Colonial Bank purchases Poinciana site from Avatar
October 24, 2007
Architect's rendering of the Colonial Bank planned for Avatar's master-planned community of Poinciana. (Reynolds, Smith & Hills, Inc.)
Looking to capitalize on the booming growth in Poinciana and northern Osceola County, Colonial Bank has purchased a site on Pleasant Hill Road in the master-planned community of nearly 67,000 residents.
The 1.17-acre site, one of several out-parcels on the periphery of the site for the Lowe’s home improvement retail store currently under development at the northwest corner of Pleasant Hill Road and Poinciana Boulevard, was purchased from Avatar Properties Inc. for 1.28 million. Ken Baker of Schoolfield Properties in Kissimmee brokered the purchase for Colonial Bank.
“Poinciana is a rapidly growing area and we felt it important to be there and expand our footprint in Osceola County,” said Matt Lange, branch administrator for the Central Florida region which currently has 60 banks in Central Florida, including 21 branches in Orange, Seminole and Osceola counties.
The Orlando office of Reynolds, Smith & Hills, Inc. designed Colonial’s Poinciana bank which will have 2,500 sq. ft. of retail space, three drive-through lanes, an ATM, and a Mediterranean look with blended-color tile roof, rich paint colors, and a stacked stone building base, according to Dana DeClerk, AIA, project architect.
Site development and construction are scheduled to begin in early 2008.
Colonial Bank is a division of the Montgomery, Alabama-based Colonial BancGroup, Inc., a $24 billion bank holding company with more than 320 banking offices in Florida, Alabama, Georgia, Nevada and Texas. The Colonial BancGroup, Inc. is traded on the New York Stock Exchange (NYSE) under the symbol CNB, and located online at www.colonialbank.com. The company is on Forbes Magazine’s 2007 Best Big Companies in America and the publication’s Global 1000 lists.
For more information about Colonial Poinciana bank, contact Steve Kurtz, President and CEO, Retail, at (352) 787-3311, or Matt Lange, Regional Operations, at (407) 244-7195.
For more information about Avatar’s available out-parcels fronting Pleasant Hill Road and Poinciana Boulevard, contact Hank Yunes, Avatar’s vice president of commercial operations, at (305) 442-7000, or Tony Iorio, Avatar’s vice president of land development, at (407) 933-5000.