Intram Investments is moving forward with the relaunch of its Olinda Center shopping plaza in the heart of Orlando’s I-Drive tourism corridor near the new Epic Universe theme park.
The Orlando company paid $22.75 million in 2020 for an 18-acre site that included the 122,585-square-foot International Festival shopping center and about seven acres of vacant land along S. Kirkman Road. The undeveloped parcels have AC-3/SP land use, which allows for up to 77,000 square feet of additional retail space or up to 200 multifamily units or hotel rooms per acre.
Intram Vice President Randy Hodge said the location was great, but the biggest issue with the property was its lack of access from Kirkman and International Drive. “You could see it from Kirkman, but there was no driveway into the center,” he told GrowthSpotter.
The developer received approval for new Planned Development Framework Plan from the city. The Florida Department of Transportation had to sign off on the new right-in driveway from Kirkman and a right-in right-out at Grand National Drive. Hodge said the firm is closing one driveway on Grand National and shifting it north to align with Fun Spot Way and become a signalized intersection. That entrance will serve the second phase of development, which will include new restaurants and either a condo hotel or apartment building.
“The PD permits us to do multifamily and a hotel, so we’re working with a couple of groups,” Hodge said.
Both uses are in high demand right now in the Universal-I-Drive submarket. Nearby, Colombian developer Zicav Group is prepping to submit plans for a 17-story condo-hotel tower at 5600 Major Blvd. Multifamily developers like Camden and Embrey Partners have recently filed plans for apartment projects on Kirkman Road.
The entire project was on hold for about nine months while the developer waited for the traffic signal, which was back-ordered. Meanwhile, Intram has applied for building permits for interior and exterior renovations to accommodate three new big box anchor tenants. When the property was sold in 2020, the space was occupied by Casa Furniture, Outer Limitz Arena and Lagoinha Orlando Church. Hodge said the new anchors are all value-oriented apparel retailers.
“I can’t say who they are, but they are all retailers we’ve worked with before,” he said.
Some of Intram’s other mixed-use projects, like Posner Village in Davenport and Sunrise City in Kissimmee feature retailers that meet that definition, such as Marshalls, Beall’s, Burlington, T.J. Maxx and Ross Dress for Less.
Kelly, Collins & Gentry was the civil engineer. HGR Construction is the general contractor and has already received the notice to proceed. Hodge said construction will start in about 60 days and the newly renovated stores will be delivered to tenants about this time next year.