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Could International Drive's Artegon Marketplace and the long-rumored Acquasol sports complex be making way for a future major theme park/entertainment development? That may be the case.
Sources, who asked to remain anonymous, told Orlando Business Journal that a top U.S. theme park operator, with the help of international investors, may be setting the stage to build a major project at more than 200 acres of land that includes a majority of Artegon and a 78-acre parcel of land just south of the mall owned by I-Drive Investors LLC.Historically, that 78 acres has been part of several visions, including the former Orlando Thrill Park project, which fizzled out years ago, and later the $50 million Acquasol project that recently sought a six-month extension on its water permits, but has yet to show any sign of life.
To show that 78-acre parcel's potential, Acquasol was designed to be a 300,000-square-foot outdoor recreational adventure sports complex with two 150-room hotels with room to spare for expansion.
In addition, the Artegon property brings online more than 100 acres of more potential land if redeveloped. To add credence to the rumor, Artegon has been up for sale since September and has the entitlements for retail, hotel, timeshare and theme park use??? making it easier for a theme park developer to buy the land, get government approval and quickly begin construction. CBRE Inc. is the representing brokerage agency for Artegon.
Robbie McEwan, senior land broker for CBRE and the agent representing Artegon, declined to comment on any specifics due to a confidentiality agreement. However, he confirmed he is marketing the 104-acre Artegon property and coordinating efforts with the owners of adjacent properties totaling over 100 acres for a potential 200-acre-plus sale.
Meanwhile theme park fans are wondering who the mysterious theme park operator could be, suggesting names like Cedar Fair LP, Six Flags Entertainment Corp. and Herschend Family Entertainment, which each could be looking for a way to break into the Orlando market.
The big difference is those parks could be categorized as regional parks that succeed from being in more medium-sized markets, whereas they will face huge competition in Orlando against Walt Disney World, Universal Orlando Resort and SeaWorld Orlando.
Further, the hotel market on that corner still is being explored, said Paul Sexton, vice president of HREC Investment Advisor???s Orlando office, which is not involved with the plans. "That is a bit of a pioneering effort out there, so developers are taking a bit more risk given no direct comparables. That said, with the Hyatt House and with the two proposed Grand National hotels, we are starting to see a 'neighborhood' in that area. Of course, the flyover from Universal is the real catalyst there," he said.
Each of those theme park operators easily could fit parks with support hotels onto those properties. It's also possible the international investor involved in the partnership could be the hotel provider of the deal. Orlando, which has a $60 billion annual tourism industry, has been drawing loads of hotel investment attention, thanks to its growing visitation that surpassed 66 million tourists last year.
Sources, who asked to remain anonymous, told Orlando Business Journal that a top U.S. theme park operator, with the help of international investors, may be setting the stage to build a major project at more than 200 acres of land that includes a majority of Artegon and a 78-acre parcel of land just south of the mall owned by I-Drive Investors LLC.Historically, that 78 acres has been part of several visions, including the former Orlando Thrill Park project, which fizzled out years ago, and later the $50 million Acquasol project that recently sought a six-month extension on its water permits, but has yet to show any sign of life.
To show that 78-acre parcel's potential, Acquasol was designed to be a 300,000-square-foot outdoor recreational adventure sports complex with two 150-room hotels with room to spare for expansion.
In addition, the Artegon property brings online more than 100 acres of more potential land if redeveloped. To add credence to the rumor, Artegon has been up for sale since September and has the entitlements for retail, hotel, timeshare and theme park use??? making it easier for a theme park developer to buy the land, get government approval and quickly begin construction. CBRE Inc. is the representing brokerage agency for Artegon.
Robbie McEwan, senior land broker for CBRE and the agent representing Artegon, declined to comment on any specifics due to a confidentiality agreement. However, he confirmed he is marketing the 104-acre Artegon property and coordinating efforts with the owners of adjacent properties totaling over 100 acres for a potential 200-acre-plus sale.
Meanwhile theme park fans are wondering who the mysterious theme park operator could be, suggesting names like Cedar Fair LP, Six Flags Entertainment Corp. and Herschend Family Entertainment, which each could be looking for a way to break into the Orlando market.
The big difference is those parks could be categorized as regional parks that succeed from being in more medium-sized markets, whereas they will face huge competition in Orlando against Walt Disney World, Universal Orlando Resort and SeaWorld Orlando.
Further, the hotel market on that corner still is being explored, said Paul Sexton, vice president of HREC Investment Advisor???s Orlando office, which is not involved with the plans. "That is a bit of a pioneering effort out there, so developers are taking a bit more risk given no direct comparables. That said, with the Hyatt House and with the two proposed Grand National hotels, we are starting to see a 'neighborhood' in that area. Of course, the flyover from Universal is the real catalyst there," he said.
Each of those theme park operators easily could fit parks with support hotels onto those properties. It's also possible the international investor involved in the partnership could be the hotel provider of the deal. Orlando, which has a $60 billion annual tourism industry, has been drawing loads of hotel investment attention, thanks to its growing visitation that surpassed 66 million tourists last year.
Source:http://www.bizjournals.com/orlando/news/2016/10/23/rumored-theme-park-operator-eyeing-artegon.html
What do you guys think?
