CC Minutes 10/24/2011 - Laserfiche WebLink

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corner. Staff continues to work with Wawa to review potential alternate locations in the City. Redevelopment of the property at the corner of Winter Park Drive and Seminola Boulevard experienced a setback due to the discovery of pollutants in the ground water below the property. This is an area -wide problem currently under investigation by the State of Florida. This quarter, staff worked with Seminole County staff and various environmental agencies to evaluate the plume and its ramifications. It has been concluded that the redevelopment plan can proceed provided that additional disclosures are made and mitigation actions are defined. Chef Keogh continues to solicit investment for the proposed Estados destination restaurant. The proposal is due on or before November I, 2011. The NIA Realvest Comprehensive Market Study for the Industrial Park Vision Plan and Implementation Strategy project was completed. Due to the current economy, staff is in a holding pattern as relates to the marketing and development of this property. More information on this area will be provided to the City Commission during the first quarter of the FY 2012 budget year as part of a review of planning issues in the North Winter Park Drive and Seminola Boulevard area. Chef Keith Keogh completed the private placement memo and began to solicit private funding for the proposed Estados 11 restaurant. Efforts to assist Wawa to locate a new store in the City continued after its first site at Kewanee Trail and S.R. 436 met stiff opposition from Indian Hills' residents. The new site being studied is at Wilshire Blvd. and S.R. 436. Several concepts were developed for redevelopment of the property at Winter Park Drive and Seminola Boulevard. The strategy involves the elimination of the existing nonconforming Empire Tire Store and using adjacent City property creation of a new project consisting of a new 5,000 s.f. tire store, and a 7,000 s.f. neighborhood commercial center. Several alternative master development plans were developed for the Idea Business Park maximizing the development potential. A comprehensive market study was completed including: The CoStar Industrial Report for the Orlando Market An analysis of competing industrial sties An analysis of area buildings and properties Conceptual proforma on proposed new flex office /warehouse development recommendations. The major conclusions from this extensive investigation are as follows: • Current market is very soft. This is not the time to construct new buildings. It is easier and cheaper to buy existing buildings on the market. • While Belle Avenue buildings have little vacancy, the general area has a lot of space available. • The City should design and permit the master retention system for the property, eliminating critical time delays for future end users. • The City should target end users /user developers enforcing reasonable flexible guidelines. • Product should be block metal with grade level rather than dock high access. Target tenants are local service providers. • Key potential tenants will be found in the home building sector which should emerge in one or two years.