South Florida-based Futura Development Company paid a combined $3.05 million on Tuesday for the second and third parcels of a tri-part assemblage in Southeast Lake Nona, with plans to develop its first mixed-use neighborhood retail center, the company's president told GrowthSpotter.
The three parcels total 9.13 acres with direct frontage on Narcoossee and Boggy Creek roads, on Lake Nona's southeast corner and just north of the Orange-Osceola county line. The land is set back from the northwest side of that intersection, behind a Wawa and McDonald's built on the hard corner by RAM Real Estate.
"With the Osceola Parkway extension on- and off-ramps to come just north of our property and the future Poitras Property development by Tavistock, I think there's a need for a mixed-use destination there that creates enough synergy to make it more than just a shopping center with outparcels," said Futura's Reinerio Faife.
His company's affiliate paid $1.7 million for a 2.2-acre parcel on Tuesday, and $1.35 million for the southernmost 3.24 acres from RAM. Another 3.69 acres in between were bought by a Futura affiliate in 2010 for $700,000.
"It's certainly been a very difficult assemblage effort, and (I'm) looking forward to making it count," he said.
An architect by training, Faife had more than 10 years of development experience with some of the country's largest multifamily developers leading up to 2009, when he started Futura after departing Archstone in the wake of its September 2008 bankruptcy filing.
His initial focus with Futura was developing 300-plus unit multifamily projects with occasional retail components, and broke ground on his first in 2012 in Wellington, Florida.
The Lake Nona property will be Faife's first venture outside multifamily, and first in the Greater Orlando market.
An early concept plan for the Futura property incorporates a hotel with the commercial-retail, Faife said. Z Development Services is civil engineer on the project, and an agreement is being finalized with Joe Schuemann of Blurock Commercial Real Estate to recruit retail tenants.
Faife will meet with City of Orlando planning staff on Friday for the first time to introduce his concept plan, and get feedback on its land use compliance.
Faife declined to estimate on Thursday the total square footage of the project. He hopes to have a site plan under review by the city within six months, and have the permits necessary to break ground in Second Quarter 2018.
The prospective development would be financed in part by Miami-based private equity firm Linkvest Capital.