What's happening to Colonial Promenade in Orlando? The Greater Orlando Aviation Authority's committee has approved a 30-year lease to redevelop Colonial Promenade, an open-air shopping center near Orlando Executive Airport, with at least $20 million in renovations and 125,000 square feet of new retail space; the full board votes on the deal on November 18, 2026.
Not every commercial revitalization project in Orlando starts with a private developer. Colonial Promenade, built in 1985, was taken over by the Greater Orlando Aviation Authority (GOAA) under a 2017 agreement, after years of rising vacancy and deferred maintenance. Nearly a decade later, the aviation authority's committee has approved a redevelopment plan with developer The Wideman Company, complete with concrete numbers and a decision timeline already in motion.
From Vacancy to a Second Life: Colonial Promenade's History
Colonial Promenade sits on a 21-acre parcel owned by GOAA, the same authority that runs Orlando International Airport (MCO) and Orlando Executive Airport. Built in 1985 as a traditional open-air shopping center, the property accumulated vacancy and deterioration over the years until GOAA took control of the site in 2017.
That history matters for anyone tracking Orlando's commercial real estate market: land owned by public authorities like GOAA tends to take longer to redevelop, but when projects do move forward, they often come with long-term planning and solid lease structures, which is exactly what is happening here.
The Deal With The Wideman Company: Numbers and Timeline
On November 4, 2026, GOAA's commercial real estate development committee approved a 30-year lease with developer The Wideman Company, with two 10-year renewal options. The plan calls for renovating the property's east side, including a large wholesale store and a gas station, along with revitalizing the west building and creating three new outparcels for retail and restaurant use.
Why This Matters for Anyone Watching the SR 50 Corridor
Colonial Promenade sits near Orlando Executive Airport, in an area that is part of a broader vision for commercial activity along State Road 50, a corridor that has already seen other significant investment in recent years. Public or quasi-public projects like this one tend to function as long-term confidence signals for a corridor, similar to what we have already seen in other commercial investments in the region, such as the $56 million project reshaping the I-Drive and Sand Lake corridor and the $35 million shopping and dining hub at Oakland Village, in West Orange County.
For investors watching the growth of specific Orlando commercial corridors, this kind of project usually precedes, rather than replaces, a broader reassessment of the surrounding area: more retail and service foot traffic tends to make a region more attractive for housing and investment over time, a pattern also seen in areas that have received new infrastructure districts, such as the 380-acre Dowden Central infrastructure district in Lake Nona.
Next Steps: What to Watch Before November 18
The deal with The Wideman Company is not finalized yet. After the committee's approval, the full GOAA board votes on the lease on November 18, 2026. If approved, the next step involves sign-off from the Federal Aviation Administration (FAA) and the City of Orlando, with no set timeline so far. Until then, the project remains an approved proposal at an intermediate stage, not a finalized agreement.
Frequently Asked Questions
Has the Colonial Promenade lease already been finalized?
Not yet. GOAA's commercial real estate development committee approved the proposal on November 4, 2026, but the deal still needs a vote from the full GOAA board on November 18, 2026, followed by approvals from the FAA and the City of Orlando before it becomes final.
Does this kind of commercial redevelopment usually affect property values in the area?
New retail and commercial infrastructure investment tends to increase an area's appeal over time by drawing more foot traffic, retail, and services. That does not guarantee appreciation for any specific property, but it is one of the factors investors typically watch when evaluating a corridor in transition.
Where is Colonial Promenade located relative to the rest of Orlando?
Colonial Promenade sits on a 21-acre parcel owned by the Greater Orlando Aviation Authority, near Orlando Executive Airport, in an area that includes part of the State Road 50 corridor. This is a different airport from Orlando International Airport (MCO), and it is used for general and corporate aviation.
