Citi Tower | 23-Story Residential [Under Construction]

[John Hargrove]

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

 

Gaining floors instead of losing them. Love the sound of that. 

[Dale]

There was a lot of naysaying on this project.

[jrs2]

^^

I wonder.  We've got July and August to see.

 

But it makes me wonder about a theory I had or read, that they were waiting for 420 to top out and substantially finish it's northern facade before breaking ground for whatever reason... the timing corroborates this.

[gibby]

Any news with this project?

[Jernigan]

No news but no worries - this one is getting built.  I don't get over there often enough - the fence should be up soon if not already.

[gibby]

I walk by twice a day.  The fence has been up for a long time.  I'll be really happy when this one starts.  The activity in South Eola is very exciting.

[Jernigan]

Great!  They were also issued a permit to build the foundation.   Other building permits are still in review 

[gibby]

Any news with this thing?  I'm getting nervous that it won't start.  City website shows that they received plan comments in early September but nothing has been resubmitted yet.

[jack]

Word is they have a new GC and they have gone to contract. So we will see. 

[gibby]

Word is they have a new GC and they have gone to contract. So we will see. 

That sounds encouraging.  Hopefully, they'll resubmit plans soon.  Thanks.

[GRS328]

They got their financing, too.  Never thought that would happen.  Every bank in town (and out of town) passed on this deal because of the economics.  Apparently though, the developer group reconsidered its financial commitment and came back around with more modest loan terms requested.  Even then, it took a financial institution with a generally higher risk tolerance to sign up.  But it certainly looks like it's a go at this point. 

[gibby]

They got their financing, too.  Never thought that would happen.  Every bank in town (and out of town) passed on this deal because of the economics.  Apparently though, the developer group reconsidered its financial commitment and came back around with more modest loan terms requested.  Even then, it took a financial institution with a generally higher risk tolerance to sign up.  But it certainly looks like it's a go at this point. 

Fantastic!  Hopefully this can start before the end of the year.  Looks like they applied for a retaining wall permit on Thursday.  Still no resubmittal on the full construction plans  though.  Thanks for the update.

[GTR]

They got their financing, too.  Never thought that would happen.  Every bank in town (and out of town) passed on this deal because of the economics.  Apparently though, the developer group reconsidered its financial commitment and came back around with more modest loan terms requested.  Even then, it took a financial institution with a generally higher risk tolerance to sign up.  But it certainly looks like it's a go at this point. 

Interesting to hear. I said before that a lot of these planned high rise apartments were pie-in-the-sky because of the financing hurdles and the lowish rent rates of downtown Orlando. This just backs it up.

[bic]

I moved all of the off-topic rent talk to the Residential Real Estate thread in the Coffee House.

[jack]

It is a bit scary to know that they are moving forward. Those construction numbers do not make sense. 

I believe they are heavily relying on preferred equity. 

[prahaboheme]

So is it true that this thing is really under construction as the BizJournal reports?  Have to take what they say with a grain of salt these days.

[RedStar25]

So is it true that this thing is really under construction as the BizJournal reports?  Have to take what they say with a grain of salt these days.

Well, there are two port-o-potties on the site and scaffolding stacked up.  

[HankStrong]

I saw a homeless guy there... ON-SITE SECURITY TEAM IN PLACE!

[GTR]

Trees being cut down this morning. It's starting!

[Pete C]

Awesome!!!

[Ocityst]

Edit: Wrong project

Edited November 3, 2015 by Ocityst

[RedStar25]

BAH! You beat me to it. 

Edited November 2, 2015 by RedStar25
Redundant.

[smileguy]

Here's a sketch from an ARB application. Not sure it'll have too big of an impact on the skyline from I-4, with everything to the West of it.

[John Hargrove]

Should be visible from 408 at least.

[prahaboheme]

Food for thought:  With Citi Tower rising and 420 Church nearing completion, this will be the first north/south stretch of the South Eola neighborhood with an uninterrupted streetwall between Central and South streets.  This neighborhood has been cut up and dissected over the years by overly optimistic developers who came up short and left us with empty lots.  It's nice to see some density repairing the damage.