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Orlando Fashion Square [Renovation in Progress]


demon

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18 minutes ago, jrs2 said:

https://www.bizjournals.com/orlando/news/2018/10/10/exclusive-unicorps-chuck-whittall-to-redevelop.html?ana=e_orl_bn_exclusive&u=Mi7utBnkiFH X0P4zD992g08bb6dc1&t=1539184770&j=84322751

Looks like Unicorp is having a crack at it now.  I'd bet money in Vegas that it will be a successful redevelopment with Chuck involved.

Please please please get rid of all the surface parking lots and no more strip mall like the brand new area.

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48 minutes ago, sunshine said:

Please please please get rid of all the surface parking lots and no more strip mall like the brand new area.

It doesn't sound like its going in that direction. Also with a 2nd quarter 2019 closing date, it sounds like he wanted a 6 month due diligance period, then probably 3 months to close which could very well mean he's fairly concerned about the problems with the property. I don't know what they are, but I wouldn't hold your breath, so many people thought it was a good deal, tried, and didn't do it, and it sounds like the ownership of the land, buildings, and lease agreements are making it way too complicated to get things done.

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I made a post a while back about "what not to do" RE: suburban retail hell like the St. Johns Town Center and the Irvine Spectrum Center. 

Fashion Square location, while not exactly downtown, BEGS for urban redevelopment with mixed-use livable space. Go mid-rise, replace the vast parking lots with garages and green-space and put lower cost apartments above the retail and you have what should go here. People could both live there and work there, and it would revitalize the area and provide a cheaper alternative than downtown, while still being close enough and a relatively decent reach to Baldwin Park and Winter Park as well to draw back some traffic. 

That's what I would do, but hey, I'm no expert. SPG tend to make money and succeed. 

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I'm fairly certain these people have done extensive research into what would work there and what wouldn't based on local demand and market conditions, etc, etc.

Also, he didn't say they were going to exactly replicate the Irvine Spectrum, but rather take their inspiration from it. A mixture of dining, retail, entertainment and residential.

It could end up looking more like what you're suggesting than not.

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I agree. The developers know much more about the market than me. I see more trends to urbanization though, and I think that big money trying to say they know they can come in and rescue this vast expanse of property is a good thing. Retail failure notwithstanding, this is still prime real-estate, and has been bungled forever by multiple old-regime investors/developers trying to do the same old thing while not taking into account current market conditions and changing tastes. 

Sears just went bankrupt. Luxury BigBox garden center doesn't work anywhere and isn't the answer. Anchor mall is dead, and not coming back, and I am glad. 

Property is worth more than the dead, negative cash-flow businesses trying to locate in the old paradigm business model. I hope the next developer will blow it up and start a real new beginning. The location and property is very valuable, the things I have seen proposed are not viable. SPG and the like are very astute. The climate is shifting and the location suites more urban mix though. 

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