Commercial Real Estate, Capital, Insurance, Leasing & Management

Orlando Business Journal: Empty Clermont land attracts Costco, Floor & Decor and more growth

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A proposed luxury Lake County shopping center along State Road 50 that failed to get developed during the Recession now is bouncing back due to an influx of new residents as Central Florida’s population booms.

A pair of major national retailers — Seattle-based Costco Wholesale Corp. (Nasdaq: COST) and Atlanta-based Floor & Decor Holdings Inc. (NYSE: FND) — plan to open in what’s billed as the new 140-acre Plaza Collina shopping center in Clermont State Road 50 and Plaza Collina Boulevard, according to marketing materials.

The rebirth of the shopping center is emblematic of both residential and commercial real estate around Central Florida, which is trading hands at Great Recession-era pricing and higher due to the region’s population growth driving demand.

Terrence Hart, senior director of health care and retail at Franklin Street, is marketing a 1.5-acre pad that can support 11,000 square feet of retail. He said he already has gotten interest from multiple national restaurant tenants for the space and expects the rest of the outparcel at Plaza Collina to lease.

“Clermont was on the very cusp of Orlando’s retail corridor,” Hart said. “Now that nearby Minneola has exploded, Clermont is surrounded by residential density, and that’s what’s driving retail.”

Read more at Orlando Business Journal

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