When built out in seven to 10 years, project developers and the City of Altamonte Springs estimate the two undertakings will have about 2.5 million sf of class A office space, an estimated 1,000 condominium units, 500 hotel rooms and at least 500,000 sf of retail. The enterprise is seven miles north of Downtown Orlando.
Atlanta developers James F. Jacoby and Michael B. Vlass are creating the Town Center through their Altamonte Springs Investments LLC company. Emerson International Inc., the US division of Manchester-based Emerson Group, is developing CenterPointe on the Park on the shores of Cranes Roost Lake. The Town Center will be west of the 1.3-million-sf Altamonte Mall; CenterPointe will be north of the mall.
About 300,000 sf of office and restaurant space already has been completed at CenterPointe. Emerson and a joint venture partner also plan a 350-room, $50-million hotel component. Altamonte Springs city manager Phil Penland couldn't be reached for comment on the progress of the two undertakings but previously told GlobeSt.com the city's motivation behind the ventures is to create a live-work-shop-play ambience Downtown.
"We want to be able to tell corporations thinking of relocating to Central Florida that Altamonte Springs can offer them a full-service community where their employees can live, shop and be entertained in class A style without leaving the area or even using their cars," a city staffer tells GlobeSt.com.
Like Atlantic Station in Atlanta, the Altamonte Town Center is a redevelopment of the former 14.5-acre North Lake Plaza. The project has been planned for the past three years.
Area retail brokers tell GlobeSt.com Town Center merchants are expected to attract immediate foot traffic from the adjacent Altamonte Mall which is owned and managed by Chicago-based General Growth Development Co. Town Center is being constructed between the Altamonte Mall and Interstate 4, one of the heaviest traveled arteries in Central Florida.
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