- January 8, 2025
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After six years of construction, Center Point at Waterside is on track to be completed in 2025.
CASTO, a commercial real estate and development firm, broke ground on the 50-acre mixed use development that occupies the southeast corner of University Parkway and Lakewood Ranch Boulevard in 2019.
Brett Hutchens, president of CASTO Southeast Realty, said the development will be the last of its kind in Lakewood Ranch simply because “there’s no parcel of land where this could be repeated.”
CASTO is certainly capable. The company currently manages over 18 million square feet of commercial real estate.
Since developing Main Street at Lakewood Ranch with Schroeder-Manatee Ranch 20 years ago, CASTO has made its mark on East County from University Parkway to State Road 64.
“We’ve got most of the corners on State Road 64 and a few on State Road 70,” Hutchens said. “It’s a very successful business for us.”
Those corners are developed by another branch of the business, CASTO Net Lease Properties, LLC. They’re smaller parcels developed with single-tenant buildings.
CASTO owns corners of State Road 64 at 118th Lane East, Pope Road, White Eagle Boulevard and Lorraine Road.
The next tenant to open will be Wendy’s on the southwest corner of State Road 64 and White Eagle Boulevard. The sign is already displayed on the building. The fast food chain will open this month.
On the other side of White Eagle Boulevard, near the entrance to Savanna at Lakewood Ranch, CASTO is building approximately 10,000 square feet of commercial retail space and a 12,000-square-foot childcare center that will be occupied by the Kiddie Academy.
On State Road 70, CASTO cleared a parcel at the intersection of Crossland Trail for future tenants Aldi, Outback Steakhouse, AutoZone and a dentist’s office.
But the crown jewel in CASTO’s East County portfolio is the massive Center Point plaza, which includes nearly everything a resident could need in a 50-acre radius — medical offices, restaurants, banks, retail shops, a grocery store, gas station, coffee shop and more.
The coffee shop isn’t open just yet, but Bad Ass Coffee of Hawaii is anticipated to be open by the end of January. The shop fronts University Parkway, as does Bar Italia.
In December, Hutchens was seated at a table overlooking the bustling dining room of the Italian restaurant.
“I can’t believe the business they’re doing on a Wednesday (afternoon),” he said.
As the name implies, Center Point occupies a prime location in the center of Lakewood Ranch, but that’s not all it takes to pack a restaurant. Hutchens said successfully filling a commercial center requires the right balance.
With restaurants, the team looks to balance both the hours of operation and the cuisines.
The Toasted Yolk Cafe, which is anticipated to open in February, serves breakfast and lunch. Ruth’s Chris Steakhouse and Owen’s Fish Camp only serve dinner.
When it comes to competing cuisines, Hutchens said you can’t have restaurants that “cannibilize” one another.
Center Point offers everything from fast food to fine dining with options ranging from health conscious to indulgent.
Flower Child started construction on a restaurant across from the Tommy Bahama Marlin Bar in December. The restaurant’s motto is “healthy food for a happy world.”
“They’ll go fast and probably be open in March,” Hutchens said. “It’s the first one in Florida. We were really lucky. UTC had been trying to get them, but they’re just not a mall tenant.”
On the more indulgent side, 131 Main will be serving steak and seafood and is also expected to open in March.
CASTO is discerning when it comes to its tenant selection, and because of the company’s track record, Hutchens said tenants pretty much come to them at this point.
Owen’s Fish Camp and 131 Main appealed to the leasing agents because there are limited locations, making them a little more special than the average chain restaurant. Ruth’s Chris Steak House is a chain, but Hutchens said it’s one that’s operated well.
CASTO also likes to work with companies they already know. Chamberlin’s Natural Foods was selected to be the center’s grocery store after having leased a space from CASTO in Winter Park Village.
The 524,000-square-foot mixed use development is north of Orlando and just underwent a $52 million remodel.
Chamberlin’s is a health-conscious grocer, carrying only organic produce and a wide array of supplements.
The Thrivery is opening a few doors over. The cafe will serve cold-pressed juices, smoothies and “clean eats.”
Hutchens said, in addition to the restaurants, everything else has to have a balance, too.
Center Point has several wellness offerings including medical offices, a pilates studio and a med spa. Between GoodVets and Woof Gang Bakery & Grooming, the services extend to pets, too.
The center is completely leased out with the exception of one smaller space across from Owen’s Fish Camp. Hutchens said there are a few tenants that want the space, but the team hasn’t decided which will make the best fit yet.
The retail tenants are the International Diamond Center, Tommy Bahama, Visionworks and Arhaus, a high-end furniture store.
Arhaus is relocating from the Mall at UTC to Center Point and is expected to open sometime in February.
Construction on the center began with the medical office building in 2019 because it was an already permitted use of the land.
CASTO sold the 77,000-square-foot medical office building in July 2024 to Anchor Healthcare Properties for $31.8 million.
Hutchens said it took almost two years to change the DRI, which is the plan for a Development of Regional Impact. Construction on the restaurants and retail couldn’t start until 2021.
Center Point was supposed to be finished in August 2024, but Hutchens expects it to be complete this March instead.
