Not only did the Orlando, Florida, area grow three times faster than the national average in the 1990s, the area’s population also increased by approximately 35 percent or 400,000 people. Even in these recessionary times, population growth in Orlando is projected to be double the national average. The Orlando metropolitan statistical area (MSA), which is comprised of Orange, Seminole, Osceola and Lake counties, grew by 34.2 percent from 1990 to 2000 versus 13.1 percent nationally, and it is projected to grow by 11.6 percent from 2002 to 2007 versus 5.2 percent nationally. Combine this with the most popular tourist destination in the world, and that is a potent combination. To serve all of this intense growth, new retail development is occurring along several corridors in every direction and with an array of different property types.

The successes that town centers have shown not only in Orlando but in other parts of the country are fueling the growth in these types of developments. Winter Park Village and Celebration were two of the first such centers in the market, but the success of Simon Property Group’s Waterford Lakes on the east side of Orlando has served as a model for town center developments across the nation. As a result, we are seeing new projects in this format, such as Baldwin Park near downtown Orlando and Avalon Park South off of Highway 50 in east Orange County, with others planned in Altamonte Springs and Clermont. In the bustling Metrowest area, Veranda Partners LLC is in the pre-leasing stage for Veranda Park. Centered at the corner of MetroWest Boulevard and Hiawassee Road, this multi-story mixed-use project will feature retail, office and residential in an upscale town center. Other smaller projects in this category include Boyd Development’s Plaza Venezia in Doctor Phillips and Pelloni’s Oakmonte development in Heathrow, both at or near 100 percent occupancy. As planned unit developments (PUDs) become more popular, increasingly more of them have some sort of town center perception to them, just by changing the aesthetics of the centers.

Naturally, the biggest retail story of the year in Central Florida is the opening of the 1.2 million-square-foot Mall at Millenia right at the crossroads of Interstate 4 and the Florida Turnpike. Besides being anchored by Bloomingdale’s, Macy’s and Neiman Marcus, all new to the market, the greatest asset for this Taubman development is its prime location and visibility. Millenia offers retailers better highway access with I-4 and Turnpike exposure, which is crucial for luring out-of-town tourists. Conroy Road connects the affluent Westside neighborhoods of Windermere, Dr. Phillips and Metro-west, while John Young Parkway pulls in residents from the sprawling Hunters Creek area. Developers are taking note, and there are plans underway for a 370,000-square-foot power center east of the mall, to join Home Depot, BJ’s Wholesale Club and a new Super Target currently under construction. The arrival of Millenia as a premier retail center is adversely affecting activity at Simon’s nearby Florida Mall, which is reported to be off significantly.

Just south of Millenia and across I-4 from the Orlando Premium Outlets, the Marbella property, handled by Susan Morris at Colliers Arnold, presents another interesting development scenario. With more than a mile of I-4 frontage and a new flyover connecting SR 535 and International Drive, this property should see some interesting development in the active tourist corridor.

In northern Osceola County, there are a number of projects popping up to support the increasing population in the Hunters Creek and surrounding developments. The newly opened Wal-Mart Supercenter at Osceola Parkway and the Florida Turnpike is one of the most successful in the chain. The corner of Osceola Parkway and John Young Parkway has a BJ’s Wholesale Club and Lowe’s under construction on one corner, while a new town center with a Barnes & Noble and movie theater called The Loop is planned for another corner.

Three miles east at the intersection of SR 535, US 192 and Osceola Parkway is the Osceola Trace development, handled by Susan Morris at Colliers Arnold. As the top runner for Osceola County’s new convention center, this parcel is situated at a major crossroads in the area. As a mixed-use development with residential, hotel and potential convention center components, it will offer retailers superior placement in this growing market.

The following employees of Colliers Arnold contributed to this article: Bobby Palta, director of research and G.I.S.; Susan Morris, senior vice president/principal; Bill Fraser, sales and leasing associate/retail specialist; Kane Morris-Webster, sales associate, retail and office acquisition; and Jill Tutone, marketing assistant.


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