{"id":1004697858,"date":"2024-01-16T05:04:04","date_gmt":"2024-01-16T13:04:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004697858"},"modified":"2024-01-23T11:53:57","modified_gmt":"2024-01-23T19:53:57","slug":"1-2b-mixed-use-development-to-break-ground-near-orlando","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/1-2b-mixed-use-development-to-break-ground-near-orlando\/","title":{"rendered":"$1.2B Mixed-Use Development Breaks Ground Near Orlando"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a37c826bf548&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-medium is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004697869\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/wyld-oaks-residential-building1-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Wyld-Oaks-residential-building1-edited.jpg\" data-orig-size=\"1116,840\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Wyld-Oaks-residential-building1\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Wyld-Oaks-residential-building1-edited.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"226\" width=\"300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Wyld-Oaks-residential-building1-edited.jpg\" alt=\"\" class=\"wp-image-1004697869\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Wyld-Oaks-residential-building1-edited.jpg 1116w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Wyld-Oaks-residential-building1-edited.jpg?resize=300,226 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Wyld-Oaks-residential-building1-edited.jpg?resize=768,578 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Wyld-Oaks-residential-building1-edited.jpg?resize=1024,771 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">One of the residential buildings that will be part of the 215-acre Wyld Oaks. <em>Image courtesy of Evans Properties<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>On Friday, developers broke ground on Wyld Oaks, a 215-acre mixed-use project in Apopka, Fla., in northwest metro Orlando. <\/p>\n\n\n\n<p>The master developer is <strong>Kelly Park VB Development LLC,<\/strong> a subsidiary of Vero Beach-based <strong>Evans Properties<\/strong>. Joseph Beninati serves as development coordinator.<\/p>\n\n\n\n<p>The project reportedly represents an approximately $1.2 billion total investment.<\/p>\n\n\n\n<p>Sited at 4105 Golden Gem Road, the development is just off the newly completed 429 Beltway and W. Kelly Park Road Interchange, about 27 miles from downtown Orlando.<\/p>\n\n\n\n<p>At full build-out, Wyld Oaks will include:<\/p>\n\n\n\n<p>\u2022&nbsp; Up to 200,000 square feet of retail and 11 outparcels<\/p>\n\n\n\n<p>\u2022&nbsp; Two hotels, possibly one each of budget-friendly and boutique options<\/p>\n\n\n\n<p>\u2022&nbsp; 3,000 to 4,000 multifamily and condominium residences<\/p>\n\n\n\n<p>\u2022&nbsp; Up to 200,000 square feet of office space at two sites<\/p>\n\n\n\n<p>\u2022&nbsp; An \u201cexpansive outdoor entertainment venue,\u201d according to the developer<\/p>\n\n\n\n<p>\u2022&nbsp; Two green spaces: Yonder, a 10-acre park and preserve with a dog park, and Wyld Green, which will include an extensive multi-use trail network.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/here-comes-the-neighborhood-mixed-use-projects-bid-to-fit-in\/\">Here Comes the Neighborhood: Mixed-Use Projects\u2019 Bid to Fit In<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>A Wyld Oaks spokesperson told <em>Commercial Property Executive<\/em> that under the current timeline, initial construction on the retail and multifamily components will begin in the fourth quarter, while roads, water, electric, communications, sidewalks and water retention areas are scheduled to be complete in the first quarter of 2025.<\/p>\n\n\n\n<p>Currently, <strong>Colliers<\/strong> is slated to handle retail and multifamily leasing, and <strong>CBRE<\/strong> will handle office leasing.<\/p>\n\n\n\n<p>Beninati is formerly of the Bauhouse Group and more recently backed a stillborn project at 3 Sutton Place in Manhattan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-employment-growth-helps\">Employment growth helps<\/h2>\n\n\n\n<p>Leasing activity in the Orlando office market slowed a bit at the end of this past year, leaving overall vacancy at 15.5 percent, according to a fourth-quarter report from <strong>Cushman &amp; Wakefield<\/strong>. \u201cProlonged negotiations between landlords and tenants have extended duration of deal closures, which has contributed to the slowdown in leasing volume, especially in larger spaces,\u201d the report stated.<\/p>\n\n\n\n<p>Metro Orlando\u2019s retail space market, according to Cushman &amp; Wakefield&#8217;s research, is doing comparatively better, driven by tourism and ongoing regional job growth. There was 1.9 million square feet of net absorption in the first nine months of 2023, pushing overall vacancy down to 3.3 percent.<\/p>\n\n\n\n<p>In December 2022, <strong>CP Group<\/strong> brought its Resource Square I and III, two Class A office buildings in Orlando, to 90 percent occupancy by <a href=\"https:\/\/www.commercialsearch.com\/news\/cp-group-inks-3-office-leases-in-orlando\/\">securing three tenants<\/a> for a total of 23,000 square feet at the 245,111-square-foot campus. <strong>JLL<\/strong> Managing Director Darryl Hoffman represented CP Group in all leases.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plans call for office, retail and other elements on a 215-acre site.<\/p>\n","protected":false},"author":882,"featured_media":1004697869,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21752,21742,1493,32781],"tags":[32789,35498,32799,32796],"class_list":["post-1004697858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-mixed-use","category-latest","category-orlando","category-southeast","tag-cbre","tag-colliers","tag-cushman-wakefield","tag-jll"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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