The owner of a regional tattoo parlor chain is planning his first new retail strip center on 4.77 acres southeast of Walt Disney World's main entrance, with opportunity ahead for an architect and construction manager after rezoning is approved, developer Marwan Kaddoura told GrowthSpotter.
Located at 14990 S.R. 535, the property lies southeast of Lake Buena Vista and the entrance to Disney's Hotel Plaza Boulevard, and directly south of Lake Bryan and the Caribe Royale Resort.
Kaddoura bought the site in October 2013 for $450,000 via affiliate Kadmar Plaza LLC. A small business owner in Orlando since 1998, he has developed 18 tattoo parlors in Central Florida under his Ink Spot Tattoo brand, and owns three small commercial investment properties in Greater Orlando.
Kaddoura's civil engineer, Sam Sebaali of Florida Engineering Group, has requested a pre-app meeting with Orange County's Technical Review Group on June 15. The owner will seek to re-zone the property from Agricultural to a commercial option yet to be determined.
Sebaali listed potential uses on the application as a range of mixed use, including hotel, restaurant, retail and office. But in truth, the property is likely destined for about 25,000 square feet of retail and dining, Kaddoura said.
That's because only about 1.95 acres are upland/developable of the total 4.77, he affirmed. A Conservation Area Determination (CAD) has already been done for the parcel, indicating the remaining acreage as Class 2 wetland, Kaddoura said.
"We could be able to fill those (wetlands) in and develop it, but would have to go through the mitigation approval process," he said. "As of now we want to do a shopping center there, about 25,000 square feet of retail and restaurant on the 1.95 acres. That area doesn't have many shopping centers south of Lake Buena Vista."
Once Sebaali successfully guides the property through rezoning in the coming months, Kaddoura would proceed with hiring an architect. He's received construction estimates from three general contractors thus far, with cost varying from $75 to $120 per square foot.
Based on an average of $100 per square foot and 25,000 square feet of potential space, Kaddoura roughly projects $2.5 million in construction investment. He plans to finance the plans in part with a construction loan, which he expects to source from Chase or Wells Fargo banks, based on existing relationships.