Marcus & Millichap Hired to Market $1B Mixed-Use Apopka Development
- Feb 29, 2012
Last week, Marcus & Millichap Real Estate Investment Services was hired to sell the $1 billion Kelly Parks Crossings, which would be the largest development ever to rise in Apopka.
Paul Bouldin, a senior associate in the Tampa office of Marcus & Millichap, will serve as an advisor to the seller, an investment group led by Jim Palmer, a well-known Republican power broker and Orlando attorney. According to Bryn D. Merrey, vice president and regional manager of Marcus & Millichap’s Tampa office, “this is an exciting opportunity and we are delighted to be a part of it. Marcus & Millichap’s efforts will be spearheaded by Bouldin, who has a unique mix of skill sets and experience along with his 35-year history of development and brokerage in Central Florida,” says Merrey.
Located at 3434 Kelly Park Rd., Kelly Park Crossings is a mixed-use, regional development slated to encompass up to 9.2 million square feet. The property consists of four distinct quadrants located at the northwest and southwest corners of the intersection of West Kelly Park Road and the planned Wekiva Parkway extension. Upon completion, Kelly Park Crossings will include a 1.4 million-square foot regional open-air mall, a 400-bed hospital and medical office space, a 500-key hotel, a new campus for Valencia College, an office and industrial park and residential housing that will create a new community at the only interchange along a 14-mile stretch of the Orlando Beltway.
According to a company statement, Chinese businessmen from Zhongshan City, Guandong Province, China—a region that boosts $34 billion in exports annually—are showing interest in investing $150 million in the project, by building a four million square-foot Asian Merchandise Mart.