More development plans are in the works for east Orange County, where neighborhoods like Waterford Lakes and Avalon Park have established vibrant town centers.
A joint venture between Windermere-based FHC Development and Stafford Properties of Georgia is wrapping up the front commercial portion of FHC’s Spring Isle mixed-use project at 321 S. Avalon Park Blvd. with the addition of three new retailers.
According to a recently filed Development Plan submitted in Orange County, the partners are looking to develop three single-tenant commercial buildings on about 3.5 acres of land on the west side of Golden Isle Drive.
Plans consists of a 7,363-square-foot auto parts store, a 3,500-square-foot urgent care facility and a 3,600-square-foot bank.
The development follows the JV selling off portions of the eastern parcel to three separate investors for a total of about $5.75 million. So far, a Starbucks with a drive-thru and a medical office called Timber Springs Dental Care have been built on the site.
Amprop Ventures, which bought the easternmost parcel, has plans in place to build a tire dealer and repair shop on the easternmost 3-acre portion.
North of the retail buildings, K. Hovnanian Homes is building an 88-unit townhouse development called Spring Isle Palms. FHC affiliate Spring Isle C LLC sold the nearly 11-acre site to K. Hovnanian last January for $2.64 million.
“The streets are in now for the townhome community,” Frank Cawthon Jr., CEO of FHC, said. “With horizontal construction in place, vertical construction should happen any day now.”
Cawthon Jr. told GrowthSpotter he plans to develop a self-storage facility on nearly 6 acres of land just north of the eastern commercial parcel. He adds the firm is in talks with a day care center for some 1.6 acres of commercial land as well.
FHC assembled about 220 acres in the area and has been slowly selling off the land, if not developing it itself. Across the street, it sold some 180 acres to Pulte Homes in the early 2000s. The commercial portion fronting Avalon Park S. Boulevard is a project it is developing with Stafford Properties.
The site lies north of downtown Avalon Park, which continues to expand.
Last year, GrowthSpotter reported plans by Avalon Park Group (APG) to develop a new five-story apartment building directly across from the community’s central park. The apartments would lie adjacent to its four-story, 38,500-square-foot Avalon Business Centre, which will contain a mix of office and retail space once complete.
Roughly 3,400 single-family units, 1,431 multi-family units and more than half a million square feet of commercial space is planned for the area, according to its website.
Waterford Lakes is about four miles to the west of the Spring Isle project. The Orlando neighborhood is known to attract students from the University of Central Florida.
In 2015, an executive with the Los Angeles-based investment group, PRG Fund LP, told GrowthSpotter plans to invest solely in properties in Waterford Lakes. That year it spent more than $90 million acquiring apartment communities in the neighborhood.