Posted 11 April 2005 - 05:41 AM
The Vancouver, British Columbia-based firm (NYSE: IDR) plans to start construction on the Village of Imagine this fall on a 29.51-acre parcel it purchased last year for $19.55 million. The village will combine two themed condominium hotels with 1,000 total units and a retail center.
The Florida-themed village will be located in the currently undeveloped area across Universal Boulevard from the north entrance to the Orange County Convention Center's 2 million-square-foot expansion.
Gregg Anderson, regional vice president of acquisitions for Intrawest Placemaking, says the first phase of the project will include between 120 to 250 condo hotel rooms in one structure, depending on how the units are configured, and about 40,000 square feet of restaurant and retail space, totaling 24 separate concepts.
Sales to existing Intrawest property owners will begin this summer, opening up to the public in the fall, with an 18-month buildout, says Gary Raymond, chief executive of Intrawest's Resort Development Group.
"Our approach is to pre-sell before the stakes are in the ground," Raymond says. "Last year, we did 94 percent pre-sales."
The news of the project is music to the ears of the convention center's Tom Ackert.
"We view this development as vital," says the executive director. "It will improve our customer perception of that area, which is kind of isolated at this point, and provide badly needed access to more hotel rooms, retail and restaurant space."
Themed hotels
At buildout, the village will include two distinctly themed hotels, one styled after the Biltmore in Coral Gables and the other designed like The Breakers Hotel in Palm Beach.
The first to be built, in the Biltmore style, features a central tower of up to 12 stories, flanked by town house and amenity structures. An adjacent old town retail area with architectural touches from St. Augustine and Key West makes up the village concept, eventually connecting the two hotels.
The second hotel, when built, will serve as a "gateway" to the village area. It will resemble the Breakers' twin-tower hotel, complete with an elaborate base. Further details about the second hotel have not yet been determined.
Raymond describes the village as a pedestrian-friendly area with wide streets and a mix of commercial space providing "a sense of discovery."
The project, says Anderson, will be done in phases, eventually building out on the parcel at 1,000 units and 50,000 square feet of commercial space.
The site is part of a larger, 1,800-acre, as-yet-unnamed parcel located east of International Drive, south of Sand Lake Road and north of State Road 528 that is still in a "state of becoming," since no master plan for the development has yet been announced, says Marc Watson, an Orlando developer.
The parcel is owned by Fourth Quarter Properties XLIX LLC, a Georgia company run by partners Stan Thomas, an Atlanta entrepreneur, and Watson.
Speculation is that the entire parcel could one day encompass 12,000 to 14,000 hotel rooms, 200,000 square feet of retail space, 200,000 square feet of meeting space and golf facilities.
Watson says they plan to create a development targeting the more sophisticated business traveler. "Our vision is to create an integrated urban destination that provides a high-end travel experience coupled with Florida's unique natural environment," he says.
The pair acquired the land from Universal/NBC in December 2003 for about $70 million. The former Martin Marietta Corp. site has been undergoing a massive environmental cleanup that will take five more years to complete. It also has been the focus of several controversies, including what some considered a land grab by the city of Orlando late last year to annex the property -- an effort foiled by Orange County Mayor Rich Crotty.
A second village area will be built on an 80-acre site within the larger 1,800-acre parcel that Pulte Home Corp. purchased for $75.04 million last August. Watson says the Pulte project will include vacation homes.
Although prices for the Village of Imagine units are not set as of yet, Raymond says they tend to be high-cost units, and it is "highly likely" that the properties will be flagged by one or more major hotel chains.
That's fine with the convention center's Ackert.
"It is important to our meeting planner customers that this development be of the highest quality," Ackert says. "Intrawest is known for that, and it speaks to our credibility as well."