New grocery-anchored shopping center planned for Osceola - Orlando Business Journal:

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is under way on a site plan and construction documents to begin developingthe $16 million, 65,000-square-foof first phase of Partin Village — a 30-acrre shopping center with outparcels on Partin Settlemengt Road and U.S. Highway 192. The first phase includes a grocery-anchored strip center, while the second 80,000 to 100,000-square-foot phase would include a big-bos retailer and related shops, said firm Presidengt ­Carson Good. Kissimmee-based is the engineer, and Orlando-basecd LLC is handling the design work.
The contractor has yet to be The project could start constructiomn bythe fall, pendingg approvals, although Good Capital Group has yet to submity formal plans to the county. It’s unusual to see any retaill activitythese days, since economic conditions have led to a declines in occupancies in surrounding submarkets. The Kissimmee submarketf posteda 4.6 percent occupancy rate from 93.2 percent in midyear 2008 to 88.6 percenr by year-end, said the most recent marketf report. The St. Cloud submarkey also had a 1.2 percent declines in occupancy rates, from 92.3 percent in midyear to 91.2 percent at year-end. rental rates were up 9 perceny in the Kissimmeelocal submarket, from $20.
53 per square foot in midyear 2008 to $22.38 per square foot at the end of 2008. St. Cloud saw rates fall 2.7 percengt in that same period, from $16.076 to $15.63. With the Partin Villagr developer just now goingthrough approvals, space likelg wouldn’t be ready for tenantsa until the first quarter of 2011, whicuh should boost the probability of success, said Paul broker and principal of Orlando-based commercial brokeragde firm GBA Realty LLC. “If there was space available that would be a given theeconomic environment.
But with a delivergy date almost two yearsfrom today, I think it will be a good The project has a built-in clientele with adjacentg residential developments, added Osceola County planner Bob Hall. Nearbgy projects include KB Homes’ Amber Pointwe townhomes, some apartments and house s on PartinSettlement Road. In fact, said Good, the existing 10,000 homes and nearly 30,000 peoplr in the immediate area were his motivation to dothis “We’re not waiting for growtn here like we are on a lot of other sites.
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