The Real Deal Miami

Lauderdale-based BBX to sell Orlando site to Costco

The big-box retailer plans to build a 152,000-square-foot store at BBX's Gardens on Millenia

October 17, 2015 04:10PM

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The 47-acre site of Gardens on Millenia in Orlando.

The 47-acre location of Gardens on Millenia in Orlando.

Fort Lauderdale-based BBX Capital Corporation announced a deal to sell about 15.5 acres within a 47-acre mixed-use development in Orlando to retailer Costco Wholesale Corporation for construction of a store. Terms of the pending transaction weren’t disclosed.

Costco would build a store measuring about 152,000 square feet within the BBX Capital’s Gardens on Millenia development in Orlando. The land sale, expected to close by year-end, is subject to Costco’s receipt of certain government approvals.

BBX Capital also is in a joint venture with Fort Lauderdale-based Stiles Corporation to develop about 11.4 acres adjacent to the Costco site in Gardens on Millenia. Stiles, the developer and manager of the joint venture, plans to develop a retail center there spanning about 141,100 square feet, with anchor tenants Hobby Lobby and Academy Sports.

The 47-acre site of Gardens on Millenia is just east of the Mall at Millenia on Millenia Boulevard and has frontage on Interstate 4.

BBX Capital also said it is negotiating with a possible joint venture partner to develop the multifamily portion of Gardens on Millenia, including 10 planned apartment buildings, a clubhouse, lakeside running trail and dog park.