVS spokesman Mike DeAngelis told GrowthSpotter the company is in the early planning stages to open a new store on I-Drive, but declined to comment on location.
CVS currently has three locations in the I-Drive corridor: one near the intersection of SR 535 and SR 536, one at the intersection of South I-Drive and Central Florida Parkway east of SeaWorld, and a third at the corner of Central Florida Parkway and Westwood Boulevard west of SeaWorld.
Its chief competitor, Walgreen's, has nine locations in the I-Drive corridor, including two within a few blocks of Pointe Orlando.
The Ming Court property boasts 80,585 gross square feet (1.85 acres), with the restaurant building occupying 15,671 square feet. It was bought for a relative bargain as a vacant parcel in September 1985 for $645,000 by Orlando-based Wu Enterprises, Inc.
The property is larger than the 1.49-acre, 64,860-square-foot parcel bought and developed by Walgreen's on the corner of I-Drive and W. Sand Lake Road in April 2014 for $17 million.