See what motivates this active Orlando developer to keep growing
See what motivates this active Orlando developer to keep growing
Unicorp National Developments Inc. started two decades ago with small, single-tenant projects, and since has evolved into a hugely prolific firm with more than $3 billion in projects under its belt.
The Orlando-based firm’s developments include experiential mixed-use centers, luxury apartments, shopping centers, and large-scale master-planned communities. For example, it was the developer of the huge Icon Park dining and entertainment complex on Orlando’s International Drive, which features The Wheel, a 400-foot observation wheel, as well as a Madame Tussauds wax museum and Sea Life Aquarium. Plus, two more tourist attractions are coming in spring 2020.
Unicorp focuses on “carefully crafted, experiential mixed-use developments” while minimizing the risk of building retail centers that would be vulnerable to competition from online shopping, said President Chuck Whittall. The firm’s top accomplishments in the last year included:
- Selling its two Winter Park shopping centers in March for $63.5 million: Lakeside Winter Park, which was anchored by Central Florida’s first Trader Joe’s grocery store and Shake Shack restaurant (NYSE: SHAK), as well as the nearby Lakeside Crossing to Downers Grove, Illinois-based InvenTrust Properties Corp.
- Lining up a deal to buy the land under Orlando Fashion Square mall, with plans to spend about $1 billion to redevelop it.
The company’s greatest challenge has been deciding which properties to hold onto and which properties to put on the market. “We accomplished our objective by strategically selling assets that maximized our cash position and minimized the impact on our cash flow,” Whittall said.
What surprises him most about his company’s growth is the number of opportunities brought to Unicorp from all over the globe, Whittall said. His future plans are to continue to “conquer” the Central Florida lifestyle market.
Unicorp earned a spot on Orlando Business Journal‘s 2019 Fast 50 list, which recognizes Central Florida’s 50 fastest-growing private companies headquartered in Orange, Seminole, Lake, and Osceola counties. The firms were ranked based on their percentage of revenue growth from 2016-2018.
2019 Fast 50 Honorees Part 2
Here’s more from Whittall:
What motivates you to grow your company? Passion. I love what I do and I have fun doing it.
What personal sacrifices have you made to achieve growth? Like most working people. I occasionally am forced to spend more time away from my family and loved ones then I would prefer. It’s a constant struggle to find the perfect work/life balance.
What are your top three strategic goals?
- To develop a succession plan for the company so it can go on without me one day
- To diversify the company into other asset classes, such as adding hotels on top of our retail, office, multifamily and mixed-use platforms
- To exceed $1 billion in equity in the next 36 months
How will your company scale as it grows? Years ago, the company was set up to scale for growth. We add construction, accounting and leasing people as needed for growth. We are at a very high-paced growth mode.
What does day-to-day work look like in your role? Crazy. Last week, I left Orlando, had meetings all day in Miami, woke up the next morning and flew to Naples for a property tour, then to Sarasota for a marketing meeting at lunchtime. Then, I flew back to Orlando for a 3 p.m. meeting and then dinner with my bankers at 6 p.m.
What were you like in high school? I was a slight misfit. I owned a teenage nightclub and was a disc jockey during those years.
What are you known for? My cool developments and stylish outfits
What’s your favorite springtime activity? Traveling
What should everyone stand up for? The Pledge of Allegiance and the National Anthem
- Top executive: Chuck Whittall, president
- C. Fla. employees: 92
- Founded: 1998
- Address: 7940 Via Dellagio Way, Suite 200, Orlando 32819
- Contact: (407) 999-9985; unicorp.com
- Twitter handle:@UnicorpUSA