Citi Tower | 23-Story Residential [Under Construction]

[GRS328]

Why not in it's current form?

Not sure that the economics are there to support it.  And I just don't have that much confidence in the developer based on what I've seen and heard.  Not saying I don't hope it doesn't happen as proposed - I do.  I just don't have much confidence it will.    

[Pete C]

Damn, sucks to hear this all of a sudden. I was thinking this one was a slam dunk at this point.

[Dale]

Any substance to the skepticism beyond conjecture about economics. Seems like there was a lot of excitement about this just scant days ago.

[gibby]

This is my favorite upcoming project.  I certainly hope it doesn't go sideways.

[prahaboheme]

Any substance to the skepticism beyond conjecture about economics. Seems like there was a lot of excitement about this just scant days ago.

 

I am wondering the same. 

[jack]

Developer history, economics, and what I hear in the marketplace. He did not tell me directly he is in trouble if that is what you are asking for but no one seems to know when this will move forward. 

 

But economics is the biggest issue. 

Edited April 1, 2015 by jack

[Dale]

Economics ? Most other cities of Orlando's stature are not having any problem getting highrises built.

[gibby]

Well, I hope everything gets worked out and it moves forward.  I really like this one.

[jack]

Economics ? Most other cities of Orlando's stature are not having any problem getting highrises built.

There seems to be a gap once you eliminate the Skyhouse's when it comes to high-rise buildings in the south. Not including Miami of course. 

 

Sooner or later, someone will figure out how to do it. If not, we can always hope for Novarre to move on the phase 2 of Skyhouse. 

[prahaboheme]

I see more people in downtown Orlando, and in Thornton Park, on any given day than I've ever seen in it's history and more than any other downtown in Florida.  How is there not a demand in the marketplace for a 23 story residential tower across the street from Lake Eola? 

Edited April 2, 2015 by prahaboheme

[popsiclebrandon]

I see more people in downtown Orlando, and in Thornton Park, on any given day than I've ever seen in it's history and more than any other downtown in Florida.  How is there not a demand in the marketplace for a 23 story residential tower across the street from Lake Eola? 

The demand is there but I would imagine the developers from out of town aren't sure how long it can sustain at the current price point. You have to get this thing built and sold before the economy slows down or you are in real trouble.

[jack]

I think there is demand but how many people can afford $2,000 a month is rent? That is the issue. 

[Nick@Night]

Sooner or later, someone will figure out how to do it. If not, we can always hope for Novarre to move on the phase 2 of Skyhouse.

Phase 2 for skyhouse? That isn't a thing, is it? As far as the economy is concerned, don't we have a very low inventory for apartments and condos? Not sure about office space, but I think it's the same.

Between DPAC and Orlando city soccer there seems to be a new energy downtown. Throw in some future stimulating projects like the magic entertainment district and creative village, and we're in such a better place then in 2006 & 2007 when monster residential units were being proposed every other day. Not making a comparison really, just saying.

Of the current proposals, and recent projects finished or finishing up skyhouse, steelhouse, NORA etc. What's the apartment to condo ratio? Are we too one sided here? Is the tower proposed on Jefferson condos it apartments?

There seems to be a gap once you eliminate the Skyhouse's when it comes to high-rise buildings in the south. Not including Miami of course.

Sooner or later, someone will figure out how to do it. If not, we can always hope for Novarre to move on the phase 2 of Skyhouse.

[jrs2]

50/50?

 

55W is apts; Aspire is apts. So are Skyhouse, Steelhouse, Camden, NORA, *Crescent, *Artisan 420, *The Sevens, etc.

 

Vue, Solaire, Paramount, Sanctuary, Star, 101 Eola, Eola South, Waverly, Metropolitan, Jackson, etc. are condos.

[Pete C]

50/50?

 

55W is apts; Aspire is apts. So are Skyhouse, Steelhouse, Camden, NORA, *Crescent, *Artisan 420, *The Sevens, etc.

 

Vue, Solaire, Paramount, Sanctuary, Star, 101 Eola, Eola South, Waverly, Metropolitan, Jackson, etc. are condos.

 

The Paramount is an apartment building at this point and I don't see that changing back to condos. It was originally built as condos but aside from a few units the whole building is managed apartments.

[jack]

Probably 50/50. I would think when the market turns, the paramount will begin selling units. I hear the Vue is doing okay now. 

[Boomer136]

Don't forget Lexington Court and City View, both subsidized apartments.

[Nick@Night]

Yeah I don't know what the appropriate ratio is. 50/50 is probably fine.

My comment is namely on new projects. All the condos are circa 2007 and later. Everything new or proposed is apartments.

I just hope the decisions being made are strategic, and not defensive. Meaning they are following evidence based practices as far as building a downtown community goes. Versus developers simply being gun shy post real estate bubble. It feels like the latter is more likely true.

[popsiclebrandon]

Talked to a developer who is doing a lot around town and condos are always the last piece to come online in a boom so don't expect condos for a bit still. I think a lot of developers learned their lesson last round and will be even more cautious building them.

[jrs2]

^^

if anything, its the banks that are 'gun shy' on lending for condos downtown.

 

Miami is doing it with foreign investors mainly.  Well, those same foreign investors are investing in CLFA but not downtown, moreso in the Disney area.  Those dollars need to be brought up here.

[CaptainJustice]

Is this project dead?

[UPSDAN]

According to OBJ this will be breaking ground soon (this summer).

[mcn11]

That announcement kind of came out of nowhere.

[Jernigan]

Interesting - new permit (BLD2015-05751 June 29) has it as 25 story tower, up from 23

[gibby]

Damn.  I love this project.  I hope this happens.  A surveyor has been out there all week so I was hoping there would be a development soon.