BBX Names Major Tenant For Gardens On Millenia Project

Oct 15, 2015 No Comments by

BBX Capital Real Estate, a division of Fort Lauderdale-based BBX Capital Corp. and the developer behind a 47-acre mixed-use development in Orlando dubbed The Gardens on Millenia, on Wednesday revealed the name of a big tenant that will be part of the project.

BBX said it has entered into a contract with Costco Wholesale Corp. to sell 15.46 acres of land on which Costco will build a 152,000-square-foot store. The sale of the parcel is expected to close in the fourth quarter.

Gardens on Millenia SiteThe project’s master plan includes 300,000 square feet of retail space, including two 1-acre outparcels and a 292-unit multifamily apartment complex.

The project originally was planned several years ago by Maitland-based developer Le Royal Inc., but the real estate downturn caused it to be foreclosed on by lender BBX Capital Asset Management LLC in 2012. Heartwood 21 then took title to the property and in November 2013 revamped the project to be a third of the size of the previous plan.

Fort Lauderdale-based Stiles is developing an 11.42-acre parcel that will feature a 141,100-square-foot retail center adjacent to Costco that will include Hobby Lobby and Academy Sports as anchors, along with 23,200 square feet of inline retail space.

“We are pleased to announce our progress with Gardens on Millenia and the first joint venture of a portion of this exciting project with such a prominent developer as Stiles,” said Seth Wise, president of BBX Capital Real Estate (pictured above). “Stiles is an ideal partner for us as we continue to pursue our strategy of partnering with top-quality organizations.”

Meanwhile, BBX is negotiating with a potential joint-venture partner to develop the multifamily portion of the development, which is expected to consist of 10 rental apartment buildings, a clubhouse, a lakeside pavilion, a lakeside running trail and a dog park.

Gardens on Millenia is located just east of The Mall at Millenia on Millenia Boulevard. Vertical construction is expected to begin in the fourth quarter of 2015.

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