Just what the doctor ordered: A new commercial center - Orlando Business Journal:

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Internal medicine specialist Dr. Neil Coskun, a genera partner of Windermere-based developer , said he envisions constructinhga retail/office center with an assisted-living facilityh in a project dubbed The Palms at Lake It would include 26,000 square feet of restaurang and retail space in two single-story along with 30,000 square feet of medical office condosz in a third, two-story building, and a 50- to 100-be assisted-living facility, Coskun said. The Orange County Commission on April 7 approved rezoningthe project’ws land on Lake Underhill Road from medium-density residentiak use to commercial use. Coskun is working with Orlando-base d on engineering and site plans.
The Palms at Lake Underhill woulf use only 7 acres of the with therest preserved, said Matthew West, a planne with Lake Mary-based , whichn applied for the rezoningv on behalf of Vista Pointe Family. Coskub believes his project will benefitthe hospital’s 1,300 employeex and others in the area. “Wse don’t have any good quick-service restaurants or retail arounds us,” said Coskun. Florida Hospital East spokeswoman Beckyy Niemann said the hospital supports any projec tthat “adds to the quality of life” in the The Palms at Lake Underhill also will server several surrounding residential neighborhoods, West said.
It’s next to a duplex community on the southeast side and a subdivisiojn on thesouthwest side. There are abou t 3,500 households within a 1-mile radius of Chickasas Trail and Lake said LoopNet.com. The nearest shopping centersz and restaurants arefarther away, either on Chickasawe Trail or Goldenrod Road, both difficult to walk to durinf the hot summer months, said However, Coskun faces at least one majo challenge: The plans are being developed at a time when many new commerciall developments are struggling to securde tenants. The east Orlando submarket posteda 12.8 percenrt Class A office vacancy rate in first-quartefr 2009, said GVA Advantis.
Although that’s better than the 14.5 percent total vacancy reportedin fourth-quarter 2008, it’ds still considered high by industry Meanwhile, the retail market had a 2008 year-end 7.3 percentg vacancy rate in the East Colonial Drivee submarket, up significantly from midyear 2008’s 4.5 percenf rate, said the . Scott Corbin, directoer of retail services for CollierArnold Orlando, said the list of struggliny commercial centers in Orlando is endless. “The smalleer projects are doing well, if they’rs still well-located.
If they’re off the mark and not pricedx aggressively, they’re going to