Colorado-based Excelsior Capital Partners has a new listing agent for 38.8 acres it owns along Interstate 4 in Orlando's tourism corridor, and a zoning tweak ahead to position the site for subdivision and sale to commercial developers in the coming year.
The first will be a 2.21-acre portion on the property's northern end, now under contract to Winter Park-based developer Titan Properties for a three-story, 96,300-square-foot self storage facility. A Development Plan was filed Thursday with Orange County, and Titan is likely developing for established partner Extra Space Storage.
An investor in distressed debt and real estate, Excelsior bought the land in September 2015 for $15 million. The narrow strip lies between Palm Parkway and I-4, north of Daryl Carter Parkway and a future full interchange expected to start in 2018.
Dustin Bowersett of Colliers International's land services team in Orlando was recently hired as exclusive listing agent for Excelsior's property, replacing CBRE's Orlando office which was marketing it last year.
"Titan has been pursuing this site for years," Bowersett told GrowthSpotter. "We had six self storage developers make offers, but chose Titan for a number of reasons, including the fact they've wanted it for so long."
The property features 4,000 feet of frontage along I-4, with an estimated 223,000 Annual Average Daily Trips (AADT).
A change determination request was filed June 9 with Orange County to modify the Sandlake Groves Planned Development zoning and Land Use Plan, which the property falls within.
The request would change how open space requirements are applied in the PD. It wouldn't reduce them, but gives Excelsior and its eventual buyers flexibility with open space on their individual DPs to come.
Development and available pads will be focused at the northern end of the property, and 36.57 acres will remain following Titan Properties' self storage facility.
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 2018.
The FDOT is expected to take about 7 acres of Excelsior Capital's property near the parcel's southern end, likely for an off-ramp to Daryl Carter and Palm parkways.
In February, Excelsior filed plans with the South Florida Water Management District that indicated it would subdivide the 38.8 acres into up to 15 parcels ranging from 2 acres to 3.27 acres.
That pre-determined subdivision plan is no longer expected. With a self-storage buyer lined up first, the rest would be split up to the exact dimensions of prospective users.