Located at 1100 Maguire Road, the two parcels acquired lie directly north and south of a 373-foot extension of Maine Street now under construction by the city, which will link Maguire Road eastward to S. Bluford Avenue and provide better traffic flow into the City Center project.
"That extension between Maguire and Bluford will allow people who live to the south on Maguire Road to drive straight up and make a right turn into the development, instead of having to make a left turn on Colonial Drive," CEO David Townsend told GrowthSpotter.
"This land acquisition is just a continuation of City Center, another phase that will probably have more retail and office, but we have no specific plans for it yet," he continued. "We will probably not take any action on this new property for at least a year."
The seller was CCN Investments, Inc., an affiliate of Winter Garden-based real estate investors William, David and John Colburn.
While a sale deed recorded Monday only noted one parcel in the deal, David Colburn confirmed for GrowthSpotter it was both totaling 4.7 acres. Townsend's buyer LLC sourced a mortgage of more than $1.56 million directly from the seller.
Following site plan approval last September and a groundbreaking held in January, infrastructure work with sewer, water and roads is well under way for the 43.22 acres (33.27 developable) that make up the City Center project's main footprint, located south of Maine Street, east of Bluford Avenue and north of W. Colonial Drive adjoining Lake Bennet.
Townsend estimates all the infrastructure work will be complete along the City Center lakefront by late December, and construction of building foundations will have begun.
"This infrastructure is a nine-month project all by itself, because we're developing 40 acres of infrastructure to start," Townsend said. "We also need to build a walkway around Lake Bennet, which in itself is a project that requires we want until the fall" when the water level drops.
The development's first phase of 15 acres, projected to open in 2019, will include two buildings of up to eight stories each with structured parking, a combined 500 condo units, more than 200,000 square feet of retail space and a 122-room hotel.
To be developed over three phases, City Center West Orange is projected to have 2,500 condo and apartment units, buildings dedicated to short-term vacation rentals, 500,000 square feet of retail, the hotel and recreational trails.
Estimated investment in the 15-acre first phase is approximately $150 million. Park Development's affiliate EB5 Florida Real Estate Regional Center is USCIS-approved for EB-5 foreign investments, has been approved for $100 million by the government agency, and has close to $50 million in committed EB-5 funds (100 investors), Townsend said.