UPDATED: SEPTEMBER 4, 2017 11:08 AM — New York-based REIT Seritage Growth Properties has lined up Darden Restaurants' Longhorn Steakhouse and a new prototype-design Olive Garden for the first two new outparcels on its property at Orlando's Fashion Square Mall, and has a third in lease negotiations with Mission BBQ.
Dubbed "The Shoppes at Orlando Fashion Square," Seritage filed a new Specific Parcel Master Plan (SPMP) in mid-August that specifies the two Darden brands for outparcels at its now demolished former Sears parcel on the western side of Fashion Square.
Located on the northeast corner of Maguire Boulevard and E. Colonial Drive, Seritage owns the 17.98-acre site at the mall that is now rubble and asphalt. The company filed a mixed-use redevelopment Master Plan with the city back in September 2016, and began its demolition process of the Sears and Sears auto-care buildings in February.
Six outparcel pads are now identified on the updated site plan that ring the property's edge along Maguire Boulevard and Colonial Drive. Their floor spaces range from 3,000 to 7,700 square feet, for a total 32,837 square feet of potential new dining and retail.
Olive Garden is projected for Pad 3 (7,740 SF), with renderings showing an exterior by California-based Schoos Design that's wholly different from its current restaurants. Longhorn is planned for Pad 6 (5,842 SF) on the hard corner.
As a consequence, Darden is expected to close the existing Olive Garden that lies just a few hundred yards to the east, on the southeast corner of the Fashion Square Mall territory at 3675 E. Colonial Dr.
That Olive Garden was one of the first Darden ever built, dating to 1984. Its ground lease has expired, so Darden has the freedom to move at any time. A manager said Friday they had yet to be informed of a timeline for closing.
Officials with Darden and Seritage did not respond to requests for comment on Friday.
A third smaller outparcel pad estimated at 4,100 square feet is under lease negotiations with quick-service restaurant Mission BBQ, which recently opened its first area location in Oviedo.
Bill Leahy, market partner in Florida for Mission BBQ, told GrowthSpotter the chain has several locations in LOI or contract negotiation stage in Greater Orlando, including the Fashion Square outparcel.
His goal by year's end is to have a signed lease to lock down Mission BBQ's second location in the area, and line up another two sites in 2018. The chain is seeking inline, end-cap or stand-alone sites with strong daytime populations, and its store footprints range from 3,200 to 5,700 square feet, Leahy said.
The new Seritage site plan shows that total retail density across the entire 17.98 acres will decrease from what it was, pre-demolition.
The former Sears store and auto-care center had a combined 194,062 square feet of floor space. Now the planned Floor & Decor, Orchard Supply Hardware and six outparcel pads would have a combined 145,579 square feet.
The property is well-positioned to draw new retail and dining tenants. The Maguire and Colonial intersection boasts 1 million residents within a seven-mile radius, which is nearly half the estimated 2.3 million population of Greater Orlando.
In Seritage's Phase 2 of redevelopment, a multifamily building would be added north of the Orchard Supply and west of the mall's parking garage. The new site plan reflects a 129-unit estimate on 4.97 acres. Seritage has not indicated a timeframe for when that phase would be activated.