Maitland-based Equinox Development Properties has closed on the first parcel in what would eventually be a 48-acre assemblage for the proposed WaterStar Orlando town center.
Equinox CEO Ryan Stahl unveiled the mixed-use project, first reported by GrowthSpotter, at last year's ICSC Florida Conference & Deal Making in Orlando. The project is located on U.S. 192 in the Four Corners area of Orange County, directly across from Margaritaville Resort and bordering on Disney's Animal Kingdom.
Equinox affiliate WaterStar Orlando LLC paid $3.5 million on Tuesday for the 4.3-acre parcel at 7991 W. Irlo Bronson Memorial Hwy. Stahl confirmed it was the first of what's expected to be multiple takedowns.
"We're just in the beginning stages of the development and have more announcements to come," he said.
The seller was the Mary Ellen Dowdy Family Trust, which also owns another 3.8 acres directly north of the parcel. A vacant commercial building on the property will be razed for the new development.
The initial concept plan called for 262,600 square feet of retail, dining and entertainment space with 1,462 parking spaces, 300 multifamily units, and a 150-key hotel.
Stacy Miller with ACRE Commercial is the leasing broker for WaterStar.
The town center is an a retail hub along W192 near the interchange with the Western Beltway (S.R. 429). The Sunset Walk lifestyle center at Margaritaville -- directly across the street -- has only two outparcels remaining. But the LifeSports USA complex just west of the interchange, which was set to have its own retail center and hotel, fell out of contract.