A retail center and an adjacent new Costco are in the works for Gardens on Millenia, a 47-acre mixed-use development planned in Orlando, BBX Capital Real Estate announced Monday from Orlando and Fort Lauderdale.
The firm’s upcoming plans for Gardens on Millenia also include multi-family housing. BBX is currently in negotiations with a potential joint venture partner to construct ten rental apartment buildings housing close to 300 families, with amenities such as a clubhouse, lakeside pavilion, lakeside running trail and a dog park.
While Costco expects to occupy approximately 15.5 acres with the parcel sale expected to close in the year’s last quarter, an additional 11.5 acres will be allotted to a 141,100-square-foot retail center adjacent to the Costco lot with Hobby Lobby and Academy Sports planned as anchor stores, to be developed by Stiles, a southeastern U.S. commercial real estate firm.
"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," Seth Wise, president of BBX Capital Real Estate, said. "Stiles is an ideal partner for us as we continue to pursue our strategy of partnering with top-quality organizations."
Gardens on Millenia is situated just east of The Mall at Millenia, a highly visible sight with frontage on both Millenia Boulevard and I-4, with easy access from I-4 and the Florida Turnpike.
"Gardens on Millenia will serve as an oasis for people to live, shop, dine and play," BBX Capital Real Estate Managing Director Bruce Parker said. "We are pleased to contribute to the continued growth of the area, and we are looking forward to creating an environment that residents and tenants can be proud of."
Construction is expected to begin in this year’s fourth quarter. BBX Capital Real Estate is a division of BBX Capital Corporation.