Affiliates of Maitland-based Equinox Development Properties paid $2.8 million last week to try and capitalize on proximity to the 300-acre Margaritaville Resort, buying land directly north of the themed resort to expand its own restaurant row.
Located directly north of where Black Lake Road meets W. Irlo Bronson Memorial Highway (W192), the 2.65-acre parcel lies directly east of a row of five stand-alone restaurants Equinox has already developed as "Black Lake Village," which include Texas Roadhouse, a planned Panda Express, Pollo Tropical, Joe's Crab Shack and Chuy's.
Equinox has been marketing the land as available retail outparcels, which will expand Black Lake Village to 10.8 acres that quasi-front W192 in Kissimmee's tourism corridor.
A concept plan proposes another stand-alone restaurant of approximately 6,000 square feet, and a multi-tenant retail building of 5,800 square feet with up to four inline spaces.
"We are finalizing with a restaurant tenant now. It will be a new entry to the market ... a sit-down casual brand," Equinox principal Ryan Stahl told GrowthSpotter on Friday. "We started that (Black Lake Village) development eight years ago when nothing was out there, and it's been a very successful submarket for us."
The property has an existing FDOT berm approved to be removed, and will share a signaled intersection with the entrance to Margaritaville's 40-acre shopping center, which is projected to have 200,000 square feet of retail, including a 40,000-square-foot movie theater.
The sale closed on May 31, and was recorded Friday in Orange County.
The seller was Walt Disney Parks and Resorts U.S., Inc., the last undeveloped parcel at the end of Black Lake Road, contiguous to Disney staff parking area and directly south of the Animal Kingdom Lodge hotel.
Equinox should have a Development Plan ready to submit to Orange County in about four weeks, Stahl said.
The company has some company amongst developers snagging the last few undeveloped parcels along W192 that are directly north of Margaritaville.
Intram Investments and Blurock Commercial Real Estate are partnering on a 2.3-acre parcel a quarter mile west of Black Lake Village, where they are planning a similar 5,600-square-foot restaurant building and 5,700-square-foot multi-tenant retail building. Orange County just approved a DP for that project, and Intram and Blurock are now working on construction permit approvals.