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FLORIDA 76 • SHOPPING CENTER BUSINESS • August 2016 soon have five additional projects, includ- ing Citi Tower, The 520, The Sevens, Lincoln Tower and Modera, according to the city of Orlando's Downtown De- velopment Board. "Those projects will add more than 1,400 residential units, 200,000 square feet of office, 183 hotel rooms and 85,000 square feet of retail space in the next 24 months," says Chatmon. "Those are ei- ther underway now or they have permits for construction." A growing workforce and population base in downtown Orlando is helping precipitate these new developments. According to Chatmon, the residential population in downtown Orlando has increased by 50 percent since 2000. "With several high-density, mixed-use projects in the construction pipeline, we are seeing continued growth in Orlan- do's urban core," says Justin Greider, vice president of JLL's Orlando office. "That growth is driving demand for significantly more retail in those areas. We are also see- ing retail fitting into the urban core's live/ work/play model as new development is being focused on mixed-use projects rath- er than traditional strip malls." Large-scale projects aren't limited to downtown. Retail developments are pop- ping up across the greater Orlando area near population centers. "The Lake Nona area and Horizons West in West Orange County continue to be hot spots for growth," says Christo- pher Travis, associate vice president of in- vestments at Marcus & Millichap's Orlan- do office. "The next phase of Lake Nona Town Center will include a mix of shops, eateries, entertainment venues, office and hotels. Big-box retailers are also moving in to the area to meet the demand of the growing population; Walmart, Lowe's Home Improvement and Sam's Club will anchor the new Lake Nona Landing retail complex." Tavistock Development Co. has named Columbus, Ohio-based Steiner + Associ- ates as its retail planning, leasing and de- velopment services partner for the Lake Nona Town Center. BBX Capital Corp. recently delivered a 152,000-square-foot Costco at Gardens on Millenia, which will comprise 300,000 square feet of retail space and 292 apart- ments upon completion. The develop- ment is situated in close proximity to The Mall at Millenia near the Florida Turnpike and I-4. According to CoStar Group, Orlando's retail market is at 5.9 percent vacancy on the strength of the market's absorption, which totaled 766,203 square feet in the second quarter, its strongest quarter in the past 12 months. Retailers continue to expand in the market as leasing activity outstrips new deliveries, which totaled 516,400 square feet in the second quarter. "Dick's Sporting Goods and Academy Sports + Outdoors have entered the mar- ket with several stores," says Travis. "Pub- lix and Walmart Neighborhood Market together with specialty grocers like Trad- er Joes', Whole Foods Market and Fresh The Marketing Team The Leasing Team Claire Kelly, CPMC Christine Silva, CPMC Chris Forehand, CPMC Christin Jones Genny Hall Lisa McCaffrey Stephanie Addis Britney Mroczkowski, CCIM Chris Pollard, J.D. Associate Tom Hall Senior Analyst Chris Smith Senior Associate Brandon Rapone Associate The Milano-Glickman Team We aspire to fully represent the vision of Colliers International by serving our clients' best interests. Call us to schedule an appointment at ICSC in Orlando. PEOPLE. CREATIVITY. PARTNERSHIP. A CULTURE OF CARING. At Colliers, we bring the personal touch with hands-on help, with deep expertise. We build upon Colliers' spirit of providing the best client service with a fully- integrated retail service strategy. This accelerates our ability to collaborate and better serve our clients, and will help more effectively connect them with our retail advisory-strategic services, management expertise, brokerage, and investment sales. With this client-centric arrangement, we can leverage the company's talent and resources to drive even greater success for you. POSITIONING PROPERTIES TO ENHANCE THE LIFE CYCLE OF YOUR ASSETS Depth of services, an integrated approach. You want the most from your property investment, and our team brings it to you. At more than 554 offices worldwide, Colliers offers landlords a service that embraces a thoughtful process: > Strategic Advisory and Consulting Services > Real Estate Management Services > Comprehensive Leasing Services > Disposition and Acquisition > Capital Markets and Valuation > Debt and Equity Services > Comprehensive and Fully Independent Valuations > Development Services The result? You get the most from your property and investment. At Colliers, we pay attention and take advantage of the current market and property efficiencies and inefficiencies in order to capture untapped value through creative problem solving. Becoming a key stakeholder with clients, retailers, and the community emphasizes the continuum and the life cycle of the asset. Central Florida | 407 362 6143 Tampa Bay | 727 298 5303 Mike Milano, CCIM, MAI Managing Director Sean Glickman, CCIM Managing Director