Central Florida’s grocery wars still are going strong, as a local development entity is forming plans for a new mixed-use development in Clermont that would include a specialty grocery store.
AC-Fulcrum — a joint venture between Orlando firms Acquisition Consultants Inc. and Fulcrum Management Corp. — have assembled 31 acres on State Road 50 west of Hancock Road, where they plan to develop 306 apartments and about 40,000 square feet of restaurants and shops.
A project that size would be valued at an estimated $50 million and offers the opportunity to create hundreds of temporary construction jobs and many permanent jobs. Additionally, it would offer more amenity-rich housing options for the region’s growing population.
AC-Fulcrum has the property under contract and expects to close on the land purchase in June. Additionally, the developer is in talks with several potential tenants, including a handful of newer niche grocery chains looking to make their mark on Central Florida, Acquisition Consultants President Jonathan Moore told Orlando Business Journal, while declining to name the chains.
It’s widely known that newer concepts like Phoenix-based Sprouts Farmers Market Inc. (Nasdaq: SFM) and Fletcher, N.C.-based Earth Fare Inc. are looking to plant their flags in metro Orlando. And Niwot, Colo.-based Lucky’s Market LLC already has started work on two of the seven stores it wants to open in Florida this year.
Meanwhile, Moore said he initially was interested in buying just the frontage on the Clermont site for retail development, but soon realized the opportunity to develop the entire project was too good to pass up, especially considering the in-house expertise of his new partner in the project, Chris Haridopolos.
“After sinking our teeth into the project, we believe we can do the multifamily project there, as well,” Moore told OBJ. “We started with just buying 7 or 8 acres, now we’re buying 31.”
The land already is approved for the mixed-use development and AC-Fulcrum has some commitments from potential tenants, including two presold outparcels and two more that are in talks. AC-Fulcrum also is finalizing the project architect and general contractor.
Those interested in learning more about the project are asked to contact Moore at (407) 373-0930, or Haridopolos at (786) 210-8932.