South Florida-based developer The Ferber Company has approximately 25 acres under contract along Palm Parkway in Orlando's tourism corridor, with plans to capitalize on future road interconnectivity and displacement of nearby retailers.
Located just north of the intersection with Daryl Carter Parkway, the property is part of 38.8 acres owned since September 2015 by Colorado-based Excelsior Capital Partners, an investor in distressed debt and real estate.
Over the past two years Excelsior has prepared it for mass grading and infrastructure work that is now underway, in anticipation of subdivision and sale later this year. The property features 4,000 feet of frontage along Interstate 4.
The developer and Colliers anticipate delivering building pads of 0.5 to 2.5 acres for retail, dining and a hotel, with site work and utilities complete by the fourth quarter of 2019, Gabbai told GrowthSpotter.
"We feel we can take advantage of direct visibility and frontage on I-4, which carries almost 200,000 cars per day on average and will increase once the highway improvements are complete," Gabbai said. "So we think that will be a beacon-type location for any business brand interested in having a presence internationally."
Future development stands to gain from a full interchange planned for that Daryl Carter Parkway intersection, which has been approved by the Florida Department of Transportation. Construction of on- and off-ramps is expected to start in early 2021.
Gabbai will also promote the property's advantage in the coming years as Daryl Carter Parkway is extended from Palm Parkway to Apopka Vineland Road, giving Dr. Phillips residents direct access to the site.
"We think that we'll be attracting a hotel, restaurants and other retailers to the site with a more traditional layout design of outparcels and surface parking that you're used to seeing in other trade areas," he said.
Seven vehicle access points are anticipated in Ferber's conceptual site plan, as well as a proposed traffic signal in the middle on Palm Parkway.
Gabbai wants to position Ferber's project for restaurant owners as "Crossroads 2.0," in reference to the 29-acre Crossroads of Lake Buena Vista shopping center a few miles to the south where tenants are expected to be forced to relocate in the coming year.
"When Crossroads is gone we feel much of the retail activity will be pushed north because of all the road changes that are happening," he said. "We think we'll be able to attract a lot of those tenants."
The first portion of Excelsior Capital's property tabbed for sale is 2.21 acres on the northern end, under contract since mid-2017 to Winter Park-based developer Titan Properties for a self storage facility.
Trevor Hall, Jr. and Jorge Rodriguez of Colliers have served as listing brokers over the past year for Excelsior. Approximately 5.5 acres in the middle were also recently brought under contract by an undisclosed buyer.
Established in 1907, The Ferber Company has developed commercial properties across Florida, with a primary focus on retail. The company is currently developing a 7-acre shopping center across from Reunion Resort.