Vertical Medical City | 40-Story Medical High Rise [Proposed]

[spenser1058]

1 minute ago, JFW657 said:

What the rendering shows:

What ends up getting built:

At least in Orlando anyway... 

My only thought about that is how they’ll ever get a certificate of need with one of the largest hospitals in the state just across Lake Ivanhoe.

Granted, the process is political but, so far, I haven’t seen any names with enough clout to, ummmm, trump, that of Adventist.

That’s one of the things that’s nagging me about all this - I feel like there’s someone behind the curtain that we can’t see.

[JFW657]

10 minutes ago, spenser1058 said:

My only thought about that is how they’ll ever get a certificate of need with one of the largest hospitals in the state just across Lake Ivanhoe.

Granted, the process is political but, so far, I haven’t seen any names with enough clout to, ummmm, trump, that of Adventist.

That’s one of the things that’s nagging me about all this - I feel like there’s someone behind the curtain that we can’t see.

     "Drat and double drat!!!! They're on to me!!!!!"

 

Edited January 18, 2019 by JFW657

[jrs2]

5 hours ago, JFW657 said:

     "Drat and double drat!!!! They're on to me!!!!!"

 

OMG, you beat me to the punch!

5 hours ago, spenser1058 said:

My only thought about that is how they’ll ever get a certificate of need with one of the largest hospitals in the state just across Lake Ivanhoe.

Granted, the process is political but, so far, I haven’t seen any names with enough clout to, ummmm, trump, that of Adventist.

That’s one of the things that’s nagging me about all this - I feel like there’s someone behind the curtain that we can’t see.

OMG...what if it's Rick Scott?

[spenser1058]

2 minutes ago, jrs2 said:

OMG, you beat me to the punch!

OMG...what if it's Rick Scott?

Eeeeek!

[prahaboheme]

3 hours ago, jrs2 said:

OMG, you beat me to the punch!

OMG...what if it's Rick Scott?

My bet is on a Russian billionaire.

[jrs2]

11 hours ago, prahaboheme said:

My bet is on a Russian billionaire.

Not out of the realm of probability...remember...they're not too far away in Palm Coast and are cash building that huge resort in DB, so...

[mraurora]

Maybe we can get OKO group up from Miami. 

[orange87]

Environmental Phase II underway all this week.

 

[jrs2]

^^

So, I replayed the video twice because I did not know that there was still a direct connect to Garland north of 50.  Wow.

Aside from that, we'll just have to wait and see how this plays out.

[aent]

20 minutes ago, jrs2 said:

^^

So, I replayed the video twice because I did not know that there was still a direct connect to Garland north of 50.  Wow.

Aside from that, we'll just have to wait and see how this plays out.

I watched it twice because I expected a video where they had something going on at the site, not ending with them driving up to the no trespassing sign outside of the site

[spenser1058]

18 minutes ago, aent said:

I watched it twice because I expected a video where they had something going on at the site, not ending with them driving up to the no trespassing sign outside of the site

But it’s such wonderful click bait!

[JFW657]

1 hour ago, aent said:

I watched it twice because I expected a video where they had something going on at the site, not ending with them driving up to the no trespassing sign outside of the site

How about a nice still screenshot that shows, upon closer examination, that at the time of the video at least, there was no work going on there?

Of course, there might be now, as there's no telling when this video was taken.

Come to think of it, the entire exercise including my posting this pic has been rather pointless, hasn't it?

Oh well. Used up about five minutes or so. That's something I guess. 

[cwetteland]

Drove by around 1:00 today.  There were two trucks on the lot with several workers in safety vests.  

Edited February 11, 2019 by cwetteland

[Dale]

1 minute ago, cwetteland said:

Dove by around 1:00 today.  There were two trucks on the lot with several workers in safety vests.  

Certain UPers Rush to Scene to Impede Progress, Film at 11:00.

[Jernigan]

2 hours ago, Dale said:

Certain UPers Rush to Scene to Impede Progress, Film at 11:00.

We’re all pulling for her to be successful 

[XpressEnterprise]

There's a bizjournal article up (Under paywall). Saying they expect ground breaking summer of this year. The article isn't specific to VMC, it's about 10 towers planned for downtown. 

[IAmFloridaBorn]

25 minutes ago, XpressEnterprise said:

There's a bizjournal article up (Under paywall). Saying they expect ground breaking summer of this year. The article isn't specific to VMC, it's about 10 towers planned for downtown. 

I'm a bit confused by your post.

Going to go read the article

[orange87]

18 minutes ago, IAmFloridaBorn said:

I'm a bit confused by your post.

Going to go read the article

I think he's referring to this article.

https://www.bizjournals.com/orlando/news/2019/02/14/skys-the-limit-downtown-orlando-reaches-for-the.html?iana=hpmvp_orl_news_headline

[IAmFloridaBorn]

49 minutes ago, XpressEnterprise said:

There's a bizjournal article up (Under paywall). Saying they expect ground breaking summer of this year. The article isn't specific to VMC, it's about 10 towers planned for downtown. 

Well I didnt see anywhere where anything could break ground this summer or VMC. If it does happen, that'd be cool.

3 minutes ago, IAmFloridaBorn said:

Well I didnt see anywhere where anything could break ground this summer or VMC. If it does happen, that'd be cool.

I stand corrected. I'm all over the place..

[XpressEnterprise]

 

Here's the snippet. Sorry no images, I had to disable JavaScript to get behind the paywall. 

[IAmFloridaBorn]

1 minute ago, XpressEnterprise said:

 

Here's the snippet. Sorry no images, I had to disable JavaScript to get behind the paywall. 

I just saw the image. It's only approved for 444 ft now instead of the 500 something feet as before. Interesting. I wonder why it got chopped down.

[Uncommon]

From Biz Journal:
At least 10 new towers are proposed for Orlando's 1,000-acre central business district, mostly in the past year, as developers scoop up available land to build more apartments, offices, shops and restaurants.

These projects total more than $2 billion in estimated construction costs, which potentially will generate thousands of construction jobs, add hundreds of new residents and likely will generate more businesses for downtown.

Beyond that, these new towers ultimately will reshape how people understand and interact with downtown, Chatmon said. “The skyline is how you know where you are. It’s an identity.”

The skyscraper proposals also reflect the changing fortunes of the region’s economy. Developers had many of these projects planned before the Great Recession wiped out or stalled them.

For example, Raleigh, N.C.-based Highwoods Properties Inc. (NYSE: HIW) in recent years resurrected plans to build its 14-story Capital Plaza Three office tower at the corner of Church Street and Rosalind Avenue.

"With limited quality Class A office space available in downtown, we are marketing Capital Plaza Three with the goal of securing anchor tenants, which will help kick off the project," Vice President Steve Garrity said.

But office space isn't leading the charge — it's apartments.

Roughly one-third of Central Florida's apartment projects are in downtown, making up a majority of the more than $3 billion wave of multifamily planning and construction in metro Orlando, which is one of the nation’s top-performing markets.

To be sure, there's plenty of demand for new product. Take Naples-based Summa Development Group LLC, which has fully leased its 25-story, $42.6 million CitiTower that was just completed in 2017. That demonstrates the demand for new residential units in downtown.

However, developers haven't been as lucky with office projects. Rather, they’ve struggled to secure pre-leases for a large percentage of the space, something typically required by entities that provide construction financing.

That said, office rental rates rose a “dramatic” 6.5 percent in the central business district, which may make it more feasible to build new in the near future, said Jeff Sweeney, senior director of commercial real estate agency Cushman & Wakefield Inc. (NYSE: CWK) in Orlando. That’s pushed Class A rental rates up to an average of $27.13 per square foot in the central business district in fourth-quarter 2018, Cushman & Wakefield reported.

At least one developer began moving forward with a downtown project before it secured an anchor tenant. Dallas-based Lincoln Property Co. secured leases with monthly office rents north of $30 per square foot at the rising 28-story SunTrust Plaza at Church Street Station. Roughly 90 percent of the office space in the new building — which is supposed to open in August — was pre-leased in the building. “Now if you say $35 a [square] foot to someone, they wouldn’t be surprised,” Sweeney said.

Of course, not all proposed office projects will come to fruition. But that’s not necessarily a negative for Orlando’s growing skyline, as developers may not be able to lease up more than two office projects at a time right now, Sweeney said.

However, the future looks positive. So far, downtown's number of high-rise buildings has more than doubled since 2003. Central Florida's growing population also will create more demand for new space, Chatmon said.

“Our market is strong, and that’s why you’ll see investors continue to invest in downtown for additional projects."

10 Proposed Downtown Towers
SunTrust Plaza at Church Street Station

Cost: $125 million
Status: Under construction
Developer: Lincoln Property Co.
Address: Northeast corner of South Street and Garland Avenue
No. of stories: 28
More details: This is downtown’s first new office tower in about a decade. It will have 200,000 square feet of office space — about 90 percent pre-leased — a 180-room AC Hotel by Marriott on the top floors, 10,000 square feet of meeting space and 7,500 square feet of ground-level retail, including a bank branch.
Church Street Phase 2

Cost: N/A
Status: Construction may start in mid-2020
Developer: Lincoln Property
Address: 225 S. Garland Ave.
No. of stories: 28
More details: The proposed redevelopment of The Ballroom at Church Street is expected to reflect its sister building, with another 200,000 square feet of Class A office space, a hotel or apartment units, and ground-level shops and restaurants.
Orlando Magic Sports and Entertainment District

Cost: $200 million
Status: Proposed
Developer: Orlando Magic
Location: North of Church Street, east of Division Avenue, south of Central Avenue and west of Hughey Avenue
No. of stories: 20
More details: The mixed-use project will have a 250-room hotel; 300-unit residential tower; 80,000 square feet of event space; 100,000 square feet of shops and restaurants; an open-air plaza; and a 200,000-square-foot Class A office building.
Green District

Cost: $300 million
Status: Proposed
Developer: GreenTree Development Group LLC
Location: Southwest corner of Church Street and Division Avenue
No. of stories: 15
More details: The 1.5 million-square-foot mixed-use project will include 129,585 square feet of office space; 66,886 square feet of shops and restaurants; 464 residential units; a 400-room hotel; and 780 parking spaces.
Zoi House

Cost: $140 million
Status: Proposed
Developer: MEC Development Associates
Location: Southeast corner of Livingston Street and Orange Avenue
No. of stories: 41
More details: If built, the planned tower would be Central Florida’s tallest building. It’s expected to feature 300 apartments; 10,000 square feet of shops and restaurants; 130,000 square feet of office space; and 697 parking spaces.
X Orlando

Cost: $200 million-plus
Status: Proposed
Developer: Property Markets Group Inc.
Address: 434 N. Orange Ave.
No. of stories: 24
More details: The project will include 900 apartments, 85,000 square feet of commercial space, 35,000 square feet of co-working space and 1,516 parking spaces.
Vertical Medical City

Cost: $1 billion
Status: Groundbreaking planned for summer 2019
Developer: Ponte Health Properties LLC
Address: 1000 N. Orange Ave.
No. of stories: Roughly 30
More details: The 2 million-square-foot, tri-tower project would be 444 feet at its tallest. The privately financed complex will have assisted-living residences, an urgent-care facility and other connected medical facilities. The project is slated for a 2023 completion and is expected to have a $2 billion annual economic impact.
Capital Plaza Three

Estimated cost: $47 million
Status: Proposed
Developer: Highwoods Properties Inc. (NYSE: HIW)
Address: Northeast corner of Church Street and Rosalind Avenue
No. of stories: 14
More details: The proposed 186,000-square-foot building is smaller than its 15-story sister towers, the 243,297-square-foot Capital Plaza One and 303,224-square-foot Capital Plaza One. The project has been proposed since around 2006.
Orange and Robinson Apartments

Estimated cost: $105 million
Status: Developer is expected buy the land sometime this year.
Developer: Mid-America Apartment Communities Inc. (NYSE: MAA)
Address: 336 N. Orange Ave.
No. of stories: Roughly 10
More details: Plans include building 325 apartments, shops and restaurants, an 11,494-square-foot courtyard and a 606-space parking garage on a 2.09-acre site currently used as a church parking lot.
Radisson Blu

Estimated cost: $57 million
Status: Proposed
Developer: Conor Capital
Address: 319 N. Magnolia Ave.
No. of stories: 19
More details: The project is expected to feature 256 hotel rooms, 40 apartment units and 5,000 square feet of ground-level shops and restaurants.

Some of the projects from above are simply NOT going to happen and I’m not sure why Biz Journal even bothered to list them. Perhaps because they wanted a nice round number 10?

Who knows but Capital Plaza 3 and Church Street Plaza Phase 2 are not happening lol hard to see all 3 towers of Vertical Medical City being built too. I’d be stoked with Zoi House though, since I think a looming pre-cession is rapidly approaching (if it hasn’t already).

[prahaboheme]

I wouldn’t count out Church St Plaza phase 2. Lincoln Properties has a solid record in downtown Orlando of getting proposals off the ground.

[Jernigan]

Classic OBJ - Highwoods quote didn’t say they were building CP3 any more than they have been for the last decade.

[dcluley98]

I would say Zoi house and the first phase of X-Orlando have a higher chance of happening than any commercial office space. There is a big shuffle right now with office space after SunTrust and BOA announced moves and SunTrust merger with BB&T. Developers like Lincoln and Highwoods are very good developers and capable of securing capital for projects, with a long history of doing so, however, they just are not going to move forward if the market demand is not there and the pro-forma say it is risky. 

Residential apartments are still very hot, and the three with legs seem to be Radius, Zoi, and X-Orlando. I think the Radisson is probably a definite too.