$90 Million Mixed-Use Project Planned For East Of Downtown

Mar 24, 2019 No Comments by

An Orlando developer is seeking approvals for a sizable mixed-use project east of downtown.

JEL Land Development LLC submitted plans for 364,347 square feet of industrial space and 350 apartments on the vacant land south of Alafaya Trail and Innovation Way, according to Orange County records. The estimated cost for the project is about $90.2 million, according industry standards.

Dustin Lucas bought the roughly 33 acres at 2649 Stanmore Court for about $900,000, or $27,272 an acre, in March 2015, according to Orange County records.

Increasing land demand is pushing developers to the outer rings of Central Florida to feed the region’s demand for industrial space, according to industrial experts. That means areas further away from Orlando’s urban core may be more appealing to users who need more space and to price-sensitive companies that aren’t interested in spending upward of $300,000 an acre closer to the City Beautiful.

A growing population is creating demand for more industrial space as more than 21 million people live within 250 miles of the Interstate 4 corridor between Daytona Beach and Tampa, according to Colliers International Central Florida.

 

Source:  OBJ

 

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