Commercial Real Estate, Capital, Insurance, Leasing & Management

Unicorp to build new-to-Florida entertainment concept near Disney

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Terrence Hart discussed plans by Unicorp National Developments Inc. to create a 5-acre entertainment concept in its $1 billion O-Town West mixed-use development.

Excerpted from Orlando Business Journal story.

In addition, O-Town’s location would prove enticing to a potential big-name performer. The mixed-use project is sandwiched between Walt Disney World and Universal Orlando, catering to tourists looking for something to do beyond theme parks, said Terrence Hart, senior director at Franklin Street of Orlando, who handles retail leasing and is not involved with the deal.

Plus, an entertainment user would set the mixed-use development apart from adjacent shopping centers near the theme parks. O-Town is in the heart of the booming tourist corridor retail market, which features some of the top-performing retail locations in the U.S. The Sand Lake/tourist retail submarket has a 3.6% vacancy rate, which is lower than the Orlando-area retail average vacancy rate of 5.3%, Colliers International Central Florida reported. In addition, the submarket’s retail rental rates of $25.01 per square foot is higher than the Orlando-area retail average of $17.83 per square foot.

“It would be a legacy deal,” Hart said.

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