55 West

[JRS1]

that's true, i didn't think about the meeting space. but is there that much of a demand for meeting space in the CBD? also forgive me, but what is CVB?

convention & visitor's bureau. office off of Westwood near Sea World. I know they focus on booking rooms at the OCCC. not sure what their mandate is for the metro ala booking rooms.

[FLheat]

I read condo hotel as well:

"When construction started, 55 West was to have been a residential condominium with 80,000 square feet of retail. Grosse Pointe CEO Bob Hensley says his company will keep the retail space but now plans to convert the space into a condominium hotel, a boutique suite hotel and office space. "

OK, the Orlando Business Journal keeps updating the article. Here is the current post and further clarification:

Changes are coming to 55 West on the Esplanade.

The project's lender, SNS Property Finance of the Netherlands, foreclosed on the property Jan. 7. The lender also replaced the developer, Tampa-based Euro American Advisors Inc., with Grosse Pointe Development Co. of Fort Myers.

Grosse Pointe CEO Bob Hensley characterized SNS Property Finance's actions as a "friendly foreclosure" and says work on 34-story tower on Church Street will continue.

"The bank is willing to step up and complete the project. The job will not shut down, and the building will be finished in November," Hensley says. "This is not a contentious thing. [Euro American] is welcoming our involvement."

Hensley was quick to say Grosse Pointe is not an investor in the 55 West project and will only oversee the completion of the project. Grosse Pointe and SNS Property Finance have a long-term relationship, Hensley says, noting that SNS Property Finance is a limited partner in all of the firm's Florida developments.

Along with a change in developers will come a change in focus. Hensley says the project will still contain residential condos, but Grosse Pointe is considering adding a boutique suite-oriented hotel and office space.

Of the 405 residential units originally planned for the building, the project has about 260 contracts to purchase. Those contracts will be honored, Hensley says.

Hensley is unsure how much of the building might be converted into non-residential uses.

"We're still analyzing what to do with the space that is not sold and the space that is not designed for today's market," Hensley says of features like tower's two-story penthouse suites.

[FrigginGr8est]

I did not see condo hotel. They must have changed the article. I see hotel from the existing units.

In the article:

"Along with a change in developers will come a change in focus. Hensley says the project will still contain residential condos, but Grosse Pointe is considering adding a boutique suite-oriented hotel and office space. "

My question is: my 2/2 is on the 14th floor, is the hotel going to be on the lower floors which I hope means I get a higher floor (sweeeet) and what about the loft units around the parking decks. This is a very interesting development

[wally2169]

What of the Esplanade?

Is this still going ahead as normal?

The last time I saw the Esplanade construction was 2 years ago

Anyone know how the remodel is coming along and whether or not it is on its way to what it should resemble?

[FrigginGr8est]

This is also a great chess move by 55W. Announcing a hotel to be put into a project that is already being built and close to completion puts one more nail in Tradition Tower's coffin.

[FrigginGr8est]

Ooops, just found this in my mailbox:

55 West on the Esplanade

January 15, 2008

Hello, we wanted to send you a copy of the press release sent out today. Please know that this is a positive step for 55 West and its future. Bob Hensley, CEO of Grosse Pointe Development, invites you to visit their website at www.gpdevelopment.com. The Development and Sales team want you to know that you are a valued part of 55 West. We look forward to our continued partnership and will be in touch with you personally very soon.

Sincerely,

Carol Veal & Carri Tisdell

55 West Sales Team

FOR IMMEDIATE RELEASE

Grosse Pointe Development Tapped to Develop/Manage 55 West

ORLANDO, FL January 14, 2008 Grosse Pointe Development Company, Inc. has been selected to serve as consulting developer for the completion of 55 West on the Esplanade as a mixed-use project.

The 34-story project will contain condominium units, retail and parking. Grosse Pointe Development is exploring options of repositioning the project so that it may contain a condominium hotel, boutique all-suite hotel, and office space. The 80,000 square feet of retail/restaurant space will remain. The 12-story, 1,180-stall parking garage will feature a heavily landscaped area on top with a pool. Completion is anticipated for November 2008.

The announcement was made today by Bob Hensley, CEO of Grosse Pointe Development, which is headquartered in Fort Myers and has a regional office in downtown Orlando. The company has successfully developed projects on Florida's Gulf Coast, including Tarpon Point Marina, Bell Tower Park, and Palmas Del Sol.

The management staff at Grosse Pointe Development has more than 115 years of experience in creating exemplary projects. Their expertise includes every aspect of project and construction management, sales and marketing, financial and accounting, and customer service.

"With Orlando's revitalized downtown core, filled with entertainment and sports options, we believe 55 West will most benefit the citizens of Orlando and visitors to the City Beautiful as a true mixed-use project," said Bob Hensley.

55 West {sodEmoji.|} 54 W Church Street Ste 151 {sodEmoji.|} Orlando {sodEmoji.|} FL {sodEmoji.|} 32801

[jack]

This is also a great chess move by 55W. Announcing a hotel to be put into a project that is already being built and close to completion puts one more nail in Tradition Tower's coffin.

word

[bulldogger]

I will say that since the name of the building is 55W, it makes all too much sense to put a W Hotel there.

[Dale]

Stories like this lead me to believe that the demand for urban highrise living was never nearly as robust as was projected.

[Magicfan95]

Truthfully it was robust, but so many condos flooded the market it died. I fully believe at this point that 55W is the last major condo tower going up for awhile.

[FrigginGr8est]

Stories like this lead me to believe that the demand for urban highrise living was never nearly as robust as was projected.

I think this is just a temporary lull in downtown construction partially due to the credit meltdown and also partially due to the old chicken and the egg problem. To be a viable downtown, you need services, such as supermarkets, hardware stores, dry cleaners, clothing stores, restaurants, movie theatres and other services within walking distance or short public transportation distance for the residents. Part of the reason people move to a city core is the convenience of being able to walk to work and not deal with a long commute, or to be able to do their shopping without driving. Downtown Orlando does not (save for restaurants) have these. Where can I go to have a key made or buy paint, or groceries or any other number of things a household needs without driving? On the other hand, how would these businesses survive without people living close by to patronize their services? Now I think we are getting close to the density needed to sustain these services and make them viable. Once these services are in place, I think you'll see a resurgence in demand for downtown housing.

[JRS1]

Truthfully it was robust, but so many condos flooded the market it died. I fully believe at this point that 55W is the last major condo tower going up for awhile.

do you all think Montage is still a go behind Paramount, or will the condo-to-rentals flood the demand out of the marketplace? (they've got a couple of billboards up behind there).

[sunshine]

I think the main reasons is that the condo price is unafforable. If you sell them all under 200K.............

[FLheat]

... Where can I go to have a key made or buy paint, or groceries or any other number of things a household needs without driving? ...

There is a key place next to Stirling Realty on Central/Rosalynd

There is a paint store on Orange 3 blocks north of Colonial

Yes, no downtown grocery stores or hardware exist.

I often walk around downtown and find many places that I never knew existed. Downtown businesses make NO effort to reach out to the downtown residents or try to understand their needs. There is plenty of business to be had if these places made themselves convenient and available. All the inexpensive sandwich shoppes close down after lunch which I think is a slap in the face to downtown residents.

[wally2169]

What of the Esplanade?

Is this still going ahead as normal?

The last time I saw the Esplanade construction was 2 years ago

Anyone know how the remodel is coming along and whether or not it is on its way to what it should resemble?

[jack]

The Esplanade is done. They just need tenants

[FrigginGr8est]

The floorplans for the Duplex and Penthouse units have been removed from thier website. Guess they're redesigning the top floors. This should be interesting.

[orlandonative]

The penthouses are being sub-divided to accomidate multiple units. Whether those units are for hotel suites or not isin't 100%.

Edited January 18, 2008 by orlandonative

[B-Fin]

There is a key place next to Stirling Realty on Central/Rosalynd

There is a paint store on Orange 3 blocks north of Colonial

Yes, no downtown grocery stores or hardware exist.

I often walk around downtown and find many places that I never knew existed. Downtown businesses make NO effort to reach out to the downtown residents or try to understand their needs. There is plenty of business to be had if these places made themselves convenient and available. All the inexpensive sandwich shoppes close down after lunch which I think is a slap in the face to downtown residents.

We definitely need a hardware store downtown. Corner of OBT and Michigan is the closest mom and pop hardware store I can find, J&L Hardware. Awesome hardware store, just wish they were within walking distance.

[Camillo Sitte]

We definitely need a hardware store downtown. Corner of OBT and Michigan is the closest mom and pop hardware store I can find, J&L Hardware. Awesome hardware store, just wish they were within walking distance.

There is a wonderful, well-stocked mom-n-pop harware store on E. Grant and Orange.

Been there forever, just expanded and about as close to downtown as one can get without being downtown.

[JFW657]

We definitely need a hardware store downtown. Corner of OBT and Michigan is the closest mom and pop hardware store I can find, J&L Hardware. Awesome hardware store, just wish they were within walking distance.

Been there. Great little store.

[JFW657]

There is a wonderful, well-stocked mom-n-pop harware store on E. Grant and Orange.

Been there forever, just expanded and about as close to downtown as one can get without being downtown.

That's a nice little store too, but I wouldn't call it a "mon-n-pop" store, as it's part of the Ace Hardware national chain.

I shop there frequently, though their prices can be a little high on some things.

Very well stocked, though.

[JFW657]

Another handy little hardware store is a place called "Wonder Products" located on E. South St. between Primrose & Bumby.

You have to take Central or one of the other east-west streets east all the way over to Primrose, then go south on Primrose to South St., then head back west about half a block or so.

Anyway, it's a friendly cluttered little place with a whole bunch of tools & hardware plus they sell mis-mixed paint at incredibly cheap prices. Perfectly good high quality paint that just isn't quite the exact shade it was supposed to be for a fraction of what it would cost otherwise.

[TD]

I think the main reasons is that the condo price is unafforable. If you sell them all under 200K.............

I like your new sig pic man

[Camillo Sitte]

That's a nice little store too, but I wouldn't call it a "mon-n-pop" store, as it's part of the Ace Hardware national chain.

I shop there frequently, though their prices can be a little high on some things.

Very well stocked, though.

Nope, not part of a chain, a true local mom-n-pop.

Ace is a brand marketing co-op/association that individual owners pay to join so they can display a recognizable name, have access to buying Ace branded products at lower prices for their stores, get local and regional Ace co-op advertising, etc.

The family that owns the Orange Ave. store owns two others here in Central Florida as well.