Elevation Development has purchased two properties in Kissimmee and Sanford and will start construction within months on a new CVS, AutoZone and CareNow walk-in medical clinic.
The Orlando-based developer paid $1.35 million July 13 for roughly 2 acres on S.R.46 in Sanford previously owned by Walgreens. The national pharmacy retailer had been sitting on the property for eight years and ultimately decided not to build there.
Elevation CEO Owais Khanani told GrowthSpotter the firm has signed leases for the Sanford site with AutoZone for a 7,300-square-foot auto parts store, and CareNow. Owned by hospital company HCA, CareNow is expanding into Florida from its home market in Dallas, Texas. The 5,540-square-foot clinic in Sanford will be the first of several planned walk-in clinics slated for the Orlando market, according to Elevation planning consultant Nick Boehme.
Last week the firm also closed on a nearly 7-acre site in the heart of Kissimmee's tourist corridor. Elevation paid $4 million for the property for its Parkview at Osceola West development site.
The property is located at the intersection of U.S. 192 and Sherberth Road, which leads directly to Disney's Animal Kingdom.
Osceola County issued a demolition permit for the existing restaurant fronting on W192. A blighted motel on the site has already been demolished.
Parkview at Osceola West will be built in two phases. Khanani confirmed that Elevation has a signed lease with CVS for a 13,000-square-foot drug store at the corner of W192 and Sherberth. The project will include two more retail sites fronting on W192.
"We're still in negotiations with a couple of restaurant users," Khanani said. "One is a sit-down restauarant. The other is fast-casual."
The second phase includes developing a pad-ready site for a four-story, 120-room branded hotel.
Elevation plans to widen Sherberth Road and realign the intersection with Black Lake Road. The developer also plans to relocate an existing FDOT stormwater pond to the rear of the property. The rentention pond will be expanded to serve both the roadway and the new construction.
Utah-based private equity lender Sundance Capital Partners is a funding partner for both projects. Express Construction was awarded contracts for site development work for both projects.