Orlando-based real estate investment group Upshot Capital Advisorsmay forego plans to build a select service hotel in Mills Park in favor of more medical offices, according to plans discussed with City of Orlando.
Upshot bought the 2.55-acre undeveloped acres in the Mills Park Planned Development in late 2019 for $3.8 million. It comprises the final phase of the mixed-use project that features the Fresh Market-anchored shopping center and Gallery at Mills Park apartments. The vacant lot is entitled for up to 177,350 square feet of hotel and office space.
Upshot COO Juan Carlos Gomez said the firm is looking to max out the entitlements with medical offices. Company representatives held a pre-application meeting in December with Orlando planning officials to discuss a development plan that includes two medical office buildings fronting on Mills and a shared, 6-level parking garage.
“Our team is currently working to finalize square footage and building heights as we complete the schematic design phase,” Gomez told GrowthSpotter. He said construction would likely be broken into two phases.
Gomez said Upshot would be the owner-developer of the project. He declined to comment on future tenants or timing for construction.
Located less than a half mile from AdventHealth’s Health Village complex, the Mills Park site is on a stretch of U.S. 17-92 already well populated by medical offices, clinics and labs.
Mills Park is also near a batch of museums and parks, including the Loch Haven Park, the Orlando Science Center, Orlando Museum of Art, Orlando Repertory Museum and the Mennello Sculpture Garden and Art Museum.
Upshot is also actively developing a mixed-use project in the Kissimmee area called Amber Pointe, which is already home to a new apartment complex and soon-to-open Miller’s Ale House.