Owners of three undeveloped lots directly south of Artegon Marketplace with N. International Drive frontage have 7-Eleven under contract for a land lease, while their first leasee Pollo Tropical could open next week.
The owner, KMB I-Drive Investors LLC, paid $3.8 million for the 4.14 acres in late December 2015, and was formed by Orlando-based Millenia Partners' principal Brian Grandstaff, Ken Bullock out of Millenia Partners' Dallas office and Mary Ashy of Orlando's Elite Land Solutions.
At time of purchase this property was two commercials lots. Grandstaff's group then worked a Master Plan through approvals with the city of Orlando in early 2016 and replatted to create three lots.
The northernmost of of those three, at 5282 International Dr. (1.33 acres), is now under contract to 7-Eleven, which filed a Master Plan last week with the city.
"They see the value in the new flyover bridge there at I-4 and Grand National Drive (northwest of the property), which even though it's not currently a full-access interchange, will definitely provide more traffic to that whole northern side of I-Drive," Grandstaff told GrowthSpotter.
7-Eleven's civil engineer on the project is Bowman Consulting. The company, which did not respond to requests for comment, must earn Master Plan approval before submitting construction plans to the city, likely in the fourth quarter.
Directly south of that lot is a newly-built Pollo Tropical at 5294 I-Drive (1.05 acres). Miami-based Pollo Operations, Inc. signed a 15-year land lease in December 2015 with as many as five renewals of five years each.
The restaurant is targeting a July 17 opening, Grandstaff said. Tampa-based Michael K. Purdy Construction, Inc. is general contractor on the project.
Negotiations are ongoing for the third commercial lot (1.77 acres), with some LOIs in process and development likely as a restaurant, Grandstaff said.
This is 7-Eleven's second prominent site selection in the I-Drive tourism corridor in the past year. The fuel station chain emerged as the first land lease for ComTerra Development Group's Destination Shoppes project last November, at the corner of Universal Boulevard and Destination Parkway.