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Years ago, Ryan Stahl got a piece of advice that — through his more than two decades in retail real estate — has proven quite accurate.
"What's actually very true is that when you show up for [a city or county] commission meeting and have a hard time finding a parking space, you know it's going to be a long night," Stahl, the president and CEO of Maitland-based Equinox Development Properties Inc. told Orlando Business Journal.
Suffice to say, getting retail projects built in Central Florida can come with its fair share of lengthy public comment sessions and pushback from planning boards. But hurdles in the approval process notwithstanding, Equinox has been a busy developer from Disney to Daytona Beach — and in three other states, as well.
Its $125 million WaterStar mixed-use development near State Road 429 and U.S. 192 is nearing completion, along with other high-profile projects.
Further, its recent purchase of a corner property on Sand Lake Road, along Restaurant Row and near International Drive, is setting up to be another closely watched development.
Stahl told OBJ talks are ongoing regarding that property.
"We're still receiving interest from retailers, even though we're close to finalizing a deal," Stahl said. "It shows that there's still strong demand from retailers for well-located properties. I would say, beginning of next year, we'll be able to make that announcement."
Here, Stahl sat down to discuss the outlook for retail real estate in metro Orlando and more:
What trends are you keeping an eye on right now with retail development in Central Florida? We're always on the radar for national concepts who want to enter Florida. Orlando is an easy step into the state — it's pretty safe. So, I guess we really could take that for granted that we're able to work with some of the strongest retail concepts in the country, right here in our own backyard. It's more than just restaurants. I would say even the experiential concepts are looking at Central Florida.
How is our retail development environment here in Orlando being affected by economic headwinds? Development is not a sprint, but it is a marathon, so we deal with hurdles all the time and we just figure it out. I would say land sellers definitely need to become more realistic in their pricing and that construction costs are still the driver of our everyday challenges. There's a looming concern with the scale-back of construction due to construction prices that, on the backside, the impact is going to have retailers having less options to choose from, which is driving up rental rates.
How important is the chemistry and the abilities of the team you have put together at Equinox? It may sound cliché, but I get to work with some rock stars in our business. Our entire team is simply amazing. But I would say collaboration is the key to our success. Our projects are multi-dimensional, and they're always changing, so we're always communicating — we've got to be nimble. I would also add that the consultants we work with are some of the best in the business.
Which area submarkets are you most bullish on? Anything with a tourist component has always remained strong. We've had great success over the years with any project that we've developed in the tourist corridor and we're always continuing to explore those. Most retailers in Orlando want to be in the core markets to cover north, south, east and west — but, right now, I would say the markets that are really about to take off are Davenport, Clermont and Daytona.
You also have or have done projects in Nashville, Charlotte and Atlanta. What do you like about those markets? First of all, we expanded to those cities because the retailers asked to go there because they want to expand. So that's one reason. I would say, more than that, we love those markets because they operate very similar to Orlando and we've been able to build relationships there, which makes development far easier. Size-wise and with future growth they resemble where Orlando is going.
Ryan Stahl
president and CEO, Equinox Development Properties Inc.
Age: 48
Family: Wife and three daughters
Hometown: Sarasota
Education: University of Central Florida
Hobby: Golf
Favorite local course to play: Isleworth Golf & Country Club
Best and worst qualities: One of my best qualities is I never give up on trying to figure out a deal — and it can sometimes become one of my worst qualities.
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