Florida continues to be a hotspot for commercial real estate projects. One commercial real estate project that is underway in the Sunshine State is a mixed-use development that spans 96 acres. This development is being built in an Orlando suburb.
The $60 million development is slated to feature a residential rental community comprising townhomes and apartments. This community will have 350 units. Meanwhile, the project's commercial component will span 130,000 square feet.
The commercial part of the mixed-use development features a shopping center anchored by a specialty grocery store. This development might end up benefiting the owner of a nearby office building, which has been losing many tenants; these tenants have moved to offices in various Orlando suburbs. The business park where the development is taking place is said to be one of the older ones in the area of Orlando, but the new development may help to bring a brand new energy to the area.
A commercial real estate development project has the potential to be profitable, but the process of transforming a dream development into a reality can be complicated. For instance, real estate developers must deal with matters involving land contracts, municipal zoning, titles, easements and property rights. They may also run into challenges with financing contracts and environmental factors related to development. If the proper steps are not taken, a deal may end up floundering. However, an applied understanding of real estate law may help people to achieve their long-term commercial real estate project-related goals in the state of Florida.
Source: therealdeal.com, "Maitland mixed-use project includes Related rentals", Jan. 17, 2016