Winter Park developer Wekiva Capital Partners will explore options in the coming weeks for multi-tenant commercial on a city-owned parcel in Apopka, after placing the sole and winning bid of $1.3 million.
City commissioners approved Wekiva's bid on Oct. 18 for the 8.45-acre surplus site located at 751 N. Park Ave., set on the southeast corner with E. Sandpiper Road. The property was previously put up for bid in the spring, but drew no offers.
"The city is optimistic" for the property's development potential with light commercial use because of Apopka's population growth, and Park Avenue's ascension as a lead thoroughfare for daily commuters, said spokesman Robert Sargent.
"I'm really not sure at this point what we'll develop there, I just thought the price for 8.5 acres was reasonable at $1.3 million," Wekiva Capital Partners' principal Chris Hughes told GrowthSpotter. "We'll explore all our options, look at trying to bring another grocer to market and it could have a couple outparcels out front. We'll do a market study and reach out to some potential tenants."
Hughes said a third-party will likely be hired to conduct a retail market study for the property, and has yet to identify what firms could supply that.
Traffic counts on that stretch of Park Avenue are close to 22,000 average vehicle trips per day, according to Esri, which Hughes referenced prior to bidding.
"I think Apopka is lacking for some dining options on Park Avenue as a main thoroughfare," he said. "There's definitely some demand for more options."
Wekiva Capital's approved bid is in the form of a Letter of Intent. The city still has to prepare a formal contract, after which Hughes will have 45 days of due diligence and 15 days after to close. Hughes anticipates closure of that sale in First Quarter 2018.
Separately, Apopka has another 103-acre surplus property fronting Marshall Lake that has been under contract since May to Royal Oak Homes at $3.2 million.
An affiliate of AV Homes, Royal Oak asked the city for an extension last month to its due diligence period, which would have expired at the start of October. The homebuilder initially proposed one entrance to the development but because of its size, city staff have advised two entrances.