Michael Collard Properties has purchased the remaining undeveloped 8.33 acres at the Oviedo on the Park development in downtown Oviedo for a recorded $4.7 million, the company told GrowthSpotter this week.
Collard, which already had a deal to develop a food hall on the property, bought the land in a deal that closed Sept. 28 -- comprised of three undeveloped pieces of land -- from PAC Land Development of Winter Park. Ruth Zwieg, vice president and chief creative officer at Michael Collard Properties, said the remaining land will be built to suit. The parcels border both sides of City Walk Lane as well as Strand Apartments, Oviedo Boulevard, East Mitchell Hammock Road and Mike Roberto way.
The 108-acre development's existing structures includes Strand Apartments and 45,000 square feet of existing retail and office space. As of June, its program included another 76,000 square feet of commercial space, mostly retail.
Regular city events in the development and amenities including splash pads, an amphitheater, a dog park and a small lake create a strong draw for business to build upon.
PAC in June had sold a pair of restaurants it had recently completed in the development with 10-year leases, Marlow's Tavern and Maple Street Biscuit Company, to Orlando attorney Bill Lowman for $3.55 million.
Collard's plans for a food hall remain in place -- and include eight upscale "micro restaurants" and a cocktail establishment called Factory Bar situated centrally among them, Zwieg said. The development laid out by Tom Cavanaugh of PAC Land builds on the popular live-work-play theory.
"The vision for Oviedo on the Park is one of community and social interaction, a kid and dog-friendly gathering place for friends and family to dine, play, attend the great events the City of Oviedo hosts, and even work in offices located below the luxury Strand Apartments, which we are currently building out for office tenants to lease," Collard said.
Other active projects for Collard include Signature Village, a 17,500-square-foot retail center in Wildwood, and Harbor Point, a 92,000-square-foot Publix-anchored retail center in Vero Beach, according to its website.
Editor's note: An earlier version of this story contained an incorrect sale price and incorrectly spelled the name of Ruth Zwieg.