After two years of wrangling with local government officials and area resident over development sites, the Lake County Planning and Zoning Commission is recommending Wal-Mart's estimated 225,000-sf, $19.8 million store project be allowed to break ground at the 728-acre Cagan Crossings subdivision in the unincorporated Four Corners region of US 27, near Walt Disney World.

Lake County commissioners plan to formally vote on the venture Oct. 28. If approved the Cagan Crossings project and the Clermont store at the northwest corner of US 27 and Johns Lake Road could break ground simultaneously in first quarter 2004, area retail brokers who are following Wal-Mart's progress in Central Florida tell GlobeSt.com. Wal-Mart's marketing division in Arkansas declined comment on both projects.

However, another controversial Wal-Mart undertaking in Lake County is temporarily on the shelf after the developer and landowner, Herman J. Heidrich & Sons of Orlando, withdrew its development permit application. Brokers intimate with Heidrich's plans tell GlobeSt.com the developer wants more time to discuss the project with local residents before re-submitting plans.

Residents have vigorously opposed the Heidrich project as they have in almost every Central Florida community the retailer has targeted over the last several years. Residents fear a Supercenter triggers increased road traffic, noise, air pollution and lowered property values for nearby homeowners.

Still, Wal-Mart's win-loss record has been in the positive column lately, according to brokers tallying the retailer's successes and failures. For instance, in Poinciana, FL, Wal-Mart received little or no opposition from residents for its planned 203,622-sf, $18 million Supercenter on a 27.9-acre site in the 47,000-sf Poinciana Towne Center in Osceola County.

That Supercenter is expected to break ground by year end and be completed at an estimated $88-per-sf hard construction cost by fall 2004, according to Towne Center officials.

Further south in St. Lucie County, Wal-Mart has purchased 228 acres from Flagler Development Co. where the retailer plans to develop a one-million-sf distribution center by fall 2004. Wal-Mart paid $5.6 million, or $24,561 per acre (56 cents per sf), for the land adjacent to Interstate 95, north of Midway Road between the Florida Turnpike and the Glades Cutoff Road, as GlobeSt.com previously reported.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
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.