Local developer Hill Gray Seven has a new multi-tenant retail site in Leesburg under contract, and is pursuing more land in Greater Orlando's secondary markets that national tenants have been clamoring for.
Closing on the 1-acre site is anticipated by mid-December or earlier, founder and CEO Gregg Hill told GrowthSpotter. The property is at a "high-traffic intersection with easy access," he added, while declining to specify the address.
The site will require demolition of an existing building, and future leasable square footage is in flux while new site plan layouts are being considered, Hill said.
"We're looking for more sites, but it's a tricky market right now with construction costs and the price of land generally higher than ever," he said. "The key for me is understanding the leasing market and the tenants needs. The outer rings of Greater Orlando are underserved, some of these bedroom communities like Leesburg, St. Cloud, Winter Garden, Winter Haven, there is definitely opportunity for tenants that want to expand into these secondary markets."
This would be Hill Gray Seven's second multi-tenant retail project in Leesburg, following a 2-acre site across from the Leesburg Square Mall. Aspen Dental recently completed buildout and opened there with 3,750 square feet, Lenny's Subs has a newly-signed lease and is under construction, and a remaining 0.8 acres is being negotiated for a national dining tenant, Hill said.
Operating since 2000 out of Oviedo, Hill Gray Seven is a commercial and high-end residential investment, development and management firm that averages 40 or more new developments per year across the country, Hill said. The company holds a majority of its developed CRE assets long-term.
Its prominent luxury three-story townhome project now under construction in Winter Park, "Park Hill," has five of 10 units pre-sold at $3 million or more each. The first few units are on pace for delivery in Spring 2018. Another four-unit townhome project in the city, "Penn Place," was finished this year with one unit still for sale.
Hill Gray Seven also completed and fully leased earlier this year a 13,000-square-foot multitenant center in Orlando at the corner of Avalon Park Boulevard and Colonial Drive, and finished a free-standing Outback Steakhouse in Oviedo.
The developer's most prominent project locally is a 32,000-square-foot retail "lifestyle center" in Oviedo on Alafaya Trail, dubbed Stonehill Plaza, which should be fully built by December, Hill said.