Orlando, Fla. — The 14-acre site will be leveled. Delivery set for 2014.
Orlando, Fla. — Construction and demolition will begin this week on American Campus Communities' redevelopment project across from the main entrance to the University of Central Florida.
A majority of the 25-year-old University Shoppes retail center, which sits on the 14-acre site, will be demolished to make way for 1,313 beds of student housing, a 60,000-square-foot retail center and a parking structure. Media reports estimate the project cost at approximately $40 million. It will be complete in the third quarter of 2014.
Bobby Palta of CBRE is marketing the retail space and says active negotiations are underway with national and regional retailers.
ACC bought University Shoppes last July for $27.2 million from M&H University Shoppes LLP, an entity related to Orlando-based developer Markay Management Inc., according to the Orlando Business Journal.