Shopping Center Business

MAY 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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Page 92 of 334

CENTER REVIEW 88 • SHOPPING CENTER BUSINESS • May 2017 I n a city known worldwide for bring- ing immersive and engaging environ- ments to life and where more than 66 million visitors converge annually for leisure time activities, an innovative, next generation master-planned community is well underway. The community is Lake Nona, a re- markable 11,000-acre, 17-square-mile "liv- ing lab" in Orlando, Florida. that is reshap- ing the contours of the region's mixed-use landscape. While Lake Nona developer Tavistock Development Company has already com- pleted more than 10 million square feet of office, medical, research, residential, university, hospitality and other commer- cial space, momentum is now building for the community's retail, hotel, restaurant and entertainment destination: the Lake Nona Town Center. The first phase of the open-air lifestyle and entertainment cen- ter was completed in 2016, and includes 85,000 square feet of class A office space, a dual branded Courtyard by Marriott and Residence Inn by Marriott hotel, 16,000 square feet of fully leased retail and restau- rant space and a multi-level parking struc- ture that serves as both an amenity and landmark of visual and digital artwork for the community. The next phases of what will ultimately become a 3.8 million-square-foot mixed- use experiential magnet are already un- derway, and the project's development and leasing momentum has gained na- tional attention. Tavistock recently an- nounced that the new interactive golf and entertainment experience Drive Shack will be opening its first location in Lake Nona later this year. Tavistock and its retail planning, leasing and development services partner, Columbus, Ohio-based Steiner + Associates have yet to release the next wave of tenant announcements for the Town Center, but recently shared Smart Growth Lake Nona Town Center is creating a retail, hotel, restaurant and entertainment destination in an upscale area of Orlando. Randall Shearin Lake Nona Town Center will feature an upscale cinema as one of its anchors. The project will ultimately have 3.8 million square feet of development for various uses. Lake Nona Town Center is designed with experience in mind. With office and medical uses as part of the overall plan, the developers are ensuring that there are plenty of spaces — and leisure uses — where visitors can spend their time.

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