United Capital Secures $4M Construction Financing for Park Maitland Square

United Capital has secured $4 million in construction financing for Park Maitland Square, a planned 8,071-square-foot neighborhood retail center at 1351 S. Orlando Avenue in Winter Park.

The redevelopment of the former Buca di Beppo site marks a significant milestone for the project. Two major tenants have already committed: Frenchies Modern Nail Care and Giovanni's Pizzeria & Kitchen have signed leases totaling more than 5,700 square feet.

"The strong leasing interest we've experienced since launching the redevelopment underscores both the strength of the location and the demand for high-quality neighborhood retail," said Adam J. Tiktin, CEO of United Capital, in a recent statement. "By repositioning the property, we've been able to achieve significantly higher rental rates while attracting a complementary mix of tenants that will serve the surrounding community." 

SITE HIGHLIGHTS:

South Orlando Avenue records approximately 39,500 vehicles per day, while the average household income within a one-mile radius exceeds $124,000. The property is surrounded by Whole Foods Market, Winter Park Village, and the Center of Winter Park.

PROJECT TIMELINE:

United Capital announced plans to demolish and redevelop the shuttered building in October 2025. The company is working to deliver space to Giovanni's by the end of September, pending the permitting process. Giovanni's will occupy 4,400 square feet at the left side of the building, with a potential opening as early as Q2 2027.

PROJECT DETAILS:

Park Maitland Square is designed to accommodate between one and four tenants with a mix of retail, dining, and services. Plans include outdoor terrace space, monument signage, enhanced landscaping, and 62 dedicated parking spaces. The transformation includes modernization of building systems, exterior facade enhancements, and site improvements.

FINANCING & TEAM:

United Community Bank provided the construction financing, with Eric Trombly of Black Bear Capital Partners brokering the deal. Drew Forness and Monte Mitchell of Forness Properties serve as exclusive retail agents. BDM Construction is the general contractor, while Geoff Furey and Nick Sanfilippo of Franklin Street are project managers.

MARKET CONTEXT:

The retail vacancy rate in the Winter Park and Maitland submarket was 7.9% in Q4 2025, with asking rents ranging from $30.79 to $38.81 per square foot, according to Colliers.