UPDATED: JUNE 8, 2017 9:59 AM — A Winter Park-based commercial real estate firm plans to buy a 2-acre parcel at a busy Longwood intersection, and is looking for retail tenants to occupy one or more pads to be developed.
Wekiva Capital Partners, formed in 2014, is under contract to buy property at the southwest corner of N. Ronald Reagan Boulevard (C.R. 427) and Longwood Hills Drive. Principal partner Christopher Hughes said the deal will not be completed until November, giving the CRE firm time to recruit a retail broker.
"We're currently reaching out to prospective tenants," Hughes told GrowthSpotter. "We will entertain build-to-suit or get a pad ready for (tenants)."
The partners are leaning thus far toward one of the larger convenience store/fuel station chains, but the site's zoning would allow most commercial uses.
"You could put a restaurant there," Hughes said. "That's one option we looked into, a fast-casual space."
One reason the closing is so far off is that the city of Longwood plans to extend sewer northward from downtown toward the site, starting in September. It will take six months after the project starts for the infrastructure to reach the corner, but owners the Irene S. Philpitt Revocable Trust didn't want to wait that long, Hughes said.
"So, we met in the middle and said we'll close in November," he said.
Daily traffic through the intersection was one feature of the parcel that attracted Wekiva Capital Partners. Ronald Reagan Boulevard has 26,000 average daily trips by the property, and Longwood Hills Road has an ADT count of 9,000, according to listing brokerage C. Brenner, Inc.
The property is one mile from Downtown Longwood and 1.5 miles from Orlando Health's South Seminole Hospital.
Another advantage that should attract retailers is the growth of residential development in the area. Three subdivisions are in various stages of development within a mile, Hughes said.
One development with 43 single-family lots and another with 41 are a half mile to the southwest. Another residential development with 82 lots is about a mile north of the Reagan-Longwood Hills corner.
Wekiva Capital Partners will develop the project and likely seek a general contractor for site work in the fourth quarter.