One of the longest running lease tenants of warehouse space being demolished for downtown's The Yard at Ivanhoe bought its own property earlier this month, spending $1.225 million for a larger, newer property three miles west.
Orlando-based Tempaco, a parts distributor for repair companies in fields like plumbing and air conditioning, has six sales locations across Florida and 34 employees overall.
The company had been based on Alden Road in a 10,000-square-foot leased space for more than 60 years, and has been one of many small industrial operators forced to relocate in recent months as developer Real Estate Inverlad prepared the property for demolition.
The forced move was a blessing in disguise, as Tempaco has upgraded from a run down leased space to a 15,000-square-foot modern warehouse built in 2005, company CEO Maria E. Robinson told GrowthSpotter on Monday.
"We have wanted to buy a bigger space for a while now," she said. "This new warehouse was in move-in condition, with space for our admin offices up front. We've been in since mid-September on a lease, with option to buy."
Tempaco acquired the property in part with a loan from Florida Community Bank.
DEMO WORK BEGINS
General contractor Jack Jennings & Sons began demolition work in early December on the roughly eight acres of warehouse parcels assembled by Inverlad along Alden Road north of Virginia Drive, set between railroad tracks to the west and Philadelphia Avenue to the east.
Building demolition will run through the the new year, followed by a deep list of infrastructure work that will include road repairs and utility line relocation, which should take until May to complete, Chance Gordy, senior vice president at Inverlad, told GrowthSpotter on Monday.
Foundation work for the proposed 600-unit high-rise apartment building and neighboring retail could then begin in June 2016, Gordy said.
Demolition and construction work on a second "The Yard" project, proposed for a 15-lot assemblage by Daryl M. Carter and Scott Crossman directly southeast from the first development, would begin only after construction work ends on the first, he said.
The assemblage, which includes buildings currently leased by Riot Creative Imaging and Loch Haven Veterinary Hospital, among other tenants, doesn't include the Hideaway Bar, and will build around that property, Gordy confirmed.
"(The Hideaway Bar) owner is a very good guy, but has shown no interest in relocating, so its best for us to build around it. We aren't pursuing a purchase of that property anymore," he said. "I think (the bar) definitely adds a unique charm to the neighborhood."