An affiliate of Tampa-based fast-casual restaurant chain PDQ paid $3.3 million on Friday to enter Winter Park, buying a long-time bank branch site that will be redeveloped as its seventh location in Greater Orlando.
Located at 925 S. Orlando Ave., the 0.82-acre property lies on the southwest corner with Minnesota Avenue, with a 37-year-old bank branch building currently occupied by Seacoast Bank.
PDQ has applied to the city of Winter Park for a conditional use permit to build a new restaurant on the property. The property already has proper C-3 zoning, but a conditional use is required because of the drive-thru.
"We have done a lot of research over the years and felt that Winter Park was the perfect fit for PDQ. It just took a little longer to find the best site," company spokesman Jeff Kamis told GrowthSpotter. "The Winter Park site will be a planned tear-down of the bank building, with new construction for our restaurant."
PDQ's standard development is a restaurant of roughly 3,000 square feet, with a drive-thru and seating for 100.
The seller was Dr. Phillips, Inc., which previously paid $495,000 for the property and bank building in 1989.
John Fahey of Meridian Group and Cindy Schooler of SRS Real Estate Partners represented the buyer, while the seller's listing agent was Alex Garcia, director of corporate real estate at Seacoast Bank.
PDQ opened its second Greater Orlando location in Clermont in early May, after buying a former restaurant site there for $2.13 million in June 2016. The company's first restaurant in this region is in Sanford, on Rinehart Road.
The company is now building a new store in Lake Nona's Lake Nona Landing retail center that should open in August, and is planning locations in Waterford Lakes near UCF, Altamonte Springs and Hunter's Creek, Kamis said.
The company projects the Winter Park restaurant to open in First Quarter 2018, which indicates a groundbreaking target of late in the third quarter this year.
Short for "People Dedicated to Quality," the PDQ concept is to serve fresh, never frozen chicken tenders and nuggets, as well as made-to-order salads and milk shakes. Salad dressings are made fresh daily as well.
PDQ was founded in 2011 by Outback Steakhouse co-founder Bob Basham and MVP Holdings CEO Nick Reader, the two principal owners.
The first store was in Tampa, and PDQ now has 56 locations throughout Alabama, Florida, Georgia, Nevada, New Jersey, North Carolina, South Carolina and Texas.