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Radisson Blu | Mixed Use Hotel/Res./Comm [Proposed]

Jernigan

By Jernigan
in Orlando

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Jernigan
Jernigan

Master Plan has been submitted for a mixed-use development comprised of ground floor commercial, 40 multi-family units and 256 hotel rooms at 319 N. Magnolia just south of Skyhouse. Stay tuned.

ucfpatriot18
ucfpatriot18

“Fort Myers-based Conor Acquisitions has filed plans with the City of Orlando for a new, 19-story mixed-use tower downtown that would be anchored by a 256-key Radisson Blu luxury hotel.”   - from Grow

DreS0803
DreS0803

Kind of expected something a little more similar to this

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dcluley98 Town

dcluley98

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I have been wondering about association fees too. One of the main reasons I have never thought about buying a condo downtown is the ongoing association fees that are sky high in some of the buildings. After doing the math, renting was cheaper once you factored in association fees and insurance. It would be a continually variable cost after you "paid" of the condo as well, so in general, you may say you are building equity, but since the cost of living will continue to go up after it was "paid off" didn't seem like such a bargain to me. If having condos in the same building as a hotel could keep association fees lower, that would be another benefit. 

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leondecollao Whistle-Stop

leondecollao

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4 hours ago, dcluley98 said:

I have been wondering about association fees too. One of the main reasons I have never thought about buying a condo downtown is the ongoing association fees that are sky high in some of the buildings. After doing the math, renting was cheaper once you factored in association fees and insurance. It would be a continually variable cost after you "paid" of the condo as well, so in general, you may say you are building equity, but since the cost of living will continue to go up after it was "paid off" didn't seem like such a bargain to me. If having condos in the same building as a hotel could keep association fees lower, that would be another benefit. 

I agree that association fees can get pretty high with condos, especially in downtown areas but I am always amazed by people not realizing you basically have the same costs owing a home - they are just lumpy and not predictable.

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jrs2 Metropolis

jrs2

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On 2/28/2019 at 6:15 PM, IAmFloridaBorn said:

Starting to think Radisson was never in...

Eerily reminds me of when Festival Bay had that original layout plan with all the vendors listed, and then, poof, there was really only like half a dozen...

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AmIReal Burg

AmIReal

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As Jernigan has already pointed out

On ‎5‎/‎2‎/‎2019 at 11:45 AM, Jernigan said:

This has been changed to a residential project instead of hotel.

 

232 multifamily units

9100 sq ft retail 

260 feet

OBJ discusses the rationale-

"That's not surprising as downtown developers continue to build new apartment skyscrapers more than office space, hotels and entertainment complexes, said Luke Wickham, senior vice president in Orlando’s CBRE Inc. (NYSE: CBRE) office, who was not involved in the deal. The explosive growth in Central Florida — which absorbs roughly 1,500 new residents weekly — has driven demand for new apartments."

“It’s easier in the current market to get [investors] excited about apartments,” Wickham said. 

https://www.bizjournals.com/orlando/news/2019/05/09/why-a-downtown-luxe-hotel-project-morphed-into-a.html

 

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spenser1058 Gigalopolis

spenser1058

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4 minutes ago, AmIReal said:

As Jernigan has already pointed out

OBJ discusses the rationale-

"That's not surprising as downtown developers continue to build new apartment skyscrapers more than office space, hotels and entertainment complexes, said Luke Wickham, senior vice president in Orlando’s CBRE Inc. (NYSE: CBRE) office, who was not involved in the deal. The explosive growth in Central Florida — which absorbs roughly 1,500 new residents weekly — has driven demand for new apartments."

“It’s easier in the current market to get [investors] excited about apartments,” Wickham said. 

https://www.bizjournals.com/orlando/news/2019/05/09/why-a-downtown-luxe-hotel-project-morphed-into-a.html

 

I think it makes sense. Apartments continue to fill up and with a new hotel coming on line at CSP, downtown’s notoriously slow hotel occupancy growth would have a hard time making it past even the usual 65% break even rate for quite a while.

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jrs2 Metropolis

jrs2

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Posted
On 5/10/2019 at 2:40 PM, JFW657 said:

More demand for downtown apartments & condos = more downtown residents = more demand for downtown retail and restaurants = more demand for downtown apartments and condos = more demand for downtown office space = more demand for more....

precisely.  the more "stuff" we get, the more demand for...

hotel rooms!

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