Tampa-based real estate development firm Ocean Bleu Group wants to bring more grub options to the Sanford submarket.
The developer recently submitted a rezoning application in Seminole County requesting to subdivide a 5-acre plot of land on the southwest corner of W. State Road 46 and International Parkway into several pad-ready sites that may support the construction of at least four different restaurants.
CEO Bryan Schultz told GrowthSpotter at least one tenant has made a commitment to set up shop there. The developer is seeking to subdivide and develop the out-parcels for sale or lease. Schultz adds other tenants have shown interest, but no lease contracts have been signed yet.
Ocean Bleu tapped Peter Pensa with AVID Group as a consultant on the project. Schultz and Pensa met with Seminole County’s Development Review Committee Wednesday morning to discuss next steps. At the meeting, staff members supported the general plans and asked to see efforts by the developer to make International Parkway more pedestrian friendly.
A conceptual site plans shows the commercial pads will support a mix of quick-service restaurants, a cafe and a dine-in restaurant with patio space. Ocean Bleu is proposing up to 10,370 square feet of new commercial space, with restaurants ranging between 1,888 square feet and 3,6000 square feet.
“There’s a void for these kind of tenants in the market,” Schultz said. “The site is right off I-4, so not only will it get local traffic, but also interstate traffic.”
The property’s owner and prospective seller is the Robert T. Hattaway Trust of Altamonte Springs.
The site is located directly north of a new apartment project by a joint venture between national multifamily owner-operator Alliance Residential Company and Washington, D.C. investment firm Carlyle Group. The JV broke ground on the 260-unit Broadstone Viridian multifamily development in 2019, and completed the project this year. Greystar is the management company.
Alliance Residential bills itself as one of the largest multifamily companies in the nation, having invested in more than $10 billion worth of real estate and managing a $15 billion portfolio. The Carlyle Group manages $246 billion in assets and 397 investment vehicles, according to its website.
The joint venture partners have teamed up on projects in Central Florida before. In 2019, the JV sold their 268-unit Broadstone at Winter Park apartment property in Winter Park’s Ravaudage community for $84.45 million.
Ocean Bleu is behind several large-scale mixed-use projects in downtown Tampa’s Channel District, as well as the 85-acre Square at Osceola Parkway mixed-use development in Kissimmee’s LOOP submarket. Tenants for that project include Floor & Decor, Buffalo Wild Wings, Arby’s, Del Taco and Panera Bread.