UPDATED: February 28, 2018 12:39 PM — Two local developers and Mattamy Homes paid a combined $5.85 million on Tuesday for 33.5 acres in the growing Randal Park community near Lake Nona, with mass grading to start in the coming quarter for future townhomes and a neighborhood shopping center.
Located on the northeast corner of Dowden Road and Randal Park Boulevard, the land is one of the last large undeveloped parcels in or neighboring the Randal Park PD.
Mattamy paid $2.35 million for about 18.5 acres on the northern end of the site. The homebuilder is planning 107 townhomes that will mirror the product now offered at its Tapestry development in Kissimmee, Orlando Division President Alex Martin said here in September.
"Now that we own the property we can apply for a mass grading permit with the city, so in the next 60 to 90 days we should be on site and underway, pending approval," Martin told GrowthSpotter on Wednesday. A mass grading permit was approved in November by South Florida Water Management District.
The community will be named "Randal Walk," meant to invoke the thought that residents will be able to walk one hundred yards or less to the neighboring retail center once completed.
"This will ultimately allow us to bring back townhome product to the Randal Park community, which we sold out of and have wanted to do for some time," Martin said.
Randal Park Investors, LLC, a joint venture vehicle for developers Intram Investments and Blurock Commercial Real Estate, paid $3.5 million for the remaining 15 acres on the south end, where it is planning a grocer-anchored retail center, first reported here in March 2017.
Mattamy will take the lead on mass grading the entire 33.5 acres and creating a central stormwater retention system, which Intram and Blurock will pay Mattamy for on their half of the property.
"(Mattamy's) project is ahead of ours, so they'll proceed and we'll pay our share," said Randy Hodge, Intram executive vice president. "There is a lot of mass grading to do, which will get underway shortly."
Intram and Blurock's plans for the grocer-anchored retail center are moving at a decidedly slower pace, he said. Conceptual design last year proposed 82,500 square feet of leasable area, including a 50,000-square-foot anchor.
The anchor tenant being negotiated with, which Hodge declined to name, is "looking quite a ways down the road to open this location, so we're in no rush and on a pretty relaxed schedule out there."
Intram and Blurock have yet to start architectural or civil engineering structural design work for the retail center, he said. Leasable square footage and layout remain subject to change.
Any prospective anchor grocer is looking for continued residential growth in Randal Park, via Mattamy's new townhomes next door and continued buildout of the master-planned community.
Randal Park was established in 2012, and features miles of outdoor recreation trails, eight neighborhood parks, and a community clubhouse with fitness center, resort-style pool, splash pad and dog park.
Tuesday's seller was an affiliate of MAA, a publicly traded multifamily developer REIT focused on the South and Southeast, which inherited the site after a merger in 2013 with Colonial Properties Trust.
James G. Willard, partner at Shutts & Bowen, served as legal counsel for the buyers.