GCs, architect & lender still sought on $90M mixed-use project in Clermont
By A.D. Thompson
Jul 05, 2016 at 12:00 PM
Acquisition Consultants had its zoning approved last week for a 43-acre, $90 million mixed-use development in Clermont dubbed "The Vue at Clermont," and has yet to choose general contractors for the retail and apartment portions, or the retail side's architect, a lead executive with the group told GrowthSpotter.
The timeline for GC selection is not solidified, but company president Jonathan Moore predicts retail at five to seven months out, and 10 or more for the multifamily portion.
"I look for proficiency in a GC, a good background," Moore said. "After that, it's about price."
Acquisition Consultants will likely seek financing on the project, Moore said. That lender has yet to be chosen, with competitive terms to dictate the decision, he added.
Interest in the property -- which sits at the junction of Highway 50, Miss Florida Avenue and Hooks Street -- is high, Moore said.
"Every restaurant in that entire submarket is doing at least their Orlando average and for several of them, it's their No. 1 store," he said, arguing that retail land scarcity in the area has led to a wealth of pre-lease interest.
"I don't think it would be an exaggeration to say we are turning down more than we are agreeing to do deals with," he said, adding that they are not yet full – just particular in their tenant criteria. Already slated for inclusion are a grocery store and a health club. Pads from 0.94 to 3.5 acres are available.
"The project is smack-dab in the middle of things," Moore added. "I haven't done a mass marketing effort on this. We just got approved (June 28) and we're already pretty darn jammed up. What I'm trying to say is that the retail we're going to do, we could fill it twice."
The property's development will be divided up as 11.5 acres for retail, 21.5 acres for multifamily/seniors and 16.5 acres currently labeled as open space on conceptual grading schematics.
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