Perseverance and determination are essential for commercial real estate brokers when working land sales. Beginning in 2004 Austin Caruso Jr SIOR of the Realty Capital Advisors brokers team began a long history representing West 50 Joint Venture on a 145-acre property in Orlando. It was one of the last large development sites close to downtown Orlando located near the intersections of John Young Parkway, Princeton Street and Colonial Drive.
In 2005, a developer placed the property under contract taking the site through annexation into Orlando along with a Land Use and Zoning change for a mixed-use residential development. When the residential real estate market began faltering in 2008, the developer withdrew from the project.
By 2013 the economy had recovered enough to create more interest in the property and in 2014 CNL Development, now Foundry Commercial placed the property under contract. They began pursuing the necessary approvals from the governing authorities to develop the land. Three years later, after obtaining Land Use and Zoning changes along with nine amendments to the sales contract, Foundry and a joint venture partner, PGIM Real Estate, closed on the first phase, or 60 acres of 123 acres.
The entire development is entitled for just over one million square feet of warehouse/distribution space. Foundry has already begun clearing the site and has estimated the first two buildings will be completed later this year.
Perseverance and determination took thirteen years but finally prevailed.