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Orlando's Cameron Kuhn purchases land,Suntrust Tower


bobliocatt

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In what could be the start of something big in downtown, Orlando based developer, Cameron Kuhn has purhased the 23 story Suntrust Tower and an adjacent lot, across the street from the Landing, for $42.5 million. Plans are to convert the 384,000sf tower into office condominiums and rename it "River Watch at City Centre".

Kuhn has rehabilitated over 20 buildings in downtown Orlando and is currently developing the $140 million Premiere Trade Plaza, a mixed-use project featuring a 12 screen movie theater, a 306 unit condo tower and 53,000sf of retail space in the heart of downtown Orlando. Lets just hope he has some elaborate plans for the vacant site next door.

http://www.jacksonville.com/tu-online/stor..._19877633.shtml

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^^ Indeed, this potentially could be great news. Let's keep our fingers crossed.

If I were a Humana stockholder, I would be ticked. Humana sold that building for $16mm to someone who barely 18 months later sold it for $37mm (5.5mm is for the adjacent lot). No wonder Health Insurance is so expensive.

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Actually, he might already secure money from the city before he makes his move on a big project like this. Hopefully this guy would put something like Premiere Trade Plaza there.

And maybe you finally have one of the Farmer Baker "unique" visor tower there.

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I agree with Lakelander. He's in for a shock if he thinks he's getting incentives.

Peyton has essentially done away with all the Delany-style building incentives. The only downtown project to get incentives under Peyton's watch has been fidelity, who got the tax breaks for jobs, not buildings. (In my mind, the Shipyards doesn't count, because they were essentially re-working an existing incentives site that had been established under the previous administration.)

The incentives gravy-train has definitely stopped rolling in Jacksonville ... which is probably why several recent proposals have seemingly faded away without much fanfare.

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Thanks for the info Dale. I must say I hate the architecture on his Orlando project, but the concept isnt bad. We will have to wait and see what comes of this.

RG, I don't think you need to worry. He's using Orlando's pet architect down here.

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Dale its not too broad. Through your statements you are suggesting that admit the controversy surrounding the Jaymount Block, Kuhn will use the same practices in Jacksonville to move his project forward. All I'm saying is, without incentives (and before Dyer) downtown development in Orlando was all but sterile. Furthermore, it was not an illegal practice, rather one that is politically and fiscally unpopular in Florida.

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Well, not all incentives are the same. I think property tax breaks are appropriate for new development given the fact that the land may sit vacant without the tax break. But, a cash grant is a different thing and should only be done in extreme situations such as an historic building that needs to be rehabbed or will otherwise disintegrate. This is my view anyway.

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Dale its not too broad. Through your statements you are suggesting that admit the controversy surrounding the Jaymount Block, Kuhn will use the same practices in Jacksonville to move his project forward. All I'm saying is, without incentives (and before Dyer) downtown development in Orlando was all but sterile. Furthermore, it was not an illegal practice, rather one that is politically and fiscally unpopular in Florida.

I actually don't think the rub was fiscal unpopularity, but rather the appearance of shadiness. Or don't you remember reading the Orlando Weekly at the time ? Orlando Weekly is clearly not a conservative publication.

In any case, I'm guessing fat chance that Jax is willing to do for Kuhn what dyer was willing to do.

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Orlando Weekly isn't exactly the Associated Press. Regardless, this is positive news for JAX, with or without incentives.

If you wan't truly intrepid, hard-hitting investigative journalism, you're certainly not going to get it from AP. But you might just get it from Orlando Weekly's Jeffrey Billman.

And if Kuhn requires the kind of handouts from Jax that he did from Orlando, this project, I suspect, is DOA.

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