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Developer behind condo towers in downtown Orlando proposes medical office plaza in Altamonte Springs

The project, dubbed Plaza Fifty One, features space for a restaurant with outdoor seating, general retail and professional office and medical office uses.
The project, dubbed Plaza Fifty One, features space for a restaurant with outdoor seating, general retail and professional office and medical office uses.

A company managed by Steven Kodsi, who helped develop the Sanctuary and Star Tower condo buildings in downtown Orlando, is proposing to build a new office plaza in Altamonte Springs.

Maitland-based Corelle Holdings LLC is seeking to rezone a vacant 0.82-acre lot at 51 N. Weatherfield Ave. to Planned Unit Development. Julian Coto a principal at Orlando-based Excel Engineering Consultants helped prepare plans.

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If approved, uses could accommodate a small restaurant with outdoor seating, general retail and a mix of medical office and professional office space.

A conceptual site plan shows an 8,580-square-foot commercial center called Plaza Fifty One that features medical office and professional office space as well as a restaurant underneath a large building marquee with signage.

Conceptual plans for Plaza Fifty One feature four leasable spaces for future commercial uses, including retail, restaurant, medical and professional office.
Conceptual plans for Plaza Fifty One feature four leasable spaces for future commercial uses, including retail, restaurant, medical and professional office. (City of Altamonte Springs)

Kodsi told GrowthSpotter he’s been diversifying his portfolio for many years and believes medical office assets are stable investments in areas in need of new supply. “We love the site, we love Altamonte Springs,” Kodsi said. “There’s strong demand [for medical office and commercial services] in the area.”

The city’s population reached a peak in 2018 with a recorded 44,220 citizens, marking an increase of about 6% since 2010, according to World Population Review. More recent numbers show the Altamonte Springs population at about 43,990 — a slight decrease.

A local developer just bought land next to the Lake Mary Wellness and Technology Park with plans to build two new medical offices and an urban-style retail center.

Kodsi declined to comment further on plans, citing that the project was still too early on to share more details.

Records show his Corelle Holdings LLC company paid $215,000 for the lot in 2016.

The proposed Plaza Fifty One project is one of several medical commercial centers planned in the area.

In Lake Mary, a company led by developer and medical neurosurgeon Dr. Ravi Gandh, is planning a two build 73,000-square-foot commercial center that will consist of two, 2-story medical offices along with a little more than 17,000 square feet of retail space fronting Rinehart Road.

Orlando Health is building out its Reinhart Road campus. Future plans include a 6-story, 134-bed full-service adult acute care hospital with obstetrics and NICU services. And Altamonte Springs-based AdventHealth is planning a 58,270-square-foot medical office building next to its emergency room hospital at 950 Rinehart Road.

The 3-story commercial building, designed by HuntonBrady Architects, will include primary and specialty care practices, imaging, outpatient sports medicine and rehab, and lab services, Jeff Grainger a spokesperson for AdventHealth’s Central Florida Division told GrowthSpotter.

It will also feature an ambulatory surgical center, he said. Construction is expected to be complete in late 2022.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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