T.C. Two-Colonial recently purchased and has plans to redevelop the .57 acre abandoned former gas station at 1601 E. Colonial Dr. as a mixed-use project, resulting in creation of at least 15 new jobs.
The company purchased it in September 2015 for $667,000.
The company purchased it in September 2015 for $667,000.
Orlando Sentinel says the company also owns another 1/2 of the same block.
At the request of T.C. Two-Colonial, the property was designated as a Brownfield and an Orlando Economic Enhancement District by Orlando City Council Dec 14th, 2015.
"Brownfield is a term used in urban planning to describe land previously used for industrial purposes or some commercial uses. Such land may have been contaminated with hazardous waste or pollution or is feared to be so. Once cleaned up, such an area can become host to a business development such as a retail park." (Source)
Due to it being designated as a Brownfield site, T.C. Two-Colonial is now eligible for the following incentives from the State Brownfields Program:
- Job creation bonus with no requirements ($2500 under the State of Florida Brownfield Program);
- Tax credit of 35% on voluntary cleanup costs; 10% additional credit during the final year of cleanup;
- Low interest loans for the purchase of liens, tax certificates, or other claims;
- Risk-Based Corrective Action principles apply;
- Sales tax credit on building materials used for the construction of a redevelopment project (residential or mixed use);
- Up to 5 years of state loan guarantees of loan loss reserves;
- Grants/loans available for cleanup (if applicable)
- Technical assistance from state university system.
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