Deerfield Beach-based developer and property manager Konover South has nearly 20 acres under contract in Orlando's Meadow Woods submarket, with plans for a Walmart Neighborhood Market and 31,700 square feet of flex retail space, a lead executive with the company told GrowthSpotter.
Located at the northeast corner of Landstar and Arbor Meadows boulevards, the grocery anchor will take up 41,921 square feet of the total 70,802 square feet planned for the shopping center.
An owner of 29 shopping centers across Florida, this would be Konover South's first in the Greater Orlando market. A site plan and elevations for the project were recently submitted to Orange County planners.
Konover will acquire 19.44 acres across two parcels, of which 15.61 acres will be developed into the shopping center, with an outparcel available to Walmart to pursue future approval for its own branded fuel station.
The property -- now owned by a trust that includes Joseph J. Weisenfeld, Rodolfo Stern and David Serviansky -- is under contract by Konover Acquisitions Corp. and will be owned at closing by an LLC affiliate of the company. Konover plans to close after receiving its building permits from the county.
"We plan to be under construction by the end of the year," said Bob Bedard, senior vice president of development. "Leading up to that, we hope to have DRC approvals by the end of March, other county approvals and associated permits by Sept. 1, and building permits by Nov. 1, if all goes well."
The total estimated budget for the project at buildout is roughly $12.75 million, he said.
While Bedard declined to confirm tenants for the flex-retail space at this time, he said the company envisions neighborhood convenience uses being attracted to the development.
"We liked the existing strong population densities along with strong future growth," he continued. "The Metrostudy we ran for our anticipated trade area showed over 400 new homes being built per year."
Konover's Neighborhood Walmart will open just a few hundred yards across the street from a Publix-anchored shopping center. A Walmart Supercenter is located four miles south at the intersection of E. Osceola Parkway and Florida Turnpike, and a Publix Sabor supermarket is two miles south on Buenaventura Boulevard.
"Neighborhood grocers have similar requirements in regards to population density, and typically the only area where they differ is in regards to the income levels that they target," said Genny Hall, director of retail services for Colliers International Central Florida. "For this particular submarket demos are middle income, which is the target demo for Walmart Neighborhood. Truthfully, this area is probably on the light side for Publix and will be better served by Walmart Neighborhood Market."
Konover South and Walmart are also capitalizing on one of the last large tracts of developable land in the Meadow Woods area.
"That area is pretty built out, with very little other land south of the 417 that appears developable for a grocery-sized shopping center," said Ray Hayhurst, senior vice president for the Capital Markets group at Avison Young. "If you look on Google Earth, virtually all the land in that immediate area that isn't built on appears to be conservation area. So you have some serious barriers to entry for new competition."