ORLANDO, Fla. – A development proposal from Kimco Realty could mean more housing for Orlando residents — but fewer retail shops nearby.
Kimco Realty acquired Colonial Plaza last year. Now, it’s planning to make some changes that could impact shoppers.
The company sent in a request to the City of Orlando to redevelop a portion of the plaza with mixed-use multifamily housing. Some of the buildings would reach up to seven stories high.
The company also submitted a study to Orlando officials.
The slideshow shows the developments could impact at least 11 stores, including Marshalls, Conn’s, Old Navy, Big Lots, Sprouts, Five Below, PetCo, Barnes & Noble, Good Year, Starbucks and Men’s Warehouse.
Shoppers said this is disappointing news.
“Really sad. I don’t like that,” Ruthy Moraguez said. “I need the stores. We love the stores.”
Taylor Stark, who lives nearby, was dismayed when she heard about potential redevelopments.
“A lot of the places we do usually frequent like Marshalls and, like, all the other places, PetCo, it just makes me sad because, one, you’re [going to] replace it with more people then where are they [going to] go, so, like, if they need things, they’re [going to] have to go even further,” Stark said.
It’s not just the retail shop removal that has residents worried. Daniel Schweizer does not think adding more housing near Colonial Drive will benefit an already congested area.
“I’m not the biggest fan. We already have a lot of housing here in Orlando, and I feel like adding more is going to add more congestion to the traffic,” Schweizer said.
Kimco Realty sent this statement: “It’s very early in the process, and the redevelopment will take months to evolve while our team engages with the municipality, community groups and elected officials.”
The company said the plan will continue to evolve, adding they may have more details in a few months.