July 24th, 2010 7:18 PM

A local firm is moving forward with the redevelopment of a former water park along Osceola County’s struggling tourist corridor, U.S. Highway 192. Plans call for building up to 75,000 square feet of entertainment and office space on 6 acres at the Shoppes of Celebration mixed-use development near Celebration Avenue.

Celebration Mania Investors LLC, an entity related to retail development firm Intram Investments LLC, originally planned to build a 294-room hotel/condo hotel on the site, but last month got approval from the county to change that to an entertainment/office complex. Intram Investments Vice President Randy Hodge said a local investment group he declined to name has the 6.3-acre entertainment/office site under contract for purchase for an undisclosed price and plans to build a $3 million bowling alley and arcade.

The work resurgence is welcome news for the county and surrounding businesses, especially as that particular site has been quiet since Orlando-based Intram Investments bought it for $19.5 million in 2005, tore down the former Water Mania water park and motel, began redevelopment and then sold off portions of it to various developers.

The economy’s decline and ensuing real estate slowdown hurt many businesses during the last few years. For example, the Kissimmee/St. Cloud submarket posted a nearly 9.8 percent retail vacancy rate in the second quarter, compared with 9.6 percent for the year-ago period. The average asking lease rate was $18.46 per square foot in the second quarter versus $19.40 in the year-earlier quarter.

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