Lake Ave. & Pine St. | 33-Story Mixed-Use [Proposed]

[Jvest55]

A Naples developer behind a proposed skyscraper in downtown Orlando will look to the Federal Aviation Administration to make sure its tall tower won't be a hazard to airplanes.

Summa Development Group LLC plans to reach out to the FAA to conduct a study about the proposed 33-story Summit Radisson project at the southwest corner of Pine Street and Lake Avenue, Principal Albert Socol said. He declined to comment further on the project, which would spread over about 1 acre. Summa Development Group developed the adjacent 25-story, $42.6 million CitiTower.

The project would feature a 211-room hotel, 75 condos, 15 "penthouse" units, a six-story parking garage and retail space, according to city of Orlando plans. Amenities include a spa, gym, executive lounge, a rooftop pool and meeting room space, and renderings show the hotel brand would be the upscale Radisson Collection. A cost for the project isn't immediately known.

Address: 108 Lake Ave 

 

 

[Jvest55]

Here's the website: https://bkvgroup.com/project/the-summit-radisson-collection/

Here's how the developer could own the land: "Orlando-based Smith Equities Real Estate Investment Advisors is marketing the roughly 1-acre assemblage, which currently features homes and Smith Equities' headquarters. President and Founder Robert Smith said he's asking more than $14 million for the site. He's been talking with Socol about the site for several years and sold the developer the land for the adjacent CitiTower."

Edited August 2, 2019 by Jvest55

[popsiclebrandon]

Socol has til 2021 to unload Citi tower before his bridge loan comes due. The loan rate was over 300k per apartment on that so making much profit on that seems unlikely.

 

I will not hold my breath on this project but guy might be looking to do one more big project here (he is 77) and I would think has the ability to find the lending to do it while the economy is still good.

[Jvest55]

7 minutes ago, popsiclebrandon said:

Socol has til 2021 to unload Citi tower before his bridge loan comes due. The loan rate was over 300k per apartment on that so making much profit on that seems unlikely.

 

I will not hold my breath on this project but guy might be looking to do one more big project here (he is 77) and I would think has the ability to find the lending to do it while the economy is still good.

Interesting info there on the bridge loan!

I am not sure how I feel about the mix-use building. It's an interesting way to bring condos back into the downtown market, as there hasn't been new condos built since the financial crisis. Star Tower is probably the most high end one right now,. A bank may feel more confident about the condos with a hotel chain behind it, but I am not sure the economics makes sense. Would somebody really buy into a condo in a hotel chain? What if the hotel suffers? It's much easier to run a condo building with the financials of just the owners rather than everything that comes along with a hotel. 

Also, not sure the FAA will like this plan. Lots of single prop planes buzz right over Cititower. 

[klstorey]

I'll be sad to see the St Regis apartments demo'd. I think the region could benefit from more, not fewer, smaller apartment complexes that have character. Garden apartments and the like are sorely needed. That missing middle can add a lot of character to a community and provide a better mix of housing costs. 

[JFW657]

12 minutes ago, klstorey said:

I'll be sad to see the St Regis apartments demo'd. I think the region could benefit from more, not fewer, smaller apartment complexes that have character. Garden apartments and the like are sorely needed. That missing middle can add a lot of character to a community and provide a better mix of housing costs. 

They are incrementally destroying the charm and feel of that neighborhood.

[Jvest55]

18 minutes ago, klstorey said:

I'll be sad to see the St Regis apartments demo'd. I think the region could benefit from more, not fewer, smaller apartment complexes that have character. Garden apartments and the like are sorely needed. That missing middle can add a lot of character to a community and provide a better mix of housing costs. 

Great response, I don't particularly care for the St. Regis apartments but I am 100% behind your argument.

[Naqiy90]

1 hour ago, klstorey said:

I'll be sad to see the St Regis apartments demo'd. I think the region could benefit from more, not fewer, smaller apartment complexes that have character. Garden apartments and the like are sorely needed. That missing middle can add a lot of character to a community and provide a better mix of housing costs. 

My thoughts exactly, St Regis apartments are some of the last relatively affordable places downtown. Considering this project would be mostly hotel rooms, it seems it would be a net loss for housing units downtown

[Camillo Sitte]

Ya, well, you know, it's a Raddison. So it's pretty good.

[Jvest55]

2 hours ago, Naqiy90 said:

My thoughts exactly, St Regis apartments are some of the last relatively affordable places downtown. Considering this project would be mostly hotel rooms, it seems it would be a net loss for housing units downtown

With 75 condo units, not including 15 penthouses that probably are over $1M, not sure it's a net negative, but, it's a negative for affordable housing that's for sure. It would seem unlikely that regular condos go for anything less than $500k, especially those with a Lake Eola view, or downtown proper view. How many units are at the Regis?

Edited August 3, 2019 by Jvest55

[cwetteland]

Raddison mixed-use projects haven't had much luck in DTO this year.

[spenser1058]

nite owl, how much are units at the Met going for these days?

[Naqiy90]

1 hour ago, Jvest55 said:

With 75 condo units, not including 15 penthouses that probably are over $1M, not sure it's a net negative, but, it's a negative for affordable housing that's for sure. It would seem unlikely that regular condos go for anything less than $500k, especially those with a Lake Eola view, or downtown proper view. How many units are at the Regis?

You're right there's only 45 units at St Regis, so there would be slightly more housing units but the affordability and charm of St Regis as the last Garden apartment in downtown  would be a huge loss. I doubt this project will get built however, the condo market has not be great since the recession, there has been no condo's built downtown since then to my knowledge, just rentals.

[orange87]

Hopefully Orlando becomes like Boston where you can't get a house or condo within an hour away for less than $300k. That'll do wonders for my home's value. I'm not planning on ever moving so I'm all set. Got my forever home just 30 minutes from Orlando.

[Jvest55]

1 minute ago, orange87 said:

Hopefully Orlando becomes like Boston where you can't get a house or condo within an hour away for less than $300k. That'll do wonders for my home's value. I'm not planning on ever moving so I'm all set. Got my forever home just 30 minutes from Orlando.

It's heading that way.

[HankStrong]

A friend looked at a duplex this weekend for his aging relatives.  Put one of the one side, one on the other.  There was a not-so-nice place off Curry Ford/Chickasaw that would've cost him $350k for both sides (1,100 sq ft each, 2,200 sq ft total for the entire place), which would be $160/sq ft.  Those are 00s-bubble numbers.  This place is 30 years old and in bad condition.   He'd have to drop 50k just to get it reasonably nice, more if he wanted it really nice.

Obviously, he passed.

[AmIReal]

29 minutes ago, HankStrong said:

A friend looked at a duplex this weekend for his aging relatives.  Put one of the one side, one on the other.  There was a not-so-nice place off Curry Ford/Chickasaw that would've cost him $350k for both sides (1,100 sq ft each, 2,200 sq ft total for the entire place), which would be $160/sq ft.  Those are 00s-bubble numbers.  This place is 30 years old and in bad condition.   He'd have to drop 50k just to get it reasonably nice, more if he wanted it really nice.

Obviously, he passed.

But with the current rental market an investor could likely return a 7-9% CAP rate, write off all the repairs in the 1st year (useful for multi-property owners) and likely/ maybe (?) continue to see significant increase in value. 

[codypet]

I just realized the footprint of this building appears to be L shaped.

[sumstra]

On 8/2/2019 at 4:38 PM, klstorey said:

I'll be sad to see the St Regis apartments demo'd. I think the region could benefit from more, not fewer, smaller apartment complexes that have character. Garden apartments and the like are sorely needed. That missing middle can add a lot of character to a community and provide a better mix of housing costs. 

St Regis and the adjacent building are not part of this assemblage. The site being marketed is more or less a L shape that wraps around those two buildings.

[Jvest55]

It's worth noting that the URL for this project no longer works

https://bkvgroup.com/project/the-summit-radisson-collection/

[IAmFloridaBorn]

1 hour ago, Jvest55 said:

It's worth noting that the URL for this project no longer works

https://bkvgroup.com/project/the-summit-radisson-collection/

Damn. 

 

I really wanted to see this one go up

 

The Facebook link is still available though

https://m.facebook.com/BkvGroup/posts/2867792969904300

Edited February 29, 2020 by IAmFloridaBorn

[tc01]

This was actually one of the nicer proposed buildings in Downtown Orlando. 

[DreS0803]

Updated rendering. Project will go to the MPB for review in September. Plans call for 129 branded residences, a combination of 102 condominiums and 27 penthouse units spread among the 14 upper floors. The building would have its own dog park. Also, a 228-key luxury convention hotel with more than 60,000 square feet of indoor and outdoor meeting space on three floors and a Sky Club on the 33rd floor with a pool and outdoor dining.

[AndyPok1]

I think I prefer the older rendering but its interesting if a not bad way

[orange87]

Both renderings are good IMO. The newer one has a little bit more character to it and looks less generic than the first one. I'm glad it appears they'll keep it at 33-stories.