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Citi Tower | 23-Story Residential [Under Construction]

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On 8/20/2017 at 3:32 AM, jgardnerucf said:

PSA to property management in charge of DMX lighting control app... C'mon. Step your game up.  :::shakes fist at Amway...:::

...like a similar control scheme for that BOA building in Times Square at Jackson Park where you can control the color of the spire...kind of...

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Decided to go take the tour today.

Looked at 3 different units and all the amenities and it was interesting. The views are incredible. You can basically see all parts of Orlando from the pool/amenity deck and its incredible. One unit I looked at had an incredible view of the lake, city, and executive airport. The common areas are all really nice and they are giving an entire floor to guest parking in the garage for residents. All of that they hit out of the park.

The actually units though are a huge disappointment. The washer/dryer were very nice but the rest of the appliances were pretty meh. I looked at 2 different 2 bedroom and 1 1 bedroom and the 1 bedroom had the most space. The master in each unit had some of the smallest bathrooms I've ever seen. Rooms were barely bigger, it would be hard to fit a bed, dresser, and end tables. Then they had some random weird halls in them that just wasted space. Very ugly carpet inside them as well, not sure why doing the interior cement walls you could then put down carpet but they did it. Oh and the front doors like just like the doors in the residence halls at UCF.

Overall it seems like someone read an article about what millennials like, threw it up all over the place and decided to charge 40% more than any other apartment in the area. If it was normally priced I'd consider it for the location, views, and amenities but with the low quality of the actual units I'd never do it for what they are priced now.

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Do you guys think that this and other projects like it are being built with the notion that they may or will be converted into condos later?  That's what they did with Waverly.  That was a big deal prior to the boom.

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BTW - I believe the Health Food place that was meant to go in there is no more, along with the bank. There were signs for the Food place which are no longer there. However, there is a sign for a Day Spa coming soon...great???

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1 hour ago, bqknight said:

Artwork is going up. It's an interesting article. Something to note - appears that the developer of CitiTower is "dead set" on doing another development in Orlando. 

http://www.orlandosentinel.com/classified/realestate/os-cititower-orlando-art-20180228-story.html

If he does move forward with another project, rest assured, I guarantee you he will try to get as many incentives as possible to offset that extra $.5M for the art.

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I read that article today. Interesting points in there. Who the heck can afford 4 grand for 3 bedroom?  That's insane! Definitely not "young professionals" or "creative class". Maybe it's retiring northerners. 

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2 hours ago, bqknight said:

Artwork is going up. It's an interesting article. Something to note - appears that the developer of CitiTower is "dead set" on doing another development in Orlando. 

http://www.orlandosentinel.com/classified/realestate/os-cititower-orlando-art-20180228-story.html

Highly doubt they get another project off the ground.

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1 hour ago, dcluley98 said:

I read that article today. Interesting points in there. Who the heck can afford 4 grand for 3 bedroom?  That's insane! Definitely not "young professionals" or "creative class". Maybe it's retiring northerners. 

Three single people with decent paying jobs could swing it.  

 Better yet, three couples each sharing a bedroom and splitting it six ways.

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You are correct. It would probably take like 70k salary though, and young single people that have jobs that pay that much usually have pretty heavy student loans. I guess it's possible when you put it like that though. 

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I counted a few days ago and they were only at 38% occupancy. That place is empty and they just lowered prices again last week.
It also is super ugly inside and poorly designed. Love the exterior so thats good for Orlando but its just bad on the inside and the pricing is so out of wack. I laughed at the guy who tried to convince me a 2 bedroom that was smaller than my current place that I pay $1200 for was a great deal at $2160.

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35 minutes ago, popsiclebrandon said:

I counted a few days ago and they were only at 38% occupancy. That place is empty and they just lowered prices again last week.
It also is super ugly inside and poorly designed. Love the exterior so thats good for Orlando but its just bad on the inside and the pricing is so out of wack. I laughed at the guy who tried to convince me a 2 bedroom that was smaller than my current place that I pay $1200 for was a great deal at $2160.

For $2,160 a month you could get a $300k house and build equity with each mortgage payment.

Edited by orange87
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27 minutes ago, orange87 said:

For $2,160 a month you could get a $300k house and build equity with each mortgage payment.

I'm sure that's true, but not everybody wants to buy a house and settle down in it. 

There are likely enough people running around Central Florida who just want to rent and don't mind sharing a place.

Lot of people want to be downtown, too.

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You also need to be able to afford a down payment.  It takes a while to get 25k built up, and that's just 5% down + closing...

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It's going to take some time for them to get people in there - 420 took quite a bit but is now 95% full (according to their availability tool). Anytime someone does move out there, it seems like someone is moving in right after. 

I have friends that live in Citi and they like it but don't LOVE it. Citi is going to need to get their prices to around 420 for them to start filling up. 

I saw on a sales flyer for 420 retail that the average HHI in 420 is $105K. There's lots of doctors/lawyers in the building, even some Orlando City players. 

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7 hours ago, bqknight said:

It's going to take some time for them to get people in there - 420 took quite a bit but is now 95% full (according to their availability tool). Anytime someone does move out there, it seems like someone is moving in right after. 

I have friends that live in Citi and they like it but don't LOVE it. Citi is going to need to get their prices to around 420 for them to start filling up. 

I saw on a sales flyer for 420 retail that the average HHI in 420 is $105K. There's lots of doctors/lawyers in the building, even some Orlando City players. 

420 is 95% occupied!  Wow.  That must be why the developers are pushing forward with 520.

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^^

I don't know if I agree with the exterior art requirement.  It cost these guys half a mil.  They should just require that the garage have a covering over it, mesh or whatever, that makes it look less like Solaire's garage.

I guess the Mayor regrets letting Kuhn get away with what he got away with 11 years ago with that eye sore so he's passing on his bad decision making outcomes to new developers which could stifle new projects from getting built downtown.  I think it's funny how Dynetech had to have art on it's garage but Solaire didn't even have to have the damn thing finished, for at least a year or more, once the doors opened.  Yep.  That midnight razing of the Jaymont Block which yielded The Plaza with the ugliest garage in the history of a high rise.  And now The City is acting high and mighty about an art requirement on CitiTower's garage when The Plaza's garage is so horrible.  Well, midnight deals; unclean hands; follow the money and lack of enforcement, or, follow lack of enforcement and you can predict where the money exchanged hands.  Middle finger extended at City Hall's hypocrisy.

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