Search
 

Colonial Properties Plans First-Quarter Start on 225,000 SF of Retail

ORLANDO-The Birmingham, AL-based REIT's $200 million mixed-use venture in Seminole County will also see a five-story, 155,000-sf office building surface in April in one of the most competitive suburban submarkets 25 miles north of Downtown.

By Alex Finkelstein | Updated on November 22, 2000

ORLANDO-Colonial Properties Trust’s $200 million Colonial Town Park in the competitive suburban Lake Mary-Heathrow submarket will be breaking ground early next year on the first 225,000-sf retail phase in the 175-acre mixed-use development.

Also surfacing in April will be the Birmingham, AL-based REIT’s five-story, 155,000-sf office building. No leases have been announced to date. The site at County Road 46A and Interstate 4 is 25 miles north of Downtown Orlando. The REIT’s ambitious construction plans for the rest of 2001 and 2002 are to complete some of the 450 planned apartment units and start on a portion of the 420 planned hotel rooms.

Colonial sees a niche in new office development despite third-quarter vacancies of 12.4% in the Lake Mary/Heathrow/Sanford submarket. There was 463,240 sf of new office under construction in the third quarter, according to Grubb & Ellis Co. Net absorption was 83,408 sf for the quarter and 323,180 sf for the nine-month period. The submarket has a total 3.37 million active sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.