Dr. Phillips, Inc. (“DP”) was once the largest citrus producer in the US. The company’s flagship citrus processing and packaging operation was a 200-acre property dating back to the early 1900’s. After the sale of the Citrus business to Minute Maid in 1954, the property was retained by DP and converted into various market rate office, warehouse and industrial properties. This anchored the legacy property as a core asset of Dr Philips Inc. for years to come. This legacy property also began Dr Phillip’s Inc’s growth as a major income property owner.
Other significant assets such as Dr. Philip’s Southwest area in Orange County would be artfully planned with a remarkable vision for what became the thriving Central Florida marketplace of today. Dr. Phillip’s carefully fostered the growth of their legacy properties while also generously giving back to the community in the form of school sites, libraries, park space, art centers and hospitals to become one of the largest income property owners and oldest philanthropic foundations in Central Florida.
While these properties continue to serve the community, modernization emerged as a major initiative that required attention. Although DP became seasoned property managers, real estate development was not a core part of their business.
In 2013, SCA was interviewed for the assignment of advising Dr. Phillips on upcoming project developments. SCA led an integrated development process beginning with market analysis, project conceptualization, selecting operating partners, financial structuring, all aspects of design & engineering and construction oversight delivery. SCA also assisted with finding major anchor tenants for the 60,000 S.F. Medical complex and 180 bed mixed acuity senior center.
Spring Lake was a critical launch into the development space. SCA was proud to have led the advisory role to the project’s successful completion as the first $90,000,000 investment property added to DP’s portfolio.