UPDATED: February 21, 2017 12:42 PM — New York-based REIT Seritage Growth Properties is preparing to demolish the former Sears building it owns at Orlando Fashion Square Mall, and has added another outparcel to its retail and dining plans for the property.
Seritage filed a demolition permit request on Friday with the City of Orlando for the vacant Sears building. That permit has yet to be approved, and a time line for when demolition may begin is unknown. Seritage declined to comment on its plans for the property on Monday.
The company also filed new engineering plans on Feb. 8 for site work to redevelop the Sears property, which includes parking lot and utility infrastructure to support a 68,650-square-foot Floor & Decor, a 34,440-square-foot Orchard Supply Hardware, and redevelopment of the Sears Auto Center.
Located on the northeast corner of Maguire Boulevard and E. Colonial Drive in Downtown Orlando, Seritage owns the 17.98-acre Sears-anchored parcel at the mall, for which it filed a mixed-use redevelopment Master Plan with the city back in September.
That plan focused on Phase 1 retail on the front 13.01 acres of the site, to be anchored by a new Floor & Decor and Orchard Supply on Sears' old footprint, as well as four new restaurant pads and renovation of the Sears Auto Center into a retail and dining strip.
Those outparcel plans have changed in recent weeks. A new site plan shows six outparcels that will primarily front the two main roads, and total roughly 30,300 square feet of retail and dining space.
That is down from 41,100 square feet for the previous layout of four outparcels and a repurposed auto center. The decrease in proposed floor space is due to new plans to demolish the auto center, and build a standalone restaurant pad in its place.
Two prominent sit-down restaurant chains and a smaller Quick Service Restaurant (QSR) are in negotiations for three of the outparcels thus far, according to local retail brokerage sources.
Marketing for the outparcel space is being led by John Artope of SRS Real Estate, who did not respond to requests for comment.
The property is well-positioned to draw new retail and dining tenants. The Maguire and Colonial intersection boasts 1 million residents within a seven-mile radius, which is nearly half the estimated 2.3 million population of Greater Orlando, according to Jorge Rodriguez, managing director for retail services with Colliers International in Orlando.
Dining and retail chains will typically focus on a five-mile radius to analyze data on population, income averages and more in their site selection process.
In Seritage's Phase 2 of redevelopment, a multifamily building would be added to the west of the mall's parking garage with up to 133 apartments, on what is currently 4.97 acres of surface parking. The company has not indicated a timeframe for when that phase would be activated.