Intram Investments appears to have lined up a slate of national tenants for more than 100,000 square feet of inline commercial space in its latest site plan for Posner Village.
Intram Vice President Randy Hodge told GrowthSpotter the firm is wrapping up lease documents with its anchor tenants. "Stacy Miller at Acre Commercial Real Estate is doing the leasing for us," he said. "We're looking at a third quarter construction start and delivery in the second quarter of 2019."
Intram paid $9.7 million last March for the 29-acre site in Posner City Center, just south of the I-4/U.S. 27 interchange in Davenport. The developer is scheduled to meet with Polk County's Development Review Committee next week to discuss a new site plan for the first phase of the project. The new plan has been tweaked from the original concept floated nearly two years ago.
In Phase 1, the bulk of commercial space (172,800 SF) would be allocated to big box retail, while the rest (23,205 SF) is reserved for five 1-acre outparcels.
The site plan prepared by Kimley-Horn shows a QSR at the main entrance -- identified as Starbucks on separate leasing materials -- and a 9,200-square-foot retail store at the corner of U.S. 27 and Ernie Caldwell Boulevard.
Hodge declined to comment on any specific tenants. But the plan and leasing materials also name about a half-dozen mostly discount retailers, including anchor Burlington, which is slated for 40,000 square feet. Junior anchors Marshall's, HomeGoods and Beall's Outlet are each shown with 20,000-square-foot spaces. Five Below and Rack Room Shoes fill out the inline retail, along with a trio of available stores that are all less than 5,000 square feet.
The site plan reserves 40,000 square feet on the end for future development, along with three more interior lots, the largest being 3 acres.
Hodge said the plan reserves more than eight acres for future development, so at final buildout the shopping center would have close to 300,000 square feet of leasable space.
Victor Posner City Center, also known as Posner Park, is a 366-acre mixed-use development that is home to the Posner Commons shopping center and Cinepolis IMAX theater.
Posner Village would use up most of the remaining commercial entitlements, but Posner City Center would still have entitlements for 1,991 residential units, 2,600 hotel rooms and 1.4 million square feet of offices.
Polk County is also planning to build a transit center next to Posner Village.
"It's going to be very attractive to our retailers to have the transit center there -- not only for customers but for their employees," Hodge said.