Shopping Center Business

JUN 2018

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

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DEVELOPMENT INVESTMENT TOWERS AT MORE THAN $4 BILLION IN DOWNTOWN ORLANDO Downtown's objective of becoming the nation's highest quality urban environment requires that it builds upon its development accomplishments to ensure a better tomorrow for businesses and residents. For more information on development activity in downtown Orlando, visit D owntown Orlando is the economic engine driving Central Florida's economy. The area is a world-class urban core with growing residential, retail, and commercial development currently providing more than 12,000 residential units and more than 80,000 jobs. Downtown is the center of a dynamic metropolitan area with a vibrant and diverse community where arts and culture flourish. With more than 16,000 residents, downtown offers more than 200 dining and entertainment options, world-class venues with high energy professional sports, and 1,200 events annually. In the past two years, downtown Orlando hosted several major events including the 2017 and 2018 NFL Pro Bowl, NCAA March Madness, and WWE WrestleMania 33. These events were a tremendous success and generated a healthy economic impact on the region. Downtown Orlando is constantly evolving to create the ideal destination to live, work, and play. Currently, there is $4.4 billion in investment including developments like Creative Village, Phase 2 of the Dr. Phillips Center for the Performing Arts, I-4 Ultimate, and the Orlando Magic's Sports Entertainment District. And recently, legislation was passed that makes it even easier for restaurants to offer full liquor options. Now is the Time to Open Restaurant in Downtown Orlando In an effort to increase the vibrancy and growth of downtown Orlando, legislation recently reduced the license threshold for dining establishments located within the Downtown Restaurant Area. This legislation removes many of the challenges downtown restaurants faced in size and seating requirements when seeking to offer full liquor options. The new legislation requires seating for 80 (in lieu of 150) and reduces the size requirement to 1,800 sq. ft. (in lieu of 2,500 sq. ft.). Our objective of becoming the nation's highest quality urban environment requires that we continue to ensure a better tomorrow for our businesses and residents. This is a significant win for downtown Orlando as we look ahead for what this means for the future of dining in downtown. Restaurants will now be able to more easily enhance the customer's dining experience and the area will continue to receive recognition for offering world-class dining and entertainment offerings. Creative Village and Education Building upon the success of downtown Orlando's digital media industry, development is underway for Creative Village, a 68-acre site that will be a one-of-a-kind place where high-tech companies and 21st century education can locate. When completed, it will be the largest transit-oriented development project in Central Florida and offer up to 1,000,000 sq. ft. of office/creative space as well as multi-family residential, commercial, and hotel. Nearly 15 acres of Creative Village will be occupied by the new University of Central Florida (UCF) and Valencia Downtown campus, which recently held its groundbreaking ceremony in May 2017. This new educational project will provide innovative education for high- demand fields and will place 7,700 students within walking distance of jobs and internship opportunities in downtown Orlando. Phase one of the Downtown Campus will include a new $60 million, 148,000 sq. ft. academic building; a new $10 million, 600-space campus parking garage; and renovations to the existing Center for Emerging Media. Building an Urban Park: Under-i As the downtown Orlando community continues to grow, amenities for residents and visitors are crucial toward ensuring a welcoming and livable urban center. The I-4 Ultimate interstate construction project, which is currently underway and scheduled to conclude in 2021, will provide a completely rebuilt overpass through the downtown core. This redevelopment not only focuses on the reconstruction of the highway, but introduces a new opportunity for the underpass area. This underpass development area is called Under-i, and is envisioned to be a best-in-the-nation, 9.75-acre urban park that revitalizes a former underutilized area beneath the I-4 bridge decks to become a dynamic and inviting space. The park will feature active recreation opportunities, aesthetic lighting, performance spaces, artwork, and areas for vendors – a new downtown amenity and gathering place for the community. Academic Building

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