Retail developer NGI Investments is preparing new single- and multi-tenant projects in the tourism corridor and Winter Park, with construction loans to be sought for building shells that must be delivered in the next nine to 12 months, the company's president told GrowthSpotter.
Located at 8101 Vineland Ave., the 1.06-acre parcel is one of the last two undeveloped outparcels available in the Publix-anchored Regency Village shopping center, which lies less than a half mile from the entrance to Orlando Vineland Premium Outlets.
A Development Plan was filed with Orange County on Thursday for a two-tenant retail building totaling 5,180 square feet with a drive-thru.
Developer Haresh Karamchandani, better known as Harry Kay, has a Letter of Intent from Starbucks for an estimated 2,200 square feet of the space, with the remaining 2,800 square feet being marketed for another Quick Service Restaurant (QSR).
"Premium Outlets draws so much traffic there, we've heard the QSRs in that immediate trade area are doing double the (sales) of comparable sites," Kay said on Friday.
Kay aims to have county permit approvals by August to break ground, and deliver the building shell to tenants by February 2018. Total investment in the project is estimated near $2.8 million, he said, and NGI will seek a construction loan for a standard 65 percent.
Kay and a local investment partner paid $1.2 million for the land in late November, via 8101 Vineland Ave LLC.
Elsewhere in town, another Kay affiliate owns 0.33 acres at 200 N. Orlando Ave. in Winter Park, across the street from Trader Joe's.
Kay plans to demolish an old single-tenant medical office building on the property this year and build a new 3,500-square-foot building for a a new pizza franchise tenant, which he declined to name. Plans are still being prepared for city approval, but the building shell is expected by the tenant in November, he said.
Another affiliate LLC should break ground in the coming weeks on a 5,000-square-foot retail building on the southwest corner of S. Semoran Boulevard and Michigan Street, about six miles north of Orlando International Airport, which will house a Starbucks and Chipotle, Kay said.
And on Jan. 31, NGI Investments was part of an investment group that paid $2.1 million for the vacant corner parcel on Osceola Parkway in Kissimmee next to the Loop West shopping center, where Kay said three to four retail and QSR pads are planned.