Orlando Fashion Square [Renovation in Progress]

[AmIReal]

Growthspotter is reporting new on the new development (proposal).

The $1 billion plan is to demo everything except the Macy's and the parking garage outside of Dillard's. The concept calls for 4 ea, 5 story apartment buildings each with ground floor retail. Also plans for a grocery, hotel and other nifty features.

Unicorp closes on the land next month and still needs to work out a deal with the building owner. The intention is to start the development end of 2021.

https://www.growthspotter.com/news/retail-dining-developments/gs-news-unicorp-fashion-square-20190816-ykjmf4g7azdtjjs63x636lbj4e-story.html

https://unicorp.com/wp-content/uploads/2019/05/Fashion-Square_-Page-1.pdf

Based on the aerials it appears all of the property is not part of the deal. It looks like the old Sears wing is outside of the working zone as are some of the out buildings.

https://unicorp.com/wp-content/uploads/2019/05/Fashion-Square_11x17-Page_MAPS-and-Parcels.pdf

 

 

[spenser1058]

14 minutes ago, AmIReal said:

Growthspotter is reporting new on the new development (proposal).

The $1 billion plan is to demo everything except the Macy's and the parking garage outside of Dillard's. The concept calls for 4 ea, 5 story apartment buildings each with ground floor retail. Also plans for a grocery, hotel and other nifty features.

Unicorp closes on the land next month and still needs to work out a deal with the building owner. The intention is to start the development end of 2021.

https://www.growthspotter.com/news/retail-dining-developments/gs-news-unicorp-fashion-square-20190816-ykjmf4g7azdtjjs63x636lbj4e-story.html

https://unicorp.com/wp-content/uploads/2019/05/Fashion-Square_-Page-1.pdf

Based on the aerials it appears all of the property is not part of the deal. It looks like the old Sears wing is outside of the working zone as are some of the out buildings.

https://unicorp.com/wp-content/uploads/2019/05/Fashion-Square_11x17-Page_MAPS-and-Parcels.pdf

 

 

Does that mean JCPenney is coming down also?

It’s fair to wonder if the company will survive but supposedly the OFS store does relatively well for a Penney’s and the fact it has the smaller footprint they prefer led me to think it might stick around.

Of course, like Sears, the real estate may simply be too valuable to keep it.

[codypet]

Have you been inside that JCPenney lately?  They're not even trying.  Its definitely doomed.

Edited August 17, 2019 by codypet

[spenser1058]

6 minutes ago, codypet said:

Have you been inside that JCPenney lately?  They're not even trying.  Its definitely doomed.

Makes sense if they already know the store is toast, I suppose.

[bqknight]

1 hour ago, AmIReal said:

Growthspotter is reporting new on the new development (proposal).

The $1 billion plan is to demo everything except the Macy's and the parking garage outside of Dillard's. The concept calls for 4 ea, 5 story apartment buildings each with ground floor retail. Also plans for a grocery, hotel and other nifty features.

Unicorp closes on the land next month and still needs to work out a deal with the building owner. The intention is to start the development end of 2021.

https://www.growthspotter.com/news/retail-dining-developments/gs-news-unicorp-fashion-square-20190816-ykjmf4g7azdtjjs63x636lbj4e-story.html

https://unicorp.com/wp-content/uploads/2019/05/Fashion-Square_-Page-1.pdf

Based on the aerials it appears all of the property is not part of the deal. It looks like the old Sears wing is outside of the working zone as are some of the out buildings.

https://unicorp.com/wp-content/uploads/2019/05/Fashion-Square_11x17-Page_MAPS-and-Parcels.pdf

 

 

It's not a bad idea if the apartments are priced correctly. If they can be lower than the downtown core - I think a bunch of people would look there. 

[leondecollao]

I’ve noticed a bunch of work being done last couple of weeks at the site that was supposed to be an orchard supply. Wonder what’s going on....

[JFW657]

12 hours ago, AmIReal said:

Growthspotter is reporting new on the new development (proposal).

The $1 billion plan is to demo everything except the Macy's and the parking garage outside of Dillard's. The concept calls for 4 ea, 5 story apartment buildings each with ground floor retail. Also plans for a grocery, hotel and other nifty features.

Unicorp closes on the land next month and still needs to work out a deal with the building owner. The intention is to start the development end of 2021.

https://www.growthspotter.com/news/retail-dining-developments/gs-news-unicorp-fashion-square-20190816-ykjmf4g7azdtjjs63x636lbj4e-story.html

https://unicorp.com/wp-content/uploads/2019/05/Fashion-Square_-Page-1.pdf

Based on the aerials it appears all of the property is not part of the deal. It looks like the old Sears wing is outside of the working zone as are some of the out buildings.

https://unicorp.com/wp-content/uploads/2019/05/Fashion-Square_11x17-Page_MAPS-and-Parcels.pdf

Well that's  good about the Sears portion. Be a shame to knock those two brand new buildings down after barely a year in use.

I don't think Floor and Decor would appreciate it much, either. 

7 hours ago, leondecollao said:

I’ve noticed a bunch of work being done last couple of weeks at the site that was supposed to be an orchard supply. Wonder what’s going on....

I don't know but I hope they redo the exterior to resemble the new Olive Garden and Outback Steakhouse.

I was rather disappointed when it became obvious that Orchid Supply wasn't going to look like the one on 17-92 in WP.

Orchard, not Orchid.

Always get that wrong.

[spenser1058]

Sears opened a decade before the rest of the mall did and owned their property (and what was the auto center also, I guess) separately from the rest of the mall so that makes sense.

[spenser1058]

The Express clothing store at OFS will be closing Sep. 2. All our fashionistas will be there!

https://www.orlandosentinel.com/business/os-cfb-fashion-square-express-closing-20190819-rcdgnfgxnvdufg4ym7i7aa4oja-story.html

From the Sentinel 

[codypet]

So my comment about JCPenney was because myself and Mrs. Codypet were just there to get photos of baby Codypet done at the portrait studio.  The inside of that store screamed Sears the last few weeks before its bankruptcy.  We walked around the mall and we noticed that Express was still open in the mall.  We also thought it was bizarrely laid out considering Sears is now gone so the mall just kind of dead ends into nothing.   The south wall of course has no stores because it was demoed for the Element hotel that never came.  There's a still operating Hot Topic and Spencers Gifts but other than Sprint, and the nicest Papaya store I've ever seen the store has nothing really in it.  I don't know what condition the Macy's is in, but I believe we're all aware their lease is up in the next two years or so.  My only regret is that it looks like I won't be able to try McBurger in the food court.

[jgardnerucf]

And as you typed that, Express is gone now.

[FLClarkKent]

While this is no doubt a complex land deal (what with the various property owners, multiple leases, etc. ), I find it thoroughly depressing that construction won't begin until late 2021.  Guess we get to continue the mall decay and become an even bigger blight. I wish the city were more aggressive in tackling issues such as this. With our status as one of the fastest growing metros in one of the fastest growing states, there's little excuse for such highly-visible urban decay. You'd think there would be developers lined up around the block for such a prime piece of real estate.

[Jvest55]

Orlando-based developer Unicorp National Developments and Maury L. Carter & Associates Inc. plan to enter into a 50-50 partnership to redevelop the long-struggling Orlando Fashion Square mall. That’s following Maury L. Carter & Associates’ sale of 76 acres for $49 million, or roughly $644,736 an acre, at Interstate 4 and Daryl Carter Parkway to Unicorp. Unicorp expects to buy the roughly 46 acres of dirt beneath Orlando Fashion Square in September.

The redevelopment is expected to include:

• 1,500-1,600 mid- to high-rise apartments
• 500,000 square feet of retail and restaurants that may include a bowling alley, dine-in theater, indoor karting and high-end arcade
• 200,000 square feet of office space
• A parking garage
• A hotel

After buying the dirt, Unicorp will need to purchase the improvements, or the buildings above the dirt, from the master lessee of the mall, Philadelphia-based lender The Bancorp Inc.’s (Nasdaq: TBBK) related TBB Orlando LLC. Bancorp became the master lessee of the mall after UP Fieldgate US Investments-Fashion Square's Chapter 11 bankruptcy reorganization settlement was approved.

https://www.bizjournals.com/orlando/news/2019/09/02/unicorp-c-fla-land-broker-to-redevelop-struggling.html

[popsiclebrandon]

I just think its funny the plan to redevelop the site is to build the things that are already there and failing.

[JFW657]

25 minutes ago, popsiclebrandon said:

I just think its funny the plan to redevelop the site is to build the things that are already there and failing.

From Jvest's post I see...

• 1,500-1,600 mid- to high-rise apartments
• 500,000 square feet of retail and restaurants that may include a bowling alley, dine-in theater, indoor karting and high-end arcade
• 200,000 square feet of office space
• A parking garage
• A hotel

Admittedly I haven't been there in awhile, but I don't remember ever seeing (with the exception of retail and restaurants and a garage) any of those things there.

Even so, I suppose much of any success it may or may not enjoy, would depend in large part on the packaging.

[spenser1058]

3 hours ago, JFW657 said:

From Jvest's post I see...

• 1,500-1,600 mid- to high-rise apartments
• 500,000 square feet of retail and restaurants that may include a bowling alley, dine-in theater, indoor karting and high-end arcade
• 200,000 square feet of office space
• A parking garage
• A hotel

Admittedly I haven't been there in awhile, but I don't remember ever seeing (with the exception of retail and restaurants and a garage) any of those things there.

Even so, I suppose much of any success it may or may not enjoy, would depend in large part on the packaging.

They had GCC in various outparcels over the years and a movie theater in the mall during its latter days - all went defunct.

I’ve been thinking about a hotel and have to admit I find no reason for one to exist there (the only one ever on that stretch was the Colonial Plaza Sheraton and it converted to apts-by-the-month some time ago).

Retail seems to be covered adequately by Colonial Plaza for the income mix of Audubon Park and the Colonialtown neighborhoods. Further east, household incomes drop and the pawn shop contingent is well-represented on 436.

I confess I’m not sure where the well-heeled older folks of Baldwin Park are shopping but I can’t imagine anything going in that’s going to change their minds after 20 years of ignoring the mall. The upscale retailers aren’t doing very well at the moment and if Nordstrom (which is static) decided to renter the market it would likely be a small format store which makes more sense in WP or even downtown Baldwin Park.

Relative to WP and SoDo, it is undergroceried so maybe that’s an option. It seems the Home Depot could benefit from moving west but I don’t think their footprint will fit in what’s proposed.

I like Chuck and Unicorp so if anyone can make it work, they are the ones I’d trust. It will be interesting to see what they come up with. Maybe it will be mostly service retail for the apartment dwellers along with the arcade/bowling (I’m sticking with Colonial Lanes if it’s in fact coming back but out-of-towners moving in won’t have that loyalty, I imagine).

 

Edited September 7, 2019 by spenser1058

[smileguy]

2 hours ago, spenser1058 said:

(I’m sticking with Colonial Lanes if it’s in fact coming back).

 

My understanding is that its coming back as an 8-Lane high-end experience. Mainly as a vehicle to keep the liquor license for the site. 

[codypet]

On 9/7/2019 at 12:35 PM, popsiclebrandon said:

I just think its funny the plan to redevelop the site is to build the things that are already there and failing.

I was just thinking that.

On 9/7/2019 at 8:51 AM, Jvest55 said:

• 1,500-1,600 mid- to high-rise apartments
• 500,000 square feet of retail and restaurants that may include a bowling alley, dine-in theater, indoor karting and high-end arcade
• 200,000 square feet of office space
• A parking garage
• A hotel

Huh.  A bowling alley?  That just went out of business there, and the other bowling alley that actually had character that everyone went to is being chopped in half.  There's already a theater, a parking garage and retail there.   They're build apts there already.  When are we gonna hit market saturation on these apts?

On 9/7/2019 at 1:42 PM, spenser1058 said:

They had GCC in various outparcels over the years and a movie theater in the mall during its latter days - all went defunct.

Relative to WP and SoDo, it is undergroceried so maybe that’s an option. It seems the Home Depot could benefit from moving west but I don’t think their footprint will fit in what’s proposed.

The theater is still operating, and we could sure use a Sprouts and an Aldi!

On 9/7/2019 at 4:41 PM, smileguy said:

My understanding is that its coming back as an 8-Lane high-end experience. Mainly as a vehicle to keep the liquor license for the site. 

That was what I was told as well.

[HankStrong]

On ‎9‎/‎7‎/‎2019 at 1:09 PM, JFW657 said:

Admittedly I haven't been there in awhile,

It's ok.  It's a dump, but they are correct.  Except the hotel portion, it's all been done.

[JFW657]

2 hours ago, HankStrong said:

It's ok.  It's a dump, but they are correct.  Except the hotel portion, it's all been done.

• 1,500-1,600 mid- to high-rise apartments
• 500,000 square feet of retail and restaurants that may include a bowling alley, dine-in theater, indoor karting and high-end arcade
• 200,000 square feet of office space
• A parking garage
• A hotel   

"All"?  I don't remember a few of those things. 

[Jvest55]

I can see a hotel making sense due to the small airport, that place needs some desperate help and if some investment firm thinks they got a shot at it. All the more power to them. I think this time around, with all the investment into downtown and the growth Orlando has been seeing, a project like that might finally work.  There are times where good ideas just don't work because of bad timing. 

[JFW657]

1 hour ago, Jvest55 said:

I can see a hotel making sense due to the small airport, that place needs some desperate help and if some investment firm thinks they got a shot at it. All the more power to them. I think this time around, with all the investment into downtown and the growth Orlando has been seeing, a project like that might finally work.  There are times where good ideas just don't work because of bad timing. 

That's what I was thinking re: the proximity of Herndon Airport.

Seems like it would be handy for business travelers who use Herndon.

Not to mention pilots who might have to stay overnight.

[spenser1058]

10 minutes ago, JFW657 said:

That's what I was thinking re: the proximity of Herndon Airport.

Seems like it would be handy for business travelers who use Herndon.

Not to mention pilots who might have to stay overnight.

I used to think that also but I was told by one of the Showalters once upon a time that they never pushed for a hotel because any folks that aren’t local preferred to stay near where their meetings or whatever. I have no idea if that’s still valid but the lack of a hotel all these years suggestsvit might be.

[AmIReal]

2 hours ago, spenser1058 said:

I used to think that also but I was told by one of the Showalters once upon a time that they never pushed for a hotel because any folks that aren’t local preferred to stay near where their meetings or whatever. I have no idea if that’s still valid but the lack of a hotel all these years suggestsvit might be.

That may be true of the in bound passengers, but what about their crew.

[spenser1058]

7 minutes ago, AmIReal said:

That may be true of the in bound passengers, but what about their crew.

That’s a good point assuming there’s enough of them to make a difference. Private planes keep getting bigger so that might make sense.