A local real estate investor paid $3.75 million last Thursday for a vacant restaurant property on a prominent corner in Winter Park, and has a new Cali-Mexican restaurant concept lined up to lease the space.
Located at 140 N. Orlando Ave. just north of the intersection with Morse Boulevard, the 1-acre lot features a 4,600-square-foot retail/restaurant building that dates to 2013, and was home to the former Carmel Kitchen and Wine Bar that closed this past January.
The buyer was an affiliate of Nancy A. Rossman, a veteran property investor and developer in Greater Orlando and principal in Osprey Custom Homes. Rossman also owns a 0.33-acre lot directly north at 220 N. Orlando Ave., site of the former Priceless Cleaners shop.
The new restaurant tenant will be an original Cali-Mex concept named Cinco Tacos + Tequila, led by local restaurateur Greg Pranzo, who in recent years was a partner in the now-closed Cowgirls Rockbar on International Drive and Guy Fieri’s America Kitchen & Bar in The Villages.
Cinco will feature classic Mexican dishes with "an artistic twist," weekend brunch service with a selection of small plates and signature drinks.
The new restaurant's opening is being targeted for mid July, with the former Carmel requiring minimal renovation. Pranzo's business entity signed a 10-year lease earlier this month.
His partners in the new restaurant venture include Edward J. Perrott, former president and CEO of local semiconductor producer Chip Supply, and Michael Quatrini, manager of family office The Quatrini Family Trust and CEO of his own Capital Q Ventures.
Both were one-time principals in local venture capital firm Blackwood Holdings.
Seller of the property was an affiliate of Tampa-based Providence Family Offices, which previously paid $1.3 million in December 2012.
The new Cinco restaurant will be the second Mexican and tequila-themed restaurant to open in the latter half of this year within a half-mile stretch of Orlando Avenue. The other is the new Agave Azul undergoing buildout now at 900 S. Orlando, where it's replacing a former Square 1 Burgers outlet.