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

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is under way on a site plan and construction documentsx to begin developingthe $16 65,000-square-foot first phase of Partin Village a 30-acre shopping center with outparcelsd on Partin Settlement Road and U.S. Highwa y 192. The first phase includes a grocery-anchored strip center, while the secondr 80,000- to 100,000-square-foot phase would include a big-box retailerd and related shops, said firm President ­Carsob Good. Kissimmee-based is the engineer, and Orlando-based LLC is handlinb the design work. The contractor has yet to be The project could starty construction bythe fall, pendinhg approvals, although Good Capital Grou p has yet to submit formapl plans to the county.
It’s unusual to see any retail activitythese days, sincew economic conditions have led to a decline in occupancies in surroundinfg submarkets. The Kissimmee submarket posteda 4.6 percent occupancg rate drop, from 93.2 percent in midyear 2008 to 88.6 percenr by year-end, said the most recent market The St. Cloud submarket also had a 1.2 percent declinew in occupancy rates, from 92.3 percent in midyeare to 91.2 percent at year-end. Meanwhile, rentalk rates were up 9 percent in the Kissimmeelocakl submarket, from $20.53 per square foot in midyear 2008 to $22.3i per square foot at the end of 2008. St. Cloud saw rates fall 2.7 percenft in that same period, from $16.07 to $15.63.
With the Partin Village developer just now goingthrough approvals, space likelyt wouldn’t be ready for tenants until the first quarter of which should boost the probability of success, said Paul broker and principal of Orlando-based commerciak brokerage firm GBA Realty LLC. “If therr was space available today, that wouldx be a challenge, given the economic But with a delivery date almosft two years from I think it will be agood plan.” The project has a built-ihn clientele with adjacent residential developments, addedx Osceola County planner Bob Hall. Nearby projects includwe KB Homes’ Amber Point e townhomes, some apartments and houses on PartijSettlement Road.
In fact, said the existing 10,000 homesw and nearly 30,000 people in the immediate area were his motivatioh to dothis project. “We’re not waitinfg for growth here like we are on a lot ofotherf sites.”