Shopping center’s time grows shorter
Orlando developer John Crossman remembers the Disney-built Crossroads of Lake Buena Vista as one of the region’s top shopping centers when it opened in 1988 filled with stores and restaurants found nowhere else in Central Florida.
“What other shopping centers are known by name?” said Crossman, CEO of Crossman & Co. “But when you tell you to meet you at Crossroads, they know where to go.”
But now its days are numbered. The shopping center is slated to be torn down by the end of 2019 as part of the Interstate 4 expansion project revamping the often traffic-clogged I-4 interchange with State Route 535, Disney World’s northern entrance and dozens of hotels.
The Florida Department of Transportation has made a $145 million offer on the 29-acre property, according to GrowthSpotter, a division of the Orlando Sentinel Media
Group. That figure was confirmed by the Orlando Sentinel by two sources close to the negotiations, although it’s unclear how owner TIAA, a New York City financial service firm, will respond. TIAA did not respond to a request for comment.
Tenants at the property said they have been given until at least the end of 2019 before they would be required to leave, according to GrowthSpotter.
The Florida Department of Transportation would not give any updates on the progress or scope of the project, but did confirm “that negotiations are in progress with affected parties,” said FDOT spokesman Steve Olson. He would not say whether a nearby Radisson hotel and gift shop are still part of the interchange project.
When it was built in 1988 for $30 million, the Crossroads was a grocery-anchored shopping center with a few restaurants and retailers.
It once had a Sony store, Chico’s and even one of the nation’s few McKids stores, an experimental children’s apparel retailer from McDonald’s. Jungle Jim’s and Larry’s Old Fashioned Ice Cream were there as well.
With I-4 visibility and a connection directly into Disney World property, the center is one of the best restaurant locations anywhere, said Crossman, a former broker for the property.
The complex now counts 21 restaurants, all but one national or regional chains, as well as the region’s last Gooding’s Supermarket. Uno, T.G.I. Friday’s, Buffalo Wild Wings are among the tenants there, along with the area’s only Chevys Fresh Mex, Johnnie’s Hideaway, The Knife and Tom + Chee restaurants.
It also includes Pirate’s Cove Adventure Golf.
Owners of most restaurants at the shopping center declined to comment, citing the ongoing negotiations. In addition to the price paid to the seller, tenants could also be eligible for relocation assistance from FDOT.
“Red Lobster has been in this location and part of this community for almost 30 years, so it’s important to us to be able to continue to serve our guests in the area,” said Red Lobster spokeswoman Nicole Bott. “Our restaurant remains open while discussions with FDOT continue. At this time, it is business as usual. We are also actively looking for a new site nearby should a move be necessary.”
The project has already stopped some restaurants from moving in. Chuy’s Tex-Mex was signed for the center in 2016, but never located there.
“If we have additional space to lease, it would be taken by other restaurants,” said Justin Greider, a broker for the Crossroad with JLL. “Particularly in the tourist area, people are spending a lot of money eating.”
For diners such as Ana Smith of Boynton Beach, the demise of the center means she will have to find a new place to eat when she visits Orlando. Smith said her favorite Crossroads place is the Uno Pizzeria and Grill in the complex.
“We go to Orlando a few times a year, and always visit that Uno’s,” said Smith, an elementary school office assistant. “I’ve been going there for almost 20 years with my family. I love to eat there.”