O'Connor Capital Partners has more than 50 acres of land owned by a Daryl Carter affiliate under contract north of Orlando Vineland Premium Outlets, with plans for a 530,000-square-foot retail power center. The developer will benefit from a key roadway connection set to break ground in early 2017, and the prospect of a new I-4 interchange on its doorstep.
Site work on the new retail, dining and entertainment center dubbed Vineland Pointe should begin by January and open in Spring 2018, Peter Bergner, president of O'Connor Property Management, told GrowthSpotter from the floor of ICSC Florida Conference & Deal Making on Monday.
The property lies across three parcels totaling more than 69 acres, based north of Lake Street and Regency Village Drive, and on either side of Daryl Carter Parkway.
Bergner said O'Connor Capital has yet to file plans with Orange County, and declined to confirm if any tenants were signed yet.
Marketing materials online show dining and retail space ranging from 7,000 to 60,000 square feet as available, including a 45,000-square-foot movie theater. A 29-acre portion of the property is labeled as reserved for future hotel/restaurant.
A few retail tenant names are listed, including Cheddar's, Cheesecake Factory, Under Armour, Marshall's, Ulta, Ross and DSW. Some of those brands are ones O'Connor Capital helped place last year in The Crossland and Cinque Terra shopping centers in Kissimmee, which it sold with joint venture partner Tupperware for $121 million on Aug. 5.
O'Connor Capital Partners will likely have to invest in widening Vineland Avenue southwest of the property to earn concurrency approval from Orange County, Bergner said.
Daryl M. Carter, president of Maury L. Carter & Associates, said the investment is "a perfect example of where growth more than pays its way. In order to do a project they'll have to make roadway improvements a significant distance from the property itself."
The developer stands to gain from a 1.6-mile extension of Daryl Carter Parkway, from Palm Parkway to S. Apopka-Vineland Road, which will open up the lucrative Dr. Phillips-area zip code to retail east of I-4.
Approval with the county is expected in the coming weeks for the Daryl Carter Parkway extension, for which plans are fully designed. Carter's affiliates, The Kerina Group and another landowner have dedicated more than 15 acres, helped fund the project and will pay to relocate a power line. Orange County has construction scheduled to start in February 2017, and conclude in 2018.
The Daryl Carter Parkway flyover bridge, opened in 2014 to provide a direct path to the outlet mall for motorists west of I-4, could be expanded as a full interchange in the future. The location is the only new interchange approved by Florida Department of Transportation along the I-4 corridor between Daytona Beach and Tampa, though on- and off-ramps have not been funded.
"If there is in fact a new interchange it will relieve two of the most congested interchanges in Orange County to the north and south at Lake Buena Vista and Sand Lake Road," Carter said. "And for our part, we gave away 16 acres of land and spent $2 million to date on the design and engineering of just the flyover bridge."
Carter declined to confirm when closing on the land sale may occur.