Orlando-based developer Intram Investments paid $2.2 million in late May for 28 acres currently landlocked on the southern edge of Orange County, which it deems worthy of banking in anticipation of a future road extension, and 238 acres it's developing directly south of the county line.
Located southeast of the S.R. 535 and S.R. 417 intersection, the site lies directly east of the Lake Buena Vista Factory Stores and is inaccessible until a Poinciana Boulevard extension is completed.
The 28 acres also lie just across the Orange/Osceola county line from Intram's Sunrise City Plaza shopping center now under construction.
That 34-acre center, around which Poinciana Boulevard will be extended to S.R. 535, will have a 46,500-square-foot Publix grocery anchor, which should be delivered in August and opened by October, along with Ross, Petco and T.J. Maxx stores. Named outparcel tenants include Chipotle, Wendy's, Twistee Treat and Five Guys.
Intram's Sunrise City mixed-use project spans 238 acres in Kissimmee's tourism corridor, east of the intersection at W. Osceola Parkway and S.R. 535.
The new 28 acres, currently zoned Commercial, is the second piece of undeveloped land Intram has bought in the past three weeks in Orange County to bank for future consideration, along with a $2.3 million purchase on June 3 of 4.68 acres in Dr. Phillips fronting W. Sand Lake Road, near the Interstate 4 intersection.
"This is another site where we don't have immediate plans. We are just acquiring what we perceive to be well-located property and are evaluating what use we will ultimately make of it," executive vice president Randy Hodge told GrowthSpotter.
Since this property is seperated from Sunrise City Plaza by powerline easements and the county line, it likely won't be planned as an extension of the retail center, he said.
The seller was Alsharif Mansour, who previously paid $650,000 for the land in 2012.
Intram is teaming up with Integra Land Company for the first phase of multifamily in Sunrise City, expecting to close in August on 11.5 acres where Integra will build a 300-unit Class A apartment complex.