Unicorp National Developments, Inc.

Posts Tagged ‘unicorp’

O-Towns White Castle to reopen popular virtual kitchen Feb. 25

Orlando’s White Castle plans to reopen its virtual kitchen this week, after having to close it temporarily on the day it debuted due to high demand. However, its delivery service will remain paused for now.

On Feb. 23, the restaurant, which officially opens later this spring, launched a virtual kitchen and delivery service. However, demand was so high that the restaurant had to pause orders that same day, according to several reports. Now, the restaurant is regrouping and preparing for another go starting Thursday, Feb. 25, this time for pick-up orders only.

“We never want to disappoint any fans of the Castle ever. With that in mind, our Orlando White Castle virtual kitchen will remain closed on Wednesday as we invest some time to prepare,” said Jaime T. Richardson, vice president for White Castle Management Co. “We will re-open the Orlando White Castle virtual kitchen on Thursday, Feb. 25 at 10 a.m. for on-line pick-up orders only. Order through the app or at order.whitecastle.com. We will not be taking delivery orders through Uber Eats for now, but do look forward to offering that service soon.”

Columbus, Ohio-based White Castle’s future 4,567-square-foot restaurant will offer both indoor and outdoor seating and two drive-thru lanes.

The restaurant will create 120 new jobs at its location in Orlando-based developer Unicorp National Developments Inc.’s $1 billion O-Town West near Palm Parkway and Daryl Carter Boulevard.

Unicorp updates groundbreaking details for Orlando Fashion Square mall redevelopment

Groundbreaking may begin in mid-2021 on a roughly $1 billion redevelopment of the long-struggling Orlando Fashion Square mall northeast of Maguire Boulevard and Colonial Drive near downtown Orlando.

That’s according to Chuck Whittall, president of Orlando-based Unicorp National Developments Inc. which owns the roughly 46 acres of dirt beneath Orlando Fashion Square along with Orlando-based Maury L. Carter & Associates Inc. The mall, which opened in 1973, was in its prime in the 1980s and ’90s, but since has seen a decline.

Currently, the development team is negotiating with Philadelphia-based The Bancorp Inc. (Nasdaq: TBBK) whose related TBB Orlando LLC owns the mall’s improvements, or the buildings above the dirt. The development team must buy those buildings before it can start construction.

The mall itself appears to be 40-50% vacant, Whittall said. “Discussions have been good,” Whittall said. “I don’t think bank wants to keep it.”

A Bancorp representative wasn’t available for comment. But Orlando Fashion Square appears to be losing value, according to a May 11 Bancorp filing to the U.S. Securities and Exchange Commission. “The March 31, 2020, balance of other real estate owned includes a Florida mall which has been written down to $15 million. We expect to continue our efforts to dispose of the mall, which was appraised in September 2018 for $16.9 million,” according to the filing.

Dirt deal

In September, Unicorp’s and Maury L. Carter & Associates’ Fashion Square Land Trust bought the dirt beneath the improvements for $22.9 million, according to Orange County records. The development team is the latest to attempt to resuscitate the 838,865-square-foot mall, which has changed hands at least four times since 2004.

The redevelopment is expected to include:

1,500-1,600 mid- to high-rise apartments
500,000 square feet of retail and restaurants that may include a bowling alley, dine-in theater, indoor karting and high-end arcade
200,000 square feet of office space
A parking garage
A hotel

The future Orlando Fashion Square, which will retain the name, will be built around plush landscaping, gardens and water features. No plans have been submitted to the city of Orlando.

The architect is Orange, California-based Architects Orange, and the engineer is Raleigh, North Carolina-based Kimley-Horn & Associates Inc.

Despite the challenges, a successful project’s payoff could be a big win for Unicorp and Maury L. Carter & Associates. The demographics around Orlando Fashion Square for a mixed-use project are favorable due to the area’s high population density and affluent residents. In addition, there are many families with kids and, with a dearth of nearby entertainment options, the redeveloped mall could attract them, too.

“Fashion Square is one of the greatest potential sites in Central Florida,” retail expert John Crossman, who isn’t involved in the project, previously told OBJ. “That said, it is immensely complicated and is not for the faint of wallet.”

Apartment, retail stats

The eastside apartment submarket, which includes Orlando Fashion Square, has a 9.1% vacancy rate, which is near the Orlando-area average of 8.3%, CoStar Group (Nasdaq: CSGP) reported. In addition, the submarket’s average apartment rental rate is $1,343 per month, slightly higher than the Orlando-area average of $1,310, showing demand for apartments.

Meanwhile, the downtown Orlando retail submarket, which includes Orlando Fashion Square, has a 6.9% vacancy rate, which is slightly higher than the Orlando-area average of 5.8%, according to Colliers International Central Florida. That shows demand for retail space in the submarket. In addition, the submarket’s average monthly retail rental rates are $29.76 per square foot, well above the Orlando-area average of $18.87 per square foot. That shows demand in the area for new shops and restaurants.

Colony developer releases traffic study

An analysis shows the proposal to redevelop the Colony Beach & Tennis Resort will reduce traffic. But how, exactly?

by: Alex Mahadevan News Innovation Editor

In front of more than 45 people gathered for a public forum last week, Unicorp National Developments President Chuck Whittall rolled out a surprising tidbit: The proposed $1 billion redevelopment of the Colony Beach & Tennis Resort will mean fewer cars on the road.

Specifically, 37 fewer during the peak traffic time of 4 p.m. to 6 p.m.

“Our project will actually help traffic, not hurt traffic,” he said at Temple Beth Israel on Thursday.

Whittall is conducting a series of informational forums around Longboat Key in anticipation of a March 14 referendum to pursue more density for the Colony redevelopment project. At last week’s session, Whittall discussed a roughly $6,000 traffic study by engineering firm Kimley-Horn and Associates, the results of which also were posted on the Colony webpage.

But how does the study come to its less-traffic-on-the-road conclusions?

For one, the analysis includes the 180 condominiums for which Unicorp is applying for a density increase to accommodate. The site is already entitled to 237 hotel rooms, and although the Colony has been closed for six years, those numbers aren’t taken into consideration in traffic studies.

“Usually when you have entitlements on a property, it’s already accounted for,” Whittall said after the meeting. “Even though you may not feel it on the road today, it is accounted for, so we’re really just accounting for those trips that we’ll add.”

Representatives from the Longboat Key Revitalization Task Force, which is spearheading efforts to push the Florida Department of Transportation to implement short- and long-term traffic solutions, declined to comment on the study.

“It’s in our best interest to handle traffic,” Whittall said. “If guests come here, and it’s a miserable experience, they’re not going to come back.”

As for the condos, Kimley-Horn used methods from the Institute for Transportation Engineers Trip Generation Manual to determine that the residential portion of the development would add 97 trips to Gulf of Mexico Drive during the peak afternoon hours.

But, thanks to several investments Unicorp plans — called traffic demand management strategies — that number drops by 134 cars.

Whittall has plans for a fixed-route trolley for all island residents that will run the length of Longboat and a shuttle service that will be available to pick up guests from the airport. Also, the resort will charge for parking, which Kimley-Horn engineers say will reduce new trips 27% compared with a free-parking arrangement.

And not included in the study: Whittall promised attendees at the meeting he would pay for improvements to the intersection of Cortez Road and 119th Street, such as a dedicated lane that would only stop for pedestrians to keep traffic flowing.

“In terms of a private entity paying for improvements, they would do this through our permitting process,” said FDOT spokesman Robin Stublen. “It happens all the time.”

Still, using the same methodology Kimley-Horn used on the study finds that 237 hotel rooms would add about 142 trips during the afternoon rush. That would mean 105 new vehicles on the road from 4 p.m. to 6 p.m.

But Whittall said he would also use his relationship with Gov. Rick Scott, which he forged while developing other Unicorp projects worth $3 billion, to influence the expediency of traffic improvements.

“When you build projects of this magnitude, you get a voice because you’re spending a lot of money,” he said.