Park Square Homes is lining up LOIs for the retail frontage of 11.44 acres on E. Colonial Drive, south of UCF, with groundbreaking expected by year's end on a fast-casual dining chain or two.
Located in the 12000 block of E. Colonial Drive east of N. Alafaya Trail, the property lies directly between Waterford Lakes Town Center and UCF. The homebuilder paid $5 million for the land in late April as part of its plan to diversify beyond single-family homes, GrowthSpotter reported May 20.
Ali Mushtaq, senior advisor for SVN, was recently hired by Park Square's affiliate owner of the land to lease and market 3 acres fronting E. Colonial Drive.
A conceptual site plan for the property offers two proposed retail buildings of 7,500 and 8,400 square feet, and a stand-alone restaurant of 3,300 square feet.
Park Square has two LOIs in hand, with one a growing national brand for the stand-alone restaurant space, Mushtaq told GrowthSpotter on Tuesday.
It's a fast casual chain with locations in Florida but none in Orlando yet, and should be signed by end of July, said Mushtaq, who declined to name the leasee prior to signing.
The 8,400-square-foot retail strip building boasts the second LOI, an end-cap space of about 2,400 square feet claimed by a Tex-Mex fast-casual dining concept, Mushtaq said. Up to 3,900 square feet is available there for a second restaurant, and the remaining 2,100 square feet could be divided between two smaller retail tenants.
In Building 2, 7,500 square feet of flex space is available to retail, medical or professional office lease.
"The surrounding area is growing not only for UCF, but with expansion of new residential," Mushtaq said. "Once we obtain one to two more tenant lease agreements, we'll see plans submitted for county approval. I believe this commercial will break ground by December."
Mushtaq had been marketing the land for previous owners Laan Hospitalities LLC out of Ocala, who are still involved in its development as minority investors with Park Square. That, coupled with his long-time relationship with Park Square CEO Suresh Gupta, led to being retained as broker.
Gupta and son Vishaal Gupta, Park Square's executive vice president, will pursue partial rezoning to develop the rear 8.4 acres for up to 250 market rate apartments.
Gupta said Tuesday his company missed Orange County's recent cycle window for a rezoning application, and will now submit by December to rezone the rear acreage for multifamily.
He added that Park Square still has yet to hire a civil engineer or architect for the commercial frontage.
Traffic counts for the property on E. Colonial Drive are 40,500 cars per day heading west towards Alafaya, and 39,500 cars per day northward and 55,000 per day south on N. Alafaya Trail, Mushtaq said, citing FDOT.