Englewood, Colo.-based Excelsior Capital Partners is preparing for potential retail/commercial development on 38.8 acres it owns in Orlando's tourism corridor along Palm Parkway.
The investor in distressed debt and real estate filed mass infrastructure plans on Thursday with the South Florida Water Management District. The narrow strip of property lies between Palm Parkway and Interstate 4, south of Central Florida Parkway and north of Daryl Carter Parkway and its future 1.6-mile extension.
Carrying a project name of "Palm Parkway Commons," plans call for demolition and mass grading to prepare the land for future subdivision, with up to 15 parcels ranging from 2 acres to 3.27 acres per an overall site plan, which could be changed in the future. Seven dry retention ponds would be spread across the boundary with I-4.
The strip of land offers more than 4,000 feet of frontage along I-4, and is approved for a broad range of retail, office and entertainment square footage under its Sandlake Groves PD zoning.
Executives with Excelsior could not be reached for comment on Friday. No new plans have been filed with Orange County as of this week.
Excelsior bought the land in September 2015 for $15 million, acquiring from the former owner in lieu of foreclosure on a mortgage and collateral assignment of rents dating back to July 2007.
The land neighbors hundreds of undeveloped acres primed for acquisition northwest of where Daryl Carter Parkway currently dead-ends, but will be extended to S. Apopka-Vineland Road.
A future full interchange directly south of this property is also being considered by the Federal Highway Administration, after being recommended by the Florida Department of Transportation last year.
The property is still being marketed for sale by Excelsior, listed online by Robert H. McEwan of CBRE in Orlando.