Local developers Intram Investments and Blurock Commercial Real Estate are partnering on their third commercial-retail project together, paying $2.5 million on Nov. 14 for a 2.3-acre parcel on Kissimmee's W192 tourism corridor.
The property lies in the 8000 block of W. Irlo Bronson Memorial Highway on the Orange County side, directly north of the Target-anchored shopping center, and east of E. Orange Lake Boulevard and the intersection with S.R. 429.
The development is currently proposed as a 5,594-square-foot restaurant building, and a separate 5,760-square-foot retail building.
"We haven't signed any leases at this point. We are discussing it with a restaurant tenant for part of the property, and haven't firmed up exactly what we'll do with the balance," Randy Hodge, executive vice president with Intram, told GrowthSpotter on Thursday. "Perhaps another ground lease, or small multitenant building."
The retail spec building could hold one to three tenants, civil engineer Mitch Collins said in September.
Intram owns the land immediately west of this site that's being leased to Miller's Ale House. East of the property are a trio of Texas Roadhouse, Pollo Tropical and Joe's Crab Shack restaurants, and is where a new corporate-owned Panda Express restaurant broke ground in July.
The developers plan to work their Development Plan through Orange County's approval process over the next two to three months, which should be followed by a building permit application in late First Quarter 2017.
The seller was an ownership group made up of local commercial real estate agent Abdulfattah A. Abdullah, and Mutlaq and Ahmad Al-Yahya, who are identified as Saudi Arabians on the LLC's founding documents. They previously paid $930,000 in June 1999.
Intram and Blurock are already partnering on retail and mixed-use developments in Ocala, and on 18 acres in Downtown Orlando at S. Orange Avenue and Pineloch Street.
"We now have this as a third project together, and we're working on another one in the (Greater Orlando) area that we haven't closed on," Hodge said.