Wekiva Capital Partners plans retail for busy Longwood intersection
By Mike Salinero
Jun 07, 2017 at 6:10 PM
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)."
Learn more about the project's development timeline moving forward, lot sizes and pricing forecast for the homes.
By Mike Salinero
Jun 01, 2017 at 5:39 PM
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.