The former site of the Tilted Kilt Pub & Eatery on Currency Circle in Lake Mary is slated for new commercial development with multiple tenants.
Clearwater-based Epic Development purchased the property at 901 Currency Circle on June 30 for $3.5 million. The seller was AFD Lake Mary LLC, a company formed in Georgia in January and a subsidiary of the Restaurant Management Group of Norcross, Ga.
Epic, under the name H.B. Retail Little LLC, obtained a $2.1 million mortgage on the property from Stonegate Bank.
The 1.8 acre-site will be developed for multiple retail and at least one restaurant, Andrew J. Hupp, president and CEO of Epic Development, told GrowthSpotter. The new development will be larger than the Shoppes at Lake Mary, a retail center at West Lake Mary Boulevard and Greenwood Boulevard that Epic developed and then sold for $7.73 million in May.
Hupp said he has been active in the metro Orlando area for more than 12 years.
"Orlando has a lot of opportunity and Lake Mary in particular is a great economic engine," Hupp said. "They have a great office structure with a lot of large insurance companies that drive that sector as well."
Late last year, Hupp's company sold property slated for a new Walmart neighborhood market on Casa Verde Boulevard in Lake Mary for $4.33 million.
His company is currently in the process of purchasing a 1.1-acre outparcel of the Target store at Red Bug Lake Road and South S.R. 417 in Oviedo, GrowthSpotter first reported last August.
The parties have not closed on the sale and Hupp declined to reveal the price. The outparcel will be developed into 6,650 square feet of retail space, according to Seminole County planning documents.
"We ran into a couple of development issues that we're trying to work through with Target," Hupp said. "It will be a retail project similar to the Shoppes at Lake Mary."
Hupp said development of the Currency Circle property is still in early stages, and he did not name what engineering or architectural firms he will use. Due to past projects in the metro Orlando area, Hupp said he has a well-established network of service providers he's worked with in the past.
The Tilted Kilt Pub & Eatery featured imported beers and pub grub served by scantily attired waitresses. The pub has closed, according to the business' Facebook site.
Feroz Delawalla, president of Restaurant Management Group, could not be reached for comment. His company's subsidiary had recently bought the Lake Mary property on Feb. 9 for $1.88 million.