"We'd like to start as soon as possible," President Stephen Thompson told GrowthSpotter on Wednesday. "We hope to have our approvals by the end of the year and start construction in the first quarter of 2017."
The property is owned by The Celebration Company, a Disney holding company. Thompson said he has it under contract and is conducting due diligence.
The site plan calls for a 21-acre shopping center at the southeast quadrant of the interchange -- across from Disney's iconic mouse ear-shaped power poles.
The plan shows a layout of 11 buildings and 749 parking spaces. The center would be anchored by a "neighborhood grocery store," according to the project description. Ten other buildings range in size from 4,516 square feet to 12,000 square feet.
"We're talking to tenants now," Thompson said. "It's a good spot. We don't have anything specific as of yet. We're looking at potentially doing land leases, but we could do a combination of land leases and build-to-suit."
The shopping center would be at the southern tip of the Celebration DRI, adjacent to the new Emerson Apartments. Disney sold that 28-acre parcel in 2013 for $4 million.