Apart from national economic woes leading to an anticipated overall decline in consumer spending, SoDo is opening in a local environment where unemployment and population growth are stabilizing rather than growing. A new third-quarter retail report by Marcus & Millichap states that vacancy will reach nearly 10% by the end of this year, while asking rents are forecast to inch upward to nearly $19 per sf.

"More muted spending will likely persist over the remainder of the year due to the adverse effect of sub-par job creation on incomes, and space demand will wane as a result," says Bryn Merrey, Marcus & Millichap regional manager in Orlando. "Spending by tourists, however, will help to sustain customer traffic at local restaurants, shopping centers and other properties."

City leaders welcome SoDo as a catalyst for economic investment and revitalization outside Orlando's city core. "This project helps transform an industrial block into a thriving urban activity center," Mayor Buddy Dyer stated in a release. "Model developments like this are exactly the kind of smart and responsible growth we want."

New Hyde Park, NY-based Kimco claims the nation's largest portfolio of neighborhood and community shopping centers, with nearly 2,000 properties totaling 180 million sf in 45 states and other parts of the Americas. The NYSE-traded REIT has been developing SoDo since last year.