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Orlando-based NGI Investments hopes to break ground in late November on a three-pad retail site at Osceola Parkway and Dyer Boulevard, next to the LOOP West shopping center.
Orlando-based NGI Investments hopes to break ground in late November on a three-pad retail site at Osceola Parkway and Dyer Boulevard, next to the LOOP West shopping center. (Orange County Property Appraiser/staff)

Orlando-based retail developer NGI Investments could break ground in late November on a 5.7-acre development in Kissimmee's LOOP submarket.

NGI President Haresh Karamchandani (better known as Harry Kay)  told GrowthSpotter he has a ground lease with AutoZone, which plans to file building permits as soon as his environmental permit and Site Development Plan (SDP) are approved.

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He's marketing the other two retail pads for QSR and fast-casual dining tenants.

"We've been approached by mattress stores, but that's not our first choice," he said. "I'd like something more complimentary."

Developer Harry Kay told GrowthSpotter AutoZone will build a prototype store on one of the retail pads. He's marketing the others for QSR or fast casual restuarant tenants.
Developer Harry Kay told GrowthSpotter AutoZone will build a prototype store on one of the retail pads. He's marketing the others for QSR or fast casual restuarant tenants. (DAO Consultants, Inc.)

Kay said Osceola County has already approved the right-in, right-out driveway on Osceola Parkway. This week he filed plans with South Florida Water Management District for a master stormwater system for the project.

Kay's NGI was part of an investment group that paid $2.1 million on Jan. 31 for the vacant corner parcel on Osceola Parkway at Dyer Boulevard, next to the Loop West shopping center.

The site is directly across from a Publix-anchored shopping center and new McDonalds. Miami-based Courtelis Company has a contract on the 50 acres at the southeast corner of the intersection and filed a SDP last week for a 377,652-square-foot retail center with seven outparcels fronting Osceola Parkway.

DAO Consultants, Inc. provided engineering services to the project.

Meanwhile, Kay said he has signed a lease with Flippers Pizzeria as the second tenant for his Starbucks-anchored retail project at 8101 Vineland Ave. The 5,180-square-foot, two-tenant building is under construction now on an outparcel near the intersection of Vineland and International Drive.

He's also building a Sleep Number store at 200 N. Orlando Ave. in Winter Park, across the street from Trader Joe's.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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