The Real Deal Miami

Broward-based BBX sells Orlando site to Costco

BBX and Stiles Corp. plan to build a retail center next to a big-box store Costco will build

December 12, 2015 09:00AM

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

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

Fort Lauderdale-based BBX Capital Corporation announced the sale of a 15.46-acre parcel in Orlando to Costco Corporation, which plans to build a big-box store there. BBX did not disclose the sale price.

The parcel is part of a 47-acre mixed-use development called Gardens on Millenia, located in southwest Orlando along Interstate 4 just east of the Mall at Millenia. Costco plans to build a 152,000-square-foot store and a gas station there.

BBX Capital expects Gardens at Millenia to encompass 300,000 square feet of retail stores, including the Costco store, and a 292-unit apartment complex, plus two one-acre outparcels.

BBX and another Fort Lauderdale-based company, Stiles Corporation, have entered into a joint venture to build a 141,000-square-foot retail center adjacent to the Costco store that will be anchored by Hobby Lobby and Sports Academy.

BBX is “continuing to meet with other retailers who have expressed interest in the project,” Seth Wise, president of BBX Capital Real Estate, said in a press release.

Publicly held BBX owns real estate and other assets the company accumulated when it operated as a bank called BankAtlantic.