Local developer Emerson International is floating redevelopment plans with Altamonte Springs for the dated office buildings within its 55-acre CenterPointe on the Park mixed-use development.
Emerson filed a new conceptual site plan with the city on July 13 that depicts a full redevelopment of the 15-acre CenterPointe Office Park, a network of eight single-story office buildings on East Central Parkway and the Crane's Roost Park waterfront that date to 1973, and where the developer's own corporate office is located.
The plan forecasts 100,000 to 125,000 square feet of new office space, 288 apartments over five stories with structured parking, another 400 apartments in towers facing the waterfront with structured parking, and a central mixed-use development with 78,000 square feet of office, 20,000 square feet of retail and 10,000 square feet of restaurant space, City Manager Frank Martz told GrowthSpotter.
Planning staff are still reviewing the submitted plans. Officials with Emerson did not respond to requests for comment on Thursday.
Details on the phasing of development are limited to site plan notes, which indicate the more central 288-unit apartment complex would be built before the 400-unit waterfront apartments.
To the immediate west and northwest are sites already established by Emerson for its previously announced 300-unit Sanctuary at CenterPointe apartments, and the long-planned CenterPointe III (125,000 square feet) and CenterPointe IV (200,000 SF) office buildings.
To date, the main projects developed at CenterPointe on the Park include the twin 12-story Emerson Plaza condominium towers, and the CenterPointe I and II office buildings.
Demand for new office space in Altamonte Springs may be tenuous. The submarket currently has one of the highest vacancy rates and lowest average rents for Class A office space in Greater Orlando, according to Cushman & Wakefield's second quarter market report.
Among 12 submarkets measured by the brokerage, Altamonte ranked eighth in office inventory (1.532 million SF), 11th in overall vacancy rate (16.8 percent), and eighth of nine qualifiers in overall average rent for Class A ($20.87).
Dewberry is civil engineer on the project.