More retail space is coming to southwest Orlando as the Gardens on Millenia begins construction this summer. It is just a stone's throw from the Mall at Millenia and near several big box retailers including Target, Home Depot, BJ's Warehouse and Dick's Sporting Goods.
The mixed-use Gardens on Millenia will be on an 87-acre parcel, 30 acres of which are Lake Amanda. The property is bordered by Millenia Boulevard and Interstate 4.
The first phase of the development will include 330,000 square feet for retail use and 292 apartments. It will cost $100 million.
Bruce J. Parker, managing director of Ft. Lauderdale's BBX Capital Real Estate, the real estate development firm that owns the parcel, said the retail offerings that the Gardens on Millenia will contain will complement those already in the area.
Parker said one of the tenants is a national big box retailer that will be taking 150,000 square feet.
Letters of intent and leases have been signed with two junior anchors for about 117,000 square feet, Parker said, adding BBX is negotiating with a number of other users, including restaurants.
He declined to disclose the project's retail tenants because of contractual constraints.
Parker said the project offers a number of advantages for its tenants and residents. "From a retail perspective, it's a fantastic location, backing up to the Mall at Millenia," he said. "And from the prospective of the apartments, it is minutes from downtown Orlando and the theme parks."
The second, and final phase of the project involves as much as 275,000 square feet of commercial/retail space. Parker said there is currently no start date planned for the second phase.
BBX acquired the property through foreclosure in 2012. Parker declined to say what the monetary terms were.