Toronto-based developer North American Development Group (NADG) is preparing the first phase of retail on a 23-acre undeveloped tract that lies east of Orlando's tourism corridor, but within walking distance of the region's top two luxury hotels.
Located on the northeast corner of the intersection of Central Florida Parkway and S. John Young Parkway, the property lies less than a half mile north of the Ritz-Carlton and JW Marriott Grande Lakes resorts, and just southeast of the new Marriott Courtyard of Orlando that opened last year on Taft Vineland Road.
NADG has the property under contract for purchase but has yet close, Jeff Preston, managing partner in the company's West Palm Beach office, told GrowthSpotter on Monday.
The property's owner is an LLC affiliate of Ashok "Chuck" Khubani, founder and CEO of OnTel Products, a national developer and manufacturer of consumer goods like the Swivel Sweeper, Pillow Pets, Dryer Balls and more products made famous by the "As Seen on TV" direct marketing brand.
Chuck and wife Anita Khubani, based in Fairfield, New Jersey, bought the 23-acre parcel in back in November 2006 for $10.99 million. The couple has invested in high-end real estate up and down the east coast, most recently spending $18.5 million in November for a 4,730-square-foot condo in Miami's exclusive Faena House tower.
About 9.4 acres of the 23-acre parcel has been included in a Phase 1 plan for commercial out-parcels that front the two parkways. Lease lines on the Development Plan submitted to Orange County indicating five lots will be made available.
One potential lot lease tenant is evident, with a separate Development Plan filed for a Wawa fuel station and convenience store on 2.5 acres of the parcel, at the intersection's corner.
Preston of NADG declined to comment on potential retail or dining tenants for the development, where negotiations stand with Wawa, or when purchase of the property may be finalized with the Khubanis. Development plans are still under review by county staff.
NADG owns more than 14 million square feet of existing shopping center gross leasable area in the U.S. and Canada, with an additional 4 million square feet of shopping center GLA in development or pre-development, according to its website. Within Greater Orlando, its properties include Loop West on Osceola Parkway and University Plaza on N. Goldenrod Road in Winter Park.