Developer Turning Industrial Site Into Hot Retail Asset

ORLANDO-Vacant for two years, the former Daimler Chrysler auto parts distribution center site in Orlando Central Park, is being groomed as the newest power center in Central Florida, adding to the area’s 50 million-sf of existing retail space. The overall market vacancy level is 10%.

Small by power center standards, the 23.8-acre tract will house Orlando Square, a planned 191,978-sf shopping center scheduled to open in fall 2004, five minutes from the 1.6-million-sf Florida Mall, the largest retail emporium in Central and North Florida.

Area brokers tell GlobeSt.com the rumored big-box tenants will include Michael’s, the arts-and-crafts retailer based in Irving, TX; World Market of California, Cost Plus Inc.; and three other national chains. They are expected to occupy stores ranging from 15,000 sf to 30,000 sf. About 50,000 additional sf will be leased to smaller tenants and a restaurant, brokers speculate.