Conceptual plans show the developer is seeking to construct a wide spread of multifamily buildings surrounding up to 22,400 square feet of proposed retail and office development.
UP principal Scott Fish told GrowthSpotter he is pursuing feedback from the city to test the viability of the project, in addition to notes on what improvements to infrastructure and pedestrian connectivity the city may require from the company.
Fish said he wants to determine the “highest and best use for the site,” and that the company has been sitting on the property for a long time with eagerness to redevelop, “We were waiting for the right time and the right time in now,” he said, while pointing to a demand for housing and a growing population in Altamonte Springs.
Fish said he holds trust that multifamily units and rental properties like build-for-rent single-family homes and horizontal apartment complexes will remain sought after for years to come thanks to an increase in home prices and home living trends that show new-to-market residents prefer not to make longtime commitments to neighborhoods with homeownership.
Records show UP Development purchased the 41.5-acre property in 2013 for $3.5 million. At the time, the site was an abandoned pitch and putt golf course that closed in the 1990′s.
Under the property’s current Mixed Office Commercial District zoning, the developer can build low intensity office, retail-commercial space that combines medium density residential uses.
The site has a West Town Center future land use, meaning UP Development can seek to build up to 18 units per acre. With density bonuses that number increase to 25 units per acre. Current entitlements allow for a maximum height of seven stories.
Frank Porter with NV5 is the engineer.
Conceptual plans show two 5,200-square foot retail buildings fronting West Town Parkway, following two 6,000- square-foot office buildings tucked behind. Fish said he’s still unclear on how many rental units the firm plans to propose or what kind of product the rentals may be.
He is clear that the development will be designed to feature social gathering space with amenities like open-air recreational areas, pedestrian walkways, pavilions and a polished landscaping design.
UP Development has been active in Central Florida for many years. Projects include Winter Park Square on the northeast corner of N. Orlando Avenue and Lee Road. Tenants at the shopping plaza consist of Whole Foods, Nordstrom Rack, Sephora and Rukus Cycling Studios.
In Orlando’s tourism corridor, the developer amassed over 20 acres of land west of Mall at Millenia and sold it to Ferrari-Maserati of Central Florida, Rooms To Go and City Furniture. The luxury auto dealer built its largest Ferrari dealership in the nation at the location and City Furniture completed its 123,500-square-foot store in 2019.
Rooms To Go completed a 57,600-square-foot showroom last year at 4751 Vineland Road.
Similar to the Altamonte Springs location, the company owns another infill development property in Winter Park. The firm owns about 2.2 acres a 900 and 950 N. Orlando Ave. that was rumored to house a potential hotel. A representative with the company told GrowthSpotter UP Development has not finalized plans and is weighing all its options.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.