Located in the lower-right of the drawing, Westside Shoppes will be a neighborhood shopping center, while the development shown to its north and west will be the Venetian Isles apartment community.
Located in the lower-right of the drawing, Westside Shoppes will be a neighborhood shopping center, while the development shown to its north and west will be the Venetian Isles apartment community. (provided)

Unicorp National Developments closed a $20 million purchase Wednesday for 49.15 acres where it will break ground in January for Westside Shoppes and Venetian Isle Apartments, and has yet to choose a general contractor for the retail project, president Chuck Whittall confirmed for GrowthSpotter.

Located at the corner of Winter Garden Vineland Road and Reams Road in the heart of Windermere and Horizon West, the property is part of 117 total acres that have been rezoned and subdivided in recent months by Unicorp on behalf of previous owner Fran Pignone, a former county commissioner.

Advertisement

The property's 9.36-acre Lot 6 is for Westside Shoppes, a new 70,700-square-foot neighborhood retail complex, which will neighbor the 302-unit Venetian Isle Apartments and 44 single-family attached townhouses, situated on Lots 3 and 4 also bought by Unicorp.

Unicorp acquired two loans totaling $70 million from Florida Community Bank and Centennial Bank to cover land acquisition and construction costs, and will build $107 million worth of development between the retail and residential projects, Whittall said Thursday.

Roger B. Kennedy, Inc. of Altamonte Springs has been chosen as general contractor for Venetian Isle Apartments. Unicorp has yet to settle on a GC for its Westside Shoppes retail project, he added.

About 30 acres (Lot 5) in the middle of the 117-acre property will be dedicated to Orange County for future construction of a middle school.

On the western border of the property, Lot 6 (33.46 acres) was bought separately for $8 million Wednesday by land banking agent Sun Terra Communities. The company is holding the land for Meritage Homes, which should break ground in February on 151 lots for single-family homes and detached townhouses, said John Kraynick, principal with Sun Terra.

The land's subdivision into six lots was approved by Orange County's Board of County Commissioners on Sept. 15.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

Advertisement
Advertisement
Advertisement