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July 10, 2009 continued 'For sale' sign sprouts in front of Plaza Collina (continued) Plans called for a colossal retail project — one of the largest in the area, with 1.2 million square feet of space — filled with stores, offices and restaurants. It also would include about 200 condominiums. But the stagnant economy and soaring commercial growth nearby within the past few years have stalled Plaza Collina. Now developers have put the 142-acre site off State Road 50 near the Orange County line up for sale. "It's a very good piece of property, and we want to put it on the market and see what level of interest there is," said Joe Russo, executive real-estate director for Plaza Collina builder Phoenicia Development. The "For sale" sign in front of the property doesn't mean the developer has given up on the project or that the shopping center will not be built, Russo said. But it's likely that some of the outparcels may be sold. "We may sell 10 acres here, 9 acres there, but we'll keep some of the major components," Russo said. John Crossman, president of Crossman & Co., a commercial real-estate brokerage in Orlando, said the past 12 months have been a tough time to build new retail projects, especially those with upscale shops. "It was like a faucet being turned off," Crossman said. "It's just a tall order, especially for that area of town. It's not to say that it's a bad project — it's just a tough time." Approved in 2005, Plaza Collina faced several hurdles besides a slumping economy. In 2006, word got out that Plaza Collina's plans included a Walmart supercenter. That idea sparked fierce opposition from area residents who said the 24-hour store did not meet the developer's original promise to create an upscale shopping center. In early 2008, the retailer scrapped the idea in the midst of an economic slowdown. Meanwhile, an $8 million project to widen nearly a mile-long stretch of S.R. 50 to six lanes in front of Plaza Collina was recently completed. Phoenicia Development handled the widening as part of gaining approval for Plaza Collina. Plaza Collina also has faced tough competition from the recent commercial growth sprouting up near Clermont, especially along the U.S. Highway 27 corridor including the new Clermont Landing shopping center on U.S. 27 at Steve's Road that opened in March. It features a J.C. Penney, Ross Dress for Less and TJ Maxx retailers. A Red Lobster and Olive Garden also opened at the location last year. "South Lake County is a very good market, and in the long term there's going to be a need for retail," Russo said. "And we're poised and we're in position." |
