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Bridgewell Capital exec modifies plans for commercial office development in Ocoee

Above is one of the photos Franklin Management LLC sent to the City of Ocoee as an example of the architecture style of modern flex office/retail buildings it's seeking to build.
Above is one of the photos Franklin Management LLC sent to the City of Ocoee as an example of the architecture style of modern flex office/retail buildings it's seeking to build. (City of Ocoee)

John Parrett, president at BridgeWell Capital, is preparing a site near McCraney Property Company’s Distribution 429 industrial park in Ocoee for future office development.

Parrett’s Franklin Management LLC recently won city commission approvals to build two mixed-use buildings on 5.77 acres east of the Western Beltway and north of Plant Street/Franklin Street — the same roadway that links both Winter Garden’s and Ocoee’s downtowns.

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Plans call for two, 2-story buildings that will provide 72,712 square feet of retail/office space, once complete. Original plans were to build 88,000 square feet of commercial space across four buildings with ground-level retail, but Jennie Parrett, a relative of John’s who is involved in the project, told GrowthSpotter they felt the modified plans speak to today’s market.

“Instead we’re doing bigger, 2-story buildings that will provide more flexible office space,” Jennie Parrett said, adding flexible office use features an industrial appeal that they’ll be able to market to a broader audience.

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Plans follow the company’s completion of Distribution 429, a large speculative industrial park less than five minutes away from its newly proposed project.

“We spoke to a number of brokers who are working the area and just getting their feedback we learned office over retail, in that [previous] format, could be a nightmare,” she said alluding to issues with signage, space flexibility and other inconveniences.

Jennie Parrett said the developer hopes to attract a bigger tenant that may fill up or nearly fill up the building, but the property may also accommodate smaller contiguous tenants. The commercial space will be built on spec. Parrett said she anticipates construction to begin sometime within the first half of next year, although in a later email to GrowthSpotter she said the developer felt that timeline may be too aggressive.

According to online marketing material, Franklin Management LLC is asking about $2.35 million for the property. A brochure also mentions the developer is willing to enter into a ground lease.

Jennie Parrett, who is also also a real estate agent with HomeDeal Realty LLC, said the developer spent years prepping the site for construction, a process that included doing environmental remediation work to clean up the property from pollutants leftover from a previous gas station.

She said although it took some time, it’s better to get something off the ground sooner rather than later.

“Orlando is growing quickly, she said. “I think we’re going to see an increase of people moving here because Central Florida has a great cost of living and the state is very pro-business.”

Down south McCraney recently completed the 650,000-square-foot Distribution 429 industrial park, which sits near the crossroads of S.R. 429 and Florida’s Turnpike.

Meanwhile, the developer is in the middle of planning a second industrial park, just north of Franklin Management LLC’s proposed dual offices, called Beltway 429. The most recent plans call for about 480,000 square feet of industrial space across eight warehouse buildings on about 40 acres west of Ocoee Apopka Road and south of N. Fullers Cross Road.

About a mile north, Wire Development intends to build a mixed-use community called Ocoee Crown Point Village Center at 2012 Ocoee Apopka Road. Plans include a minimum of 2,500 square feet of commercial space and 175 multifamily units.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn

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