Reich Properties is pursuing a zoning amendment for 5.22 acres northeast of Orlando International Airport, with aim to lease it to a neighboring used auto dealer that's setting up for expansion.
Located at 8281 McCoy Road, the vacant parcel neighbors another 5.22 acres owned by a Reich affiliate. That land is already leased to Off Lease Only, Inc., which uses it for vehicle storage and a repairs warehouse behind its auto dealership property at 7948 Narcoossee Road.
Company president John Reich has filed a request with the City of Orlando to amend the framework Planned Development zoning for flexible warehouse and/or automobile-type uses.
This would bring 8281 McCoy Road's zoning in line with the neighboring parcel, and allow Reich to lease all 10.44 acres to Off Lease Only. Reich paid more than $1.3 million for both parcels between 2014 and 2016.
The zoning change would allow for up to three future warehouse buildings on the 10.44 acres of similar size to the first one, which has 27,300 square feet of conditioned area.
Off Lease Only is in the process of expanding its Orlando dealership in a major way. Of the 23 acres it owns on Narcoossee Road, roughly one third is currently developed. The company began clearing the property in Fourth Quarter 2016 to allow for mass grading, infrastructure and paving.
In January, the company sold an estimated 5-acre portion of its land it deemed excess to Boca Raton-based developer Hardial Sibia, who has a future hotel and fuel station in mind.