Mosaic officials give update on Winter Garden's The Point on Plant Street development

Community officials have given an update on The Point on Plant Street development, which is set to break ground in the east Winter Garden area in the second half of 2024.

The development, located at 996 E. Plant St., features 17,000 square feet of retail and office spaces. The project will now feature six commercial condominiums, three retail and three office. 

The proposed development includes condominium units of multiple sizes, ranging from 2,424 square feet to 3,304 square feet. The structure is located near the heart of downtown Winter Garden in close proximity to the West Orange Trail and State Road 429.

Mike Van den Abbeel and his wife, Kiri Wollheim, are chief investors in the project, as well as owners of the first confirmed occupier in the building, Mosaic Hair Studio. This will be Mosaic's third location. 

Amy Calandrino, of Beyond Commercial, a commercial real estate firm headquartered in Orlando, is representing the owner, Winter Garden Salon Development LLC.

Calandrino said she has been working on the selling side of development, while Van den Abbeel has been working with his development team to bring his vision to life. The two said they plan to fill the space with occupiers that are hyper-local brands and thriving local businesses.

In order to simplify the civil site plan, Van den Abbeel said a few changes have been made from the initial proposed design of the project. 

He said the building on Plant Street has gotten larger, but the building on Eleventh Street has been removed.

"When we purchased the property a couple of years ago, we had drawn up some plans that were, at the time, more feasible than now with the interest rates," he said. "So, we scaled the size of the project back a little bit. We were initially going to lease out spaces and we had the two buildings on Plant and Eleventh. Of course, everyone wants to be on Plant. So, we took a step back and kind of redesigned it. It's still the same amazing architecture. ... Instead of us leasing out spaces, we are now selling them. We're going to transform  the units and do commercial condos and sell those off that way. We have been generating a ton of interest."

Calandrino said there are several prospects interested in the spaces, but the project leaders cannot yet disclose any additional details. 

Market analytics in the immediate retail area indicate capitalization rates have compressed with rent and sale prices still rising in the past year, while other areas in Central Florida have seen plateauing pricing or even some friction in key market indicators.  

To be specific, Winter Garden retail vacancy is now 2.9% compared with 7.2% a year ago, market rents are up 7.3%, sales prices are up 8.6% and cap rates are around 6.4%, down from 6.6%.

To view one of the condo listings, click here. 

Van den Abbeel said he believes one of the reasons Mosaic has been successful at its two other locations in the Ivanhoe Village and Milk District areas is because of the close-knit, walkable neighborhoods. 

"We have committed to enhancing the community and really feel this will help spur future economic development in the Historic East Winter Garden community," Van den Abbeel said. "Down the road, we hope to help sell the idea that a Main Street Program, like the one in Ivanhoe and the Milk District, would be highly beneficial. There are a few throughout the Orlando area. I would love to try to bring that to Plant Street, especially the east Winter Garden area."

Read Orange Observer's original report on The Point on Plant Street here.