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Orlando Central | 325-feet Residential [Approved]

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I agree with cwetteland. 

Providing another residential anchor along Gertrude's Walk may help stimulate development between this property and Church Street, as well as up to Colonial. There a bit of a barrier between this strip and Orange Ave (Sunrail/CSX tracks and almost a solid row of parking garages) but I think that could help Gertrude's Walk develop it's own identity. I think the key will be filling in the gaps in the trail and really having some destination activities along it (like Ace Cafe, and maybe a dog park). This might be a reach, but I can see Robinson corridor benefitting as a retail district after this project comes online, North Quarter is filled out, and maybe another couple residential buildings are built along Gertrude's Walk.

 

I'd like for the Robinson corridor to evolve similar to Central Ave but that would only happen with a major road diet (four to two lanes) and street calming measures.  The Robinson side of Lake Eola actually has THE BEST views of the lake and the skyline -- it would be great for businesses along this stretch to maximize their potential by making this a more pedestrian friendly stretch.

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I was just looking at the MPB report that just came out.  There's been a change.  The lighter section of the building has added what looks like a floor, making it taller than the darker part of the building.  This top floor does not have balconies like the floors below it.  Could this be the "signature crown"? 

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This is this one right?

http://www.svn.com/find-properties/?propertyId=92204-lease

http://www.loopnet.com/xNet/MainSite/Listing/Profile/Profile.aspx?LID=19272986&SRID=6457066392&StepID=101

 

Looks like they just listed this 2 days ago. Hopefully that means it is moving forward. Don't know if we'll ever get the 2nd tower with it being condos but would be nice.

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No.  We've been talking about Orlando Central, one block north of this.  This is new, if real..  

Ok couldn't tell if the same lot or not. The lease brochure on loopnet is an investment offering brochure so we have a long way to go but its very interesting if this is a new one.

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Anyone have insight on whether or not Orlando Central is happening?

A while back I was told to bet on City Tower and Tremont and so far it seems like that was sound advice 

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Nothing's been reported on it for over a year, I'd say it's safe to add this to the graveyard of proposals that could have been.

Architectonica (the architecture firm that designed this project) held a lecture last month in the downtown UCF building. I regret not being able to go, but if I did, I would have asked someone in the firm what happened with it.

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Looks like this thing is coming back alive 

 

Orlando apartment experts are confident in downtown’s appetite for multifamily construction — and that bodes well for a 1.4-acre site near Creative Village.

A 31-story residential tower was proposed in August 2015 for the parcel on West Jefferson Street between Garland and Gertrude avenues. City of Orlando officials at the time had approved construction of 450 apartments, a 478-space detached parking garage and 13,464 square feet of ground-floor commercial use. However, the project never broke ground.

 
 

That’s because Miami-based Orlando Central LLC — which in 2015 was under contract to buy the property from Delray Beach-based landowner HHH Reilly Fund LLC — couldn’t secure equity for the planned project. Approvals for the proposed project’s master plan were extended in July 2017 through Aug. 10, 2018, city documents showed.

But now, HHH Reilly Fund plans to seek a new buyer, with plans to put it back on the market next month. The proposed West Jefferson Street tower site — referred to as Orlando Central in city documents — also may be ideal for a hotel or mixed-use development, according to Robert Smith, president and founder of Orlando-based Smith Equities Real Estate Investment Advisors, who will begin marketing the property for sale in April. “The seller feels like it has a great location.”

The time seems right for the project to move forward, since downtown has roughly one-third of Central Florida’s $3 billion in apartments planned or under construction, real estate experts said.

Part of the reason for the optimism: Construction is well underway on the first phase of the $1.5 billion Creative Village mixed-use project.

Creative Village, anchored by the UCF Downtown shared campus between Valencia College and the University of Central Florida, is expected to bring nearly 8,000 students, faculty and staff into downtown and its surrounding neighborhoods.

And it’s expected to encourage even more downtown activity.

 

“We are bullish on the long-term growth prospects taking place in downtown Orlando,” said Scott Ramey, senior managing director with New York-based Newmark Knight Frank (Nasdaq: NMRK), who isn’t involved in either project. “More renters want to move to an urban, walkable environment, which is now being created in downtown Orlando.”

In fact, downtown’s apartment market, known as the central submarket, has performed strong. Rental rates climbed to $1,547 per month from $1,435 the year prior, the most recent data from Charlotte, North Carolina-based Real Data Inc. showed. The submarket’s average vacancy in fall 2018 was 8.1 percent, and a total of 3,512 units were under construction — the most in Central Florida.

Regardless, the new project adds to more than $2 billion in overall proposed downtown tower construction, which would generate thousands of temporary construction jobs, add hundreds of new residents and likely attract more businesses.

Already, at least 10 new towers are proposed in the 1,000-acre central business district as developers scoop up available land to build more apartments, offices, shops and restaurants.

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Well, it's at least two block south of Creative  Village, so they won't see the garage, especially with the higher I-4.    The front will have a road, N. Gertrude Ave, that will provide an exclusive entryway., and a buffer to the RR is  with a wall of trees.  

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From my understanding, the project as designed is not "back". They are just trying to sell the lot to a new developer, as somebody else posted previously, and with an exorbitant asking price of like $15 Million. 

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1 hour ago, dcluley98 said:

From my understanding, the project as designed is not "back". They are just trying to sell the lot to a new developer, as somebody else posted previously, and with an exorbitant asking price of like $15 Million. 

Thanks for the clarification. I thought the article was saying it was trying to secure equity from another source to fund the project. 

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43 minutes ago, XpressEnterprise said:

Thanks for the clarification. I thought the article was saying it was trying to secure equity from another source to fund the project. 

Nothing against what you posted, Xpress, OBJ tends to be a bit "optimistic", shall we say. 

I hope they develop the Jefferson lot, it would really fill in a couple of gaps to make the skyline and the transition between CBD and CV. 

Edited by dcluley98
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13 minutes ago, dcluley98 said:

Nothing against what you posted, Xpress, OBJ tends to be a bit "optimistic", shall we say. 

I hope they develop the Jefferson lot, it would really fill in a couple of gaps to make the skyline and the transition between CBD and CV. 

“Optimistic” - I like that.

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