After breaking a Central Florida record by paying $315 million for an Orlando office park nearly two years ago, global investment firm PPF Real Estate has unveiled plans to bring a massive mixed-use project to part of the property along John Young Parkway near Universal’s Epic Universe theme park.

The company submitted an application to Orange County on Aug. 21 seeking a land-use change for 89.6 acres for a project consisting of 2,406 multifamily units and more than 1.75 million square feet of commercial and retail space.

Development plans also call for a hotel with 185 rooms and a parking garage on the SouthPark Center site, according to a report in GrowthSpotter.

The proposal targets a nine-parcel section of SouthPark Center that’s occupied by five fully-leased office buildings totaling 670,000 square feet. Those buildings will remain in place, according to Aaron Smith, managing director of PPF Real Estate.

“The intention is to try to create a vibrant mixed-use development on what is currently a single-use office project,” he said. “… Obviously with the added multifamily density the intent is to make it a live, work, play environment and help the county with its desire to have more housing.”

According to application materials, the property owner is seeking 10 waivers related to building height, building separation, setbacks, and parking. Apartment buildings are being proposed to rise as tall as seven stories, in lieu of the three stories allowed under county code.

The hotel would reach 12 stories, while other commercial and retail buildings would reach seven stories, or 100 feet. County code allows commercial buildings as tall as 50 feet.

A waiver is also being sought to allow multifamily buildings to have a minimum separation of 20 feet in lieu of 40 feet for three-story buildings.

Of the commercial space, 400,000 square feet is intended to be mixed with multifamily residential as part of the same building, according to application materials.

Smith said the goal is to get the land-use plan approved with entitlements in place and then seek developers to build out the project.

Global investment group pays record price for Orlando’s SouthPark Center office park

PPF Real Estate, a division of a global investment firm based in the Czech Republic, acquired SouthPark Center in December 2021 for $315 million, according to deed records. At the time of the transaction, Cushman and Wakefield, which brokered the deal, heralded it as the largest office transaction in Central Florida history.

Located at John Young and Destination Parkway, just south of Sand Lake Road, SouthPark Center covers a total of 162 acres and includes 10 buildings totaling 1.25 million square feet.

The land-use request submitted to Orange County targets the section of the office park to the west of John Young Parkway.

“We have full occupancy; all of the tenants are happy,” Smith said. “We are not knocking any buildings down, I promise you that.”

The park includes 31 acres of developable vacant land.

Since the purchase, Smith said the company has been trying to determine the best use for the site. They knew the answer wasn’t to build more office space.

“Office is really not viable in the current market environment,” he said. “And then it’s a matter of what’s the best use if you wish to not only maximize your short-term return but actually enhance the overall property for the long term?”

With Universal’s new theme park Epic Universe set to rise a short drive to the north, Smith said it’s the perfect location for a project like this.

To read more about other early-stage development projects in Central Florida, go to GrowthSpotter.com and subscribe.