Developer preps new retail outparcel & Phase 2 mixed-use of Winter Park Square

Tennessee-based UP Development is pressing forward with the next few pieces of its Whole Foods-anchored Winter Park Square, including a new outparcel and plans for a mixed-use building across the street.

Located at the northeast corner of Lee Road and N. Orlando Avenue (U.S. 17-92) in northern Winter Park, UP affiliates assembled 11.6 acres on the north side of Lee in recent years for redevelopment. In the past year, that Phase 1 has included the opening of a Nordstrom Rack, PNC Bank and the aforementioned Whole Foods, as well as a $6 million developer-funded extension of Lee Road eastward through the property. 

Now a 4,500-square-foot outparcel building for tenants Habit Burger and Cafe Rio is nearly finished with interior buildout, where one or both restaurants may open as soon as September. 

UP Development is also negotiating with beauty products retailer Sephora to lease another 4,500-square-foot outparcel planned for the corner of N. Orlando and Dixon avenues in front of Nordstrom Rack, principal Scott Fish told GrowthSpotter. Construction plans for that building are under review by city staff.

Looking to 2018, Phase 2 of Winter Park Square will incorporate approximately 2.18 acres at the southeast corner of Lee Road and N. Orlando Avenue. Acquired from two owners in 2014 and 2016 for a combined $6.7 million, this property was formerly the three-story Lee Road Executive Center office building, which UP demolished last November.

Conceptual plans for that site have evolved since last year away from multifamily, and are now targeting a four-story mixed-use building with 21,000 square feet of ground-level retail and three floors dedicated to a 136-key hotel, all wrapping a 240-space parking garage. New restaurant outparcels may be included. 

The hotel will likely carry a select-service flag that UP is negotiating for now with Marriott International. A Development Plan should be ready for city review in First Quarter 2018, Fish said. 

UP Development could seek general contractor bids for the Phase 2 project in Second Quarter 2018, and would close on a construction loan in that timeframe. The developer's land owner affiliate is currently shifting its Phase 1 construction loan into permanent financing, Fish said. 

Lochrane Engineering is civil engineer on the project, Eleven18 Architects has contributed design, and SRS Real Estate Partners will be marketing the Phase 2 retail space for lease.

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