The owners of the Oaks at Lake Mary shopping center at 3005 W. Lake Mary Blvd. plan to invest about $4 million refurbishing the aging center and developing several out-parcels.
Plans for the improvements are now being reviewed by Lake Mary city officials, according to Ben LaFreniere, a manager with Quest Co. of Altamonte Springs. He said the company hopes to begin work on refurbishing the 30-year-old shopping center and developing the outparcels by next summer.
“If we can start moving dirt by March, we’re going to do it,” LaFreniere told GrowthSpotter. “But midway through the summer is a better bet.”
Renovations to the 67,000-square-foot Oaks at Lake Mary will include a new façade, new signage and lighting, and parking lot upgrades. LaFreniere estimated the costs of the improvements at $1 million.
“It going to look pretty new,” LaFreniere said. “We’re going to try to remain with what the spirit of the existing center is and try to build upon that.”
Quest bought the shopping center and the 11.42 acres it sits on in May 1997 for $3.7 million. All three buildings in the original shopping center were built in 1989.
The company also own three outparcels, all on Lake Mary Boulevard, which will be developed in the coming year. Lot 1, at the intersection with Longwood Lake Mary Road, is 1.27 acres. LaFreniere said the company is talking to two financial institutions about a ground lease for that tract.
Lot 2, the middle parcel, is 0.73 acres. Quest plans a build-to-suit there for three tenants.
“For the three tenants, we have a restaurant and some personal services for that building,” LaFreniere said, adding that he could not disclose the tenants now.
The third parcel, on the easternmost edge of the property, is 0.68 acres and will likely be a fast-food restaurant with a drive-through.
Altogether, the company will spend about $3 million on the out-parcels, LaFreniere estimated. Construction will coincide with refurbishment of the existing center. Eleven 18 Architecture of Orlando is designing the project
LaFreniere said the Oaks at Lake Mary has historically been 100 percent leased and has just one vacancy now. Tenants include Planet Fitness, Family Dollar, Pizza Hut, Tijuana Flats and Sherwin Williams. The shopping center is across Longwood Lake Mary Road from Unicorp’s Griffin Farm Town Center retail complex.
“We’ve gotten a strong response from the different tenants,” LaFreniere said. “By having this outparcel in the front we’ll bring some more-modern amenities to some of those owners that want it. (The shopping center) is older and it needs a little bit of life.”
Quest Co. is a locally owned commercial real estate company focused on the Central Florida market since the 1970s. The company manages more than 2 million square feet of real estate, according to the company website.