The commercial market is experiencing a shortage of inventory for many types of properties just like the residential sector is. This lack of inventory is being fueled by population growth and here are some numbers.
Florida’s population grew by 367,525 people in 2016 to 20,612,439 million. This is the second largest gain in sheer numbers after Texas.
The Orlando Economic Development Commission noted that Orlando’s population growth for the past six years amounts to an increase of 138 people per day or 966 per week.
Here are some planned residential developments in Winter Springs
Yes, another apartment development is under construction in Winter Springs. Pollack Shores, which is located behind the McDonald’s, is under construction with a 338 unit apartment complex. Engineering
The Plante Property will be called Tuskawilla Crossing. This subdivision is located on 120 acres in the southeast quadrant State Road 434 and Tuskawilla Road. Ground breaking is expected in the next 60 days with a total of 379 single-family homes and 45,000 SF of commercial space.
New retail, office and hotel developments planned in Oviedo
An approved planned development called Dwell in Oviedo will be located on 23 acres north of Oviedo Mall Blvd. It will include 296 apartments, a 100 room hotel and 100,000 sf of Class A office space. The apartments will be built first. No timeline for the office or hotel has been indicated.
The building that housed the emergency room at Oviedo Medical Center is being converted to 40,000 SF of Class A medical office building.
The old Bo jangles site on Mitchel Hammock is being re-developed with a new Outback Steakhouse. The old Outback location is going to house a Delmonico’s Steakhouse
Oviedo Point is a mix of retail and medical office use that is under construction east of the new Wawa. New tenants will include Orange Theory Fitness, Moe’s, Mission BBQ, and 1000 Degree Pizza. 30,000 SF of Medical Office space will be located behind the restaurants.
Two other retail projects just getting underway are Flagler Center and Stone Hill Plaza. The Flagler center will be located on the north side of Mitchell Hammock across from Oviedo Point. It is planned to be developed with 10,000 of retail space. Stone Hill will be located on the North West corner of Alafaya Woods and Mitchell Hammock. It is planned for 16,000 SF of Retial. 4 of 7 spaces have been pre-leased.
And finally Chuck and I have an opportunity to be the leasing agent for the owner of a planned 100,000 sf of class medical office buildings. The property is located on the west side of Oviedo Blvd. just north of the Oviedo in the Park.
Remember, if you see any new construction going on and want to know what is happening there, please do not hesitate to call us. We probably already know, but if we don’t, we will find out.