Olive Townhomes in South Eola

[dwSouthEola]

After being approved by the city in .. 2016 ? and the project stalling out, the land went back on the market and was eventually bought together with the plans which were at that point approved a second time and now we've finally reached demo/construction. While nowhere near as big as 520 Church also being built in the neighborhood right now, this project will still have a huge impact on this block of E Pine St and the neighborhood's image. The buildings being taken were functional, but the townhomes will bring more residents and a breath of fresh air.. extending the newer look of South Eola from S Eola Drive all the way out to the border of the neighborhood at Summerlin Ave. 

I'm just as excited to follow this construction as the 520 Church project, they're so different but both bring new residents to South Eola and enhance the image of the neighborhood. If anyone has comments or pictures to share I thought I'd start the topic. Thanks !

[dwSouthEola]

Will have to link to video bc the files are too big. Lots of people out on the sidewalk taking pictures..

[gibby]

I like the project.  

[Naqiy90]

Only 6 units and 19 parking space  This does nothing to help South Eola become more urban, although this appears to be the maximum density allowed for the area, it's crazy to me that the entire surrounding area of Lake Eola isn't zoned for high density urban dwellings.

[spenser1058]

*Understands now why Michael Tolliver thought Barbary Lane was much better than The Summit*

[dwSouthEola]

I was at the original ARB meeting for this and everyone loved it. I mean if they could've given the architect a hug on his way out.. I think they would have. I wasn't completely sold on it at that point, but since they had them remove the backlit/neon sign I've grown to love it.

As for the number of units and whatnot, the city said there is a step down system starting from CBD to Summerlin so that Summerlin Ave doesn't become a tunnel overshadowed by huge buildings. Still, I kind of wish they had been able to take the duplex on the corner and incorporate that lot somehow. Other than Central & Summerlin there are really no other "entrances" to the neighborhood that make a statement. It would have had more visual impact at the corner/border of the neighborhood and defined one of the main paths used to access the residences and businesses on S Eola Dr.

[gibby]

I think the City policy is to have a max height of 35' along Summerlin, transitioning to a max height of 120' on Eola, with a max height of 200' on the west side of Eola.  I just hope that when the corners of Summerlin/Pine or Summerlin/Central are redeveloped, they're able to utilize the same driveway that this project is building.  This project will have eight units total, including the duplex on Central.  Replacing four houses (that haven't even been lived in recently, as far as I can tell) with eight lived-in units is a great addition to the neighborhood.  I hope it spurs some new development nearby.

[bqknight]

How much do they think they’ll start at?

[prahaboheme]

Let’s just hope all this demolition actually yields construction of the Olive. It wouldn’t be the first time the neighborhood was bulldozed only to have those lots sit empty.

[Jernigan]

[nite owℓ]

Good riddance and about time. Too bad the developer couldn't incorporate any of the corner properties into the development... the remaining duplexes seem out of place now.

Edited October 31, 2018 by nite owℓ

[gibby]

Hopefully, the remaining lots to the east will have cross-access to use the new Pine Street driveway that the Olive is building.  That would allow easy redevelopment of those remaining lots facing Summerlin.

[dwSouthEola]

I was told they tried to include the Pine St duplex & Summerlin bldgs but the owner wanted nothing to do with it.. it's really unfortunate bc at this point, like you said, unless there is rear access from the Olive driveway what can they ever do to maximize those lots ? A townhouse garage would prob never be approved facing Summerlin, would be absolutely ridic for a car to pull in/out on such a busy street.

[dwSouthEola]

On 10/9/2018 at 6:29 PM, bqknight said:

How much do they think they’ll start at?

Having heard what they paid for the land they'll prob be pretty pricey.  There's a website for the project but it doesn't say.    www.theoliveth.com

Just like 'The Brownstones' down the street, they're relying pretty heavy on the lie that this is all in Thornton Park, presumably to jack up the price.

[gibby]

They finally started construction on this thing this week.

[Jvest55]

https://www.zillow.com/homedetails/621-E-Pine-St-Orlando-FL-32801/156772266_zpid/

$950,000 3 bd -4 ba - 2,644 sqft

621 E Pine St, Orlando, FL 32801

"Under Construction. Introducing The Olive Townhomes... an exciting new luxury development in the heart of Downtown Orlando's Thornton Park. Featuring eight exclusive townhomes. This luxury development is only one block away from beautiful Lake Eola. Walk to everything: shopping, the Lake Eola Farmer's Market, dozens of top-rated restaurants like Shari, Odum and The Stubborn Mule, cultural venues such as The Dr. Phillips Center for Performing Arts and the Amway Center (home of the Orlando Magic) and so much more. With a magnet school and the Lake Highland Preparatory School nearby, you simply can't live closer to perfection. Each unit features an open floor plan with high-end finishes, a rooftop terrace, and scenic balconies. Choose from 3 or 4 bedroom floorplans, both with 3½ baths and a 2 car garage. Each unit has been custom-designed with unique finishes. Design Packets available upon request. Floor plan (interior unit) included in attachments. Live a low maintenance lifestyle without the hassle of a large, high-rise condo building. Schedule an appointment today to meet at the construction site to review plans! Estimated project completion: Jan/Feb 2020."

[HankStrong]

$360/sq ft.  Those better be amazing.

[Jvest55]

On 7/17/2019 at 7:57 AM, HankStrong said:

$360/sq ft.  Those better be amazing.

For almost $1M you don't even get a pool! No thanks, hah.

[popsiclebrandon]

That pricing seems way off to me. I can get quite a house in the neighborhood for the same price or less.

[Jvest55]

38 minutes ago, popsiclebrandon said:

That pricing seems way off to me. I can get quite a house in the neighborhood for the same price or less.

Yeah, you can get "a house". The pricing is high, but it can be justified below:

If you want a house as close as this Olive property, or even near it, and with the same finishes (modern everything and new) you not only have to buy an existing property and demolish it, you have to build new. If you've got $1M to spend, you are not looking to buy someones old junk, most likely you'd choose one of the higher-end architects in Orlando. One popular one is https://philkeandesigns.com/ who does a lot of houses in Winter Park. 

So you can imagine, it can add up quite a bit. The cost to buy, demo, reconstruct, you are at probably 1.5 to 2M. In this case, a very modern and exclusive (small # of units)  town home complex can be attractive, especially for the location. 

I am not saying I agree with it, but that's how you can justify it. 

A lot of people in their 50's might look to downsize from a 5000 sq. ft home and go into something like this. Or, maybe someone in their 30s who sees the trend shifting to urban living over suburbia may opt for this.

I guess we will see where the pricing goes, I will follow it.

Edited July 19, 2019 by Jvest55

[popsiclebrandon]

There a plenty of new modern buildouts in the area. I mean I think the outside of this place is very ugly and its not for me but its bigger and much cheaper. I guess we'll find out if they can move these or not. There are 2 of the 4-5 units at Samsara up for sale already.

https://www.zillow.com/homedetails/317-S-Brown-Ave-Orlando-FL-32801/46196459_zpid/

 

Plus you have a ton of homes likes this around all selling for less and prices are dropping for the first time in years.

https://www.zillow.com/homedetails/1917-E-Central-Blvd-Orlando-FL-32803/46227624_zpid/

Also damn you for putting me down a Zillow hole. Anyone got like 150k for me to buy something nice?

[Jvest55]

That's funny, hey, 30 year rate is almost 1 point lower than it was last year.

https://ycharts.com/indicators/30_year_mortgage_rate

[Jernigan]

[prahaboheme]

How is this shaping up from the Central Ave side? I was a bit concerned when first proposed that it would ruin the nice streetscape of the older homes along this stretch of Central.

That said, I’d take a dozen of these over most high & midrises proposed.

Edited August 6, 2019 by prahaboheme

[gibby]