Retail developer NGI Investments is lining up three stand-alone restaurant pad tenants for a new project at S. Kirkman and L.B. Mcleod roads, nearing construction on a site near Vineland Premium Outlets, and has projects in Winter Park and Kissimmee in pre-lease limbo.
Roughly 1.3 acres is under contract at 3957 S. Kirkman Road south of the intersection with L.B. Mcleod, with ground lease commitments from fast-food outlets Checkers and La Granja, and a third being negotiated with Intram Investments' Twistee Treat, developer Haresh Karamchandani (better known as Harry Kay) told GrowthSpotter on Wednesday.
Elsewhere, a Kay affiliate owns a 1.06-acre parcel at 8101 Vineland Ave., one of the last two undeveloped outparcels available in the Publix-anchored Regency Village shopping center, which lies less than a half mile from the entrance to Orlando Vineland Premium Outlets.
A Development Plan has been approved by Orange County for a two-tenant retail building totaling 5,180 square feet with a drive-thru, for which Starbucks is signed for 2,200 square feet.
The remaining 2,800 square feet is being marketed by Jason Kaiser of SRS Real Estate Partners for another quick-service restaurant.
Groundbreaking in September is expected to deliver the building shell to tenants by February 2018. Total investment in the project is estimated near $2.8 million, Kay said, and NGI will seek a construction loan for 65 percent.
Another Kay affiliate owns 0.33 acres at 200 N. Orlando Ave. in Winter Park, across the street from Trader Joe's.
Kay plans to demolish an old single-tenant medical office building on the property this year and build a new 3,500-square-foot building for a retail tenant. A pizza franchise was considered for the property earlier this year, but Kay said Wednesday he still does not have a lease signed for the site.
Another affiliate LLC broke ground this past spring on a 5,000-square-foot retail building on the southwest corner of S. Semoran Boulevard and Michigan Street, about six miles north of Orlando International Airport, which will house a Starbucks and Chipotle. That building shell is nearly complete, Kay said.
And in late January, NGI Investments was part of an investment group that paid $2.1 million for a 5-acre corner parcel on Osceola Parkway in Kissimmee next to the Loop West shopping center, where four retail and QSR pads are planned.
NGI Investments has another three local properties under contract for similar retail developments, Kay said.
Site selection criteria focus on high traffic counts and well-developed markets with little vacant land remaining, and predominantly 5 acres or less that fit into his comfort zone of development for a handful of retail tenants, he added.