Central Parc Development's Miguel de Arcos and Dominic Nori are preparing a new 64,744-square-foot commercial plaza in south Seminole County, meant to capitalize on a 700-home gated community being built down the road.
Located on Howell Branch Road just west of Eastbrook Boulevard, the estimated $18 million Central Parc at Howell Branch Plaza would include three buildings totaling 25,000 square feet of retail and dining space facing Howell Branch Road. Two stand-alone medical office buildings of 10,000 and 15,000 square feet and a daycare center will be built behind the retail component.
The project is meant to complement the 700-home Hawks Crest residential community being developed nearby by Meritage Homes at 3601 Howell Branch Road. Both projects are part of the San Pedro Planning Development, on land formerly owned by the Catholic Diocese of Orlando.
A proposed site plan goes before the county's Development Review Committee on Wednesday.
De Arcos described the combined mixed-use development as an urban infill project that will satisfy a largely underserved market in a growing Seminole transportation corridor.
"This is a market with 34,000 cars a day that bridges the gap between Maitland and Winter Park (in northern Orange County) and Oviedo (in Seminole County)," he told GrowthSpotter. "Most people just blow right past it because it's nothing but older suburban homes. But it's no longer a flyover area. Now it has become a core market (and) a core stopping point."
De Arcos said Central Parc Development will build and retain ownership of the retail segment along Howell Branch Road. He said there is "tremendous interest" from potential lessees, but declined to name any signed tenants or LOIs.
Central Parc will build the daycare and office buildings in the back of the plaza and has sales agreements on those, De Arcos said. He declined to name the buyers, but said a medical office investment group bought the 10,000- and 15,000-square-foot buildings.
The medical offices "are generally designed for a bunch of small tenants unless a large tenant comes to the table," de Arcos said. "We sold a lot to a Class A daycare operation. I don't have permission to announce who it is, but it's a much-needed service in the Winter Park- Maitland-Oviedo market."
Central Parc will close on the purchase of the 6.8-acre site in mid-August, de Arcos said. The land has been cleared and graded.
"We should be done with site work within two months of that," de Arcos said. "We're going to start the medical offices right away. I would imagine the medical office and the (first) retail building will go vertical at the same time. By the end of the first quarter we should have the retail building."