(Carl Cronan is editor of Real EstateFlorida.)
ORLANDO, FL-Kimco Realty Corp. says it remains on schedule for an October grand opening at SoDo, a mixed-use urban lifestyle center being developed on 20 acres just south of Downtown Orlando. The project, which has been under construction since last year, will include 300,000 sf of retail space along with 70,000 sf of office suites and 300 luxury apartments.
SuperTarget, TJMaxx and 24 Hour Fitness have been named as anchors for the $100-million project along South Orange Ave., between Grant and Crystal Lake Streets. SoDo, an abbreviation for "South of Downtown," will also include restaurants and boutiques within a pedestrian-friendly setting.
"SoDo and its village-like setting will be a welcome addition to the South Orange area," says Seth Layton, Kimco's Florida region executive vice president in Orlando. He adds that the project has received lots of interest from local residents who want to shop and live closer to the city's central business district.
City officials cite the SoDo project as a catalyst for redevelopment along South Orange Ave., a key thoroughfare through Downtown Orlando. The location is convenient to many of the city's businesses, hospitals and neighborhoods.
New Hyde Park, NY-based Kimco Realty owns and operates the nation's largest portfolio of neighborhood and community shopping centers, with nearly 2,000 properties totaling 180 million sf in 45 states, Puerto Rico, Canada, Mexico and Chile. The NYSE-traded REIT posted first-quarter funds from operations totaling $164.4 million, down 20% from a year ago.
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