The latest concept for redeveloping Orlando Fashion Square Mall calls for even more apartments, less retail, and potentially the biggest gym in Central Florida.
Macy’s would get smaller, and Whole Foods might come in. But the biggest question about the distressed retail center remains: When is anything going to happen?
New Jersey-based M&M Realty Partners, the developer selected by mall owner Bancorp, revealed a new conceptual plan this week during a shopping center industry event, ICSC@Florida, at the Orange County Convention Center, according to a report in GrowthSpotter. M & M Realty is a joint venture led by Edgewood Properties founder Jack Morris and JMP Holdings President Joe Marino. They were tapped by the bank in 2021 to redevelop the mall.
The new M&M concept deviates from the framework master plan approved by the City of Orlando in 2021. Created by Baker Barrios, it called for 1,400 residential units spread over four phases, plus 177,000 square feet of new retail uses and a 120-room hotel.
The revised version would increase the residential component to 1,720 units, reduce the retail to 157,800 square feet, and eliminate the hotel. It would also eliminate a row of townhouses along Maguire Boulevard.
The plan allows for flexibility, in that one of the retail buildings could include a 24,000-square-foot grocery store and another junior anchor. One option shows a potential Life Time Fitness in place of or on top of the retail building. At 96,000 square feet, it would be even larger than the two new Life Time Fitness clubs currently under development in Winter Park and Horizon West.
Lawrence Ross, commercial leasing representative for M&M, told GrowthSpotter the Macy’s store would remain, but it may be reduced by as much as 30%. The firm has also had discussions with Whole Foods for the grocery space and Costco, among others, but everything is very preliminary, Ross said.
“Our plan is pretty much gut it straight up the middle, and create more of an open lifestyle center,” Ross said. “There’s gonna be, obviously, mixed-use development, so there’s going to be a residential portion to it, so there’s a lot of walking around and again, there’s a lot more questions than answers on this project.”
Both plans include a town center plaza with an event lawn surrounded by shops and restaurants. (Rendering by Baker Barrios)
In the updated concept, development would start with three apartment towers connected to the existing mall parking garage. Phase 1A would be a 9-story tower (200 units) west of the garage with some parking on the ground level; Phase 1B would be a 7-story Y-shaped building (400 units) north of the garage with 7,800 square feet of retail and 12,000 square feet of live-work space. Phase 1C would wrap the garage on the east side with a 9-story tower (120 units) and 24,000 square feet of attached retail.
Phase 2 would consist of a 7-story double-courtyard style apartment (380 units) with 12,000 square feet of live-work space and 16,800 square feet of retail. A new parking garage would be constructed between this building the future phase 3 apartment building (420 units), which would also rise 7 stories and have a live-work component.
The fourth residential phase would be a 7-story tower (200 units) wrapping a 400-space parking garage.
All of the buildings attached to Floor & Decor would be demolished, leaving an enormous surface parking lot with nearly 700 spaces or an optional parking garage to serve the Life Time Fitness.
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Both plans called for extensive public gathering spaces, including a town center plaza with a festival street and amphitheater.
Orlando Fashion Square, the city’s oldest existing mall, was a regional shopping hub for decades after opening in 1973. Tennessee company Up Development bought the mall in 2013, but didn’t succeed with plans to add entertainment options and a hotel. The lender, Bancorp, foreclosed on a $42.2 million loan on the mall in 2016 and took possession later that year.
One hurdle to the redevelopment is the ownership structure. The shopping mall has a land lease that expires in 2071. In 2019, Unicorp National Development President Chuck Whittall and investor/broker Daryl Carter bought the 46 acres underneath the mall for $25 million with plans to raze and redevelop it as a $1 billion mixed-use lifestyle center, but they have been unable to reach a deal with Bancorp for its assets.
In 2021, Bancorp affiliate, TBB Orlando LLC, sued Unicorp after the developer attempted to cancel the ground lease. Unicorp argued that the bank was in default of the lease because it failed to maintain the property. At the time, the property was cited for multiple code violations, which have since been resolved. The case was voluntarily dismissed in 2023.
LBX Investments owns the 18-acre Shoppes at Fashion Square, which is anchored by Floor & Decor. (Site plan by SA Group LLC)
Meanwhile, New York-based REIT Seritage Growth Properties owned 18 acres of the property, including the Floor & Decor and several outparcels, but sold it to LBX Investments in 2023 for $25.7 million. LBX expanded the Floor & Decor and added a new Ocean Buffet restaurant, which is set to open in September.
About the only thing M&M and Whittall agree on is that any redevelopment of Fashion Square is likely years away.
“There’s nothing new on Fashion Square at this point,” Whittall said Tuesday. “We’re not focused on any of that right now, until we work out a deal with the bank.”
Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261. Follow GrowthSpotter on Facebook and LinkedIn.
