The resort developer RIDA, through affiliate CG Downtown Associates LLC, sold a prime, 1.9-acre parcel just off Interstate 4 for $1.6 million. The sale is conditioned on the land being developed as a Miller's Ale House restaurant. The restaurant and patio area can not exceed 8,000 square feet.
The buyers, AMW Properties LLC and MNO Properties LLC, executed a 180-month lease with the Orlando-based restaurant chain. The sports bar and restaurant chain has 72 locations across the country.
Also this month, Red Robin International Inc. paid $950,000 for a 1.5-acre parcel and signed a 15-year restrictive covenant, agreeing to build a sit-down hamburger restaurant on the site.
The Colorado-based company owns or franchises more than 500 restaurants specializing in gourmet burgers, milkshakes and "bottomless steak fries." As an inducement, RIDA agreed not to sell or lease neighboring property to competing sit-down or fast-casual burger restaurants, including Fuddruckers, The Counter, Johnny Rockets, Five Guys Burgers, Burger-Fi, Cheeseburger Cheeseburger, Smashburger, Whataburger, Steak & Shake and Cheeseburger in Paradise.
"What they don't want to see is a direct competitor in the immediate area," RIDA Senior VP Marc Reicher told GrowthSpotter on Monday.
Reicher said both restaurant locations are superbly situated. "We're severely under-seated for the market," he said. "That Chili's consistently performs in the top five nationally."
Both restaurants are expected to open by late summer or early fall. The resort is trying to keep up with demand for more dining options - demand that is expected to grow even more this year when LandSouth Construction completes the 308-unit LIV at ChampionsGate apartment complex. The $32 million class-A complex will be completed this year.
RIDA will break ground this summer on a 24,000-square-foot shopping center on the pad in front of the apartment complex. Reicher said up to 70 percent of the retail space will be reserved for restaurants - they are in lease negotiations with several tenants - but are also looking for other uses, such as salons and real estate offices.