I-Drive mall gets a makeover, new tenants – GrowthSpotter

Intramural investments is moving forward with the relaunch of its Olinda Center mall in the heart of Orlando’s I-Drive tourist corridor near the new Epic Universe theme park.

The Orlando company paid $22.75 million in 2020 for an 18-acre site that included the 122,585-square-foot International Festival mall and about seven acres of vacant land along S. Kirkman Road. Undeveloped parcels have AC-3/SP land use, allowing up to 77,000 square feet of additional retail space or up to 200 multi-family units or hotel rooms per acre.

Intram Vice President Randy Hodge said the location was great, but the property’s biggest problem was its lack of access from Kirkman and International Drive. “You could see it from Kirkman, but there was no walkway to the center,” he said. GrowthSpotter.

The developer has received approval for the city’s new planned development master plan. The Florida Department of Transportation had to approve Kirkman’s new direct access driveway and direct right access to Grand National Drive. Hodge said the company is closing a driveway on Grand National and moving it north to align with Fun Spot Way and become a signalized intersection. This entrance will be used for the second phase of development, which will include new restaurants and either a condominium hotel or an apartment building.

“The PD allows us to do multi-family and a hotel, so we work with a few groups,” Hodge said.

Both uses are currently in high demand in the Universal-I-Drive submarket. Nearby, Colombian developer Zicav Group is preparing to submit plans for a 17-story condo-hotel tower at 5600 Major Blvd. Multi-family developers like Camden and Embrey Partners have recently filed plans for apartment projects on Kirkman Road.

The entire project was put on hold for about nine months while the developer waited for the traffic light, which was out of stock. Meanwhile, Intram has applied for building permits for interior and exterior renovations to accommodate three new big box anchor tenants. When the property sold in 2020, the space was occupied by Casa Furniture, Outer Limitz Arena and Lagoinha Orlando Church. Hodge said the new mainstays are all value-driven apparel retailers.

“I can’t say who they are, but they’re all retailers we’ve worked with before,” he said.

Some of Intram’s other mixed-use projects, like Posner Village in Davenport and Sunrise City in Kissimmee, feature retailers that fit this definition, such as Marshalls, Beall’s, Burlington, TJ Maxx, and Ross Dress for Less.

Kelly, Collins & Gentry was the civil engineer. HGR construction is the general contractor and has already received notice to proceed. Hodge said construction will begin in about 60 days and the newly renovated stores will be delivered to tenants around this time next year.

Do you have any advice on developing Central Florida? contact me at [email protected] or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

Edwin S. Wolfe