Clearwater-based Epic Development has nearly 10 acres under contract in the heart of Orlando's Narcoossee-Lake Nona submarket, and submitted plans this week for a neighborhood retail center.
Located at 10113 Tyson Road, the 9.7-acre property lies on the northeast corner of the Narcoossee Road intersection. The prospective seller is Lake Nona Holdings LLC, an investment affiliate of James Ekbatani who owns and operates Winter Springs-based HealthFair.
Diverse commercial and residential growth along Narcoossee Road and in Lake Nona drew Epic to try and grab a piece of the submarket.
"The demand for retail space is what put us in the Lake Nona market," managing member Justin Basil told GrowthSpotter. "The location of this property is well positioned on Narcoossee between what is developed to the north and developing to the south. This puts us right in the middle of the synergy."
Located adjacent to Lake Nona and Medical City at a signalized intersection, an estimated 20,000 residential units are either built, under construction, approved or planned within two miles of the site.
Epic Development filed a new Specific Parcel Master Plan this week with the city for the "Tyson's Corner" retail center, comprised of six buildings totaling 68,700 square feet.
Basil declined to comment on where Epic stands in its due diligence period, and what month or quarter it may close on the land. He estimates an early 2019 turnover on the property.
Ekbatani's affiliate originally owned about 43 acres on that northeast corner, and began phased development of the property in 2016 with the sale of 15 acres to The Bainbridge Companies.
He then co-developed the master infrastructure, roads and utilities through the property with Bainbridge, which opened in January its 288-unit "Bainbridge at Nona Place" apartment complex along Lake Whippoorwill.
Ekbatani also swapped land with the Diocese of Orlando, which gave them a parcel with frontage on Narcoossee in exchange for a 4.6-acre parcel within the property better suited for future church development, which he delivered pad-ready.
And in August 2017, Ekbatani sold a 1.35-acre parcel directly north of the Tyson's Corner retail parcel to local orthodontist Dr. David Lach, who is planning a 15,000-square-foot medical office complex.
Epic now has LOIs for space in all six planned retail buildings and is negotiating to bring prospective tenants under contract, said Blake Hunter of SRS Real Estate Partners, leasing agent for the developer.
The property's Narcoossee Road frontage features a planned 5,000-square-foot outparcel with drive-thru, and two multi-tenant retail buildings of 6,600 and 9,100 square feet, one of which has an end-cap with drive-thru option for a quick-service restaurant.
The interior and second level are anchored by buildings of 24,000 and 20,000 square feet, along with a 4,000-square-foot outparcel. Some grocery chains have been engaged for the larger buildings, said Hunter, but no commitments have been made.
Hunter forecasted a likely delivery for stand-alone retail pads in First Quarter 2019, and construction of multi-tenant shell space in Q2 2019.
Epic will be tasked with building some road access through the property and early infrastructure. Most of the land has already been cleared.
Avid Group is Epic's civil engineer on the project.
North of Tyson's Corner and the Lach Orthodontics medical office project, another 20,000 square feet of retail across two buildings is now under construction for California-based developer Covenant Group, neighboring the Dwell at Nona Place apartments.
Hunter and SRS helped that developer lease up the project with Pacific Dental, Moe's Southwest Grill, Marco's Pizza, Re/Max, Mathnasium and Smash Burger, with about 3,500 square feet remaining.
And southwest of the Tyson-Narcoossee intersection, Blackfin Partners and North American Development Group are developing a 70,000-square-foot neighborhood shopping center, anchored by grocer Earth Fare and Pet Supermarket.