July 28--Turner Construction won the contract to manage construction of a $150 million intermodal terminal at Orlando International Airport.
The Greater Orlando Aviation Authority awarded the contract for the South Airport Intermodal Terminal project, which includes facilities that will serve various modes of rail and vehicle transport. The stand-alone structure is planned to connect with a "people mover" station and parking garage, which are both in the planning stages and will tie into the existing main terminal.
Faced with concerns from airlines using the airport, airport officials have agreed to put off discussions about a second main terminal south of the existing one for a year. They are proceeding with plans to spend $470 million on the new garage, people mover and the intermodel terminal. The terminal, or train depot, as it is sometimes called, would be within a quarter-mile of a surface lot with 2,740 spaces.
Construction on the project is slated to start in the fourth quarter of 2014. Turner plans to use "a number" of construction subcontracting companies owned by women and minorities who participated in Turner's recent continuing-education classes for contractors, a spokesman said.
Schenkel & Shultz is the general consultant on the project.
Office
Orlando businesses are taking more office space, yet average rents in the market have declined. Orlando-area office vacancies fell to 17.9 percent during the second quarter, a decline from 20.1 percent a year earlier. Rents, meanwhile, dipped from an average $20.67 a square foot in the second quarter of 2012 to $20.50 last quarter, according to Cushman & Wakefield.
Downtown Orlando had a vacancy rate of 15.7 percent and an average rent of $25.79 a square foot. Winter Park had the lowest vacancy rate, 5.3 percent, with Class A space leasing for an average $23.36 a square foot. Altamonte Springs had the area's highest vacancy rate, 24.4 percent, with prime space leasing for an average $19.22 per square foot.
The largest office lease in the most recent quarter was TravelClick, 39,722 square feet at 501 W. Church Street in Orlando.
Sales
An Ohio-based investment group purchased Fowler's Grove open-air shopping complex for an estimated $196 million. DDR Corporation purchased the 1.15 million-square-foot complex, which spans 175 acres in Winter Garden.
More sales
SDK Inc. sold a former car dealership at 2880 N. Orange Blossom Trail in Kissimmee to Charter OC Kissimmee Holdings LLC for $2.1 million. The property includes two buildings, totaling 23,431 square feet, on 9.13 acres. The buyer will redevelop the former Dodge dealership, which was vacant for five years, into a charter school that has been approved by the Osceola County School Board. Avant Garde Academy of Osceola is scheduled to open in August with modular units. Construction is slated for the fall on permanent facilities, with the cost estimated at $14 million. William E. Parke of Colliers International Central Florida represented the seller. ...
Silver Star Plaza LLC purchased the Silver Star Plaza retail center for $1.4 million from Silver Star Investments LLC. The 52,556-square-foot, multi-tenant center sits on 6.17 acres at 6135 Silver Star Road, Orlando. It was 70 percent occupied when sold. Cynthia Shelton and Kane Morris-Webster, of Colliers International Central Florida, represented the seller. A Jupiter-based private real estate partnership had owned the plaza since 1995. The buyer is managed by Sadique Jaffer and Vijay Luthra, both of Orlando.
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