Sep
12

Office, apartment sites on the market in Creative Village

Commercial development opportunities now are kicking into high gear for the first phase of downtown Orlando’s $1 billion Creative Village mixed-use complex.

Creative Village Development LLC — a joint venture led by Orlando-based Ustler Development Inc. — has chosen JLL to market three “select sites” to third-party buyers within the 68-acre live/work/play community that will be anchored by University of Central Florida’s downtown campus. Aaron Gray and Bret Felberg of JLL in Orlando are marketing the properties on behalf of Creative Village Development.

The three sites are approved for the following:

An apartment community with at least 250 units
An office building with a minimum of 120,000 square feet of space
Hotel or additional office or multifamily totaling several hundred thousand square feet
Ustler Development’s Craig Ustler, who is spearheading the project, said his firm likely will develop the office building through a joint venture. That office building would be anchored by tech firm Arrow Sky Media LLC, which initially is seeking 5,000 square feet in downtown but eventually could sign for up to 60,000 square feet in the new building, as previously reported by Orlando Business Journal.

However, if Arrow Sky Media’s plans to ramp up its business model don’t come to fruition, JLL is marketing the site for sale to another office developer, Ustler told OBJ.

“We wanted to test the market and gauge interest in these three parcels,” Ustler told OBJ. “Part of the Creative Village business model always has been to sell some sites to qualified and compatible third-parties, but we maintain our purchase option agreement per the [master development agreement], so we can elect to exercise our option on any of these parcels being offered for sale.

“At the time we sign a lease with Arrow Sky Media and get comfortable with other due diligence items, we would exercise our purchase option and take it down so we could build the office building.”

The office building would be completed in 2019 or 2020, Ustler said.