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330 East Central

IsaacFL

By IsaacFL
in Orlando

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IsaacFL Unincorporated Area

IsaacFL

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Does anybody know what is happening to the property on Central (330 E CENTRAL BLVD ) located between the Waverly and where the Paramount is going?

I saw that it sold last year for about $3.1M. That seems a lot to spend on a piece of property if you aren't going to develop it. It seems to me that it is just large enough to put a small tower on.

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pip Whistle-Stop

pip

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Does anybody know what is happening to the property on Central (330 E CENTRAL BLVD ) located between the Waverly and where the Paramount is going?

I saw that it sold last year for about $3.1M. That seems a lot to spend on a piece of property if you aren't going to develop it. It seems to me that it is just large enough to put a small tower on.

After the sale last year it got a new tenant. But it's a pretty small lot. I'm not a construction expert but I doubt anything of much height can be build there. it's bounded by The Waverly on 2 sides, and Central and Lake on the other 2 sides. It would be tough to construct on it I'd think.

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mrh3 Hamlet

mrh3

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After the sale last year it got a new tenant. But it's a pretty small lot. I'm not a construction expert but I doubt anything of much height can be build there. it's bounded by The Waverly on 2 sides, and Central and Lake on the other 2 sides. It would be tough to construct on it I'd think.

Maybe it could be built on without (gasp!) a parking garage attached. It has been done before.

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camstrang Unincorporated Area

camstrang

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Yes, it's residential. 48 condos of 2 and 3 bedroom units.

The Waverly could've bought the "view" rights by buying the land originally and including it in the Waverly development (I think the lot sold for about $3M, right?). But they didn't -- correct me if I'm wrong here -- and now the Waverly is condo.

If the Waverly is condo, there's no business reason why the developer would buy this lot because it won't increase their revenue in any way since the building's units are already sold. The only way to prevent another building from going there would be if all the Waverly condo owners banded together to buy the lot from this developer. But that won't ever happen. Even divided up between 100 people, they'd each have to fork over $30,000+ -- and it won't add any square footage to their units. I agree this building seems like a longshot to get built, but unfortunately there's nothing the Waverly developer or its condo owners can do about it.

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neon9 Hamlet

neon9

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Yes, it's residential. 48 condos of 2 and 3 bedroom units.

The Waverly could've bought the "view" rights by buying the land originally and including it in the Waverly development (I think the lot sold for about $3M, right?). But they didn't -- correct me if I'm wrong here -- and now the Waverly is condo.

If the Waverly is condo, there's no business reason why the developer would buy this lot because it won't increase their revenue in any way since the building's units are already sold. The only way to prevent another building from going there would be if all the Waverly condo owners banded together to buy the lot from this developer. But that won't ever happen. Even divided up between 100 people, they'd each have to fork over $30,000+ -- and it won't add any square footage to their units. I agree this building seems like a longshot to get built, but unfortunately there's nothing the Waverly developer or its condo owners can do about it.

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palmtree73 Whistle-Stop

palmtree73

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Yes, it's residential. 48 condos of 2 and 3 bedroom units.

The Waverly could've bought the "view" rights by buying the land originally and including it in the Waverly development (I think the lot sold for about $3M, right?). But they didn't -- correct me if I'm wrong here -- and now the Waverly is condo.

If the Waverly is condo, there's no business reason why the developer would buy this lot because it won't increase their revenue in any way since the building's units are already sold. The only way to prevent another building from going there would be if all the Waverly condo owners banded together to buy the lot from this developer. But that won't ever happen. Even divided up between 100 people, they'd each have to fork over $30,000+ -- and it won't add any square footage to their units. I agree this building seems like a longshot to get built, but unfortunately there's nothing the Waverly developer or its condo owners can do about it.

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palmtree73 Whistle-Stop

palmtree73

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I e-mailed the condo association president at The Waverly, and he said they did look into buying the property back in the spring. The association was only six months old at that time and wasn't in a position to buy it. I guess we'll have to wait until the hearing in November to keep this from happening on the scale that's proposed if at all.

I've heard grumbling from residents, and as prices of 2BR units for sale on the east side drop from $460k to $360k, I can't imagine any owners willing to sit and watch their units devalued even more. We'll see.

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facilities man Hamlet

facilities man

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The only way to keep a building from being developed there would be for the Waverly residents to buy the lot themselves and maybe recoup some expenses by allowing a shorter building to be built that would not block anyone's view. Either that or purchase the air / view rights. Other than that the area is zoned for 250 foot buildings and any owner is going to want to maximize their use of the property and profit, so going up is the way to go.

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abby32712 Unincorporated Area

abby32712

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The only way to keep a building from being developed there would be for the Waverly residents to buy the lot themselves and maybe recoup some expenses by allowing a shorter building to be built that would not block anyone's view. Either that or purchase the air / view rights. Other than that the area is zoned for 250 foot buildings and any owner is going to want to maximize their use of the property and profit, so going up is the way to go.
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gibby Burg

gibby

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I think you're looking at it backwards. The area is already zoned for buildings 250' tall. If you wanted to restrict the height of a building to preserve your view, you would be the one asking for a variance on someone else's property. If I'm the owner of that property I would have a problem with Waverly residents trying to restrict usage of my property that is already zoned for 250'.
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palmtree73 Whistle-Stop

palmtree73

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I had a chat with the property manager at The Waverly, and she had elevations and floor plans of this building. Our busy friends at Baker Barrios are the architects. I wish I had my camera with me to shoot the plans Bond style.

The way the building is laid out, the first five floors will be the garage with a couple of units on each floor, then above the garage, each floor will have only four units. Two units will face Lake Eola, and two will face The Paramount on the Lake Ave. side. From what I could tell, there are no windows on the back of the building facing The Waverly because it's the space for the elevator core and stairwells. Right. A building that looks nice from two of its four sides. We'll get our fountain view replaced with a solid stucco/dryvit blank face.

The developer of this lot, Florida Income Group, is holding a meet and greet for its "neighbors" at Sam Sneads on Nov. 1. Does anyone have any information on the company and any past projects?

They need to hire an ad agency to write their copy. The letter they sent says, "In late Spring of 2008, we will be breaking ground on one of the most exquisite condo communities in the southeast. We will blend beauty, culture and cutting edge technology that will only be matched by few residentail communities in the world, while bringing local impact that is unprecedented...Together we can make Orlando a design and cultural destination spot that will be revered by all."

The letter is laughable, and for their claims to hold up, they would need to redefine the world and southeast as the half block on Central Ave. between The Waverly and Paramount.

A quick Google search brings up nothing about the company other than Rebecca Furman, a lobbyist they're using who's represented many projects to the city and works for Guetzloe's favorite people at Kantor law firm. Her other clients include The Vue, Home Depot Supply, 55 West, Wal-Mart, ZOM and many others that would lead me to believe they've paid off all the right people to get this thing built.

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bulldogger Town

bulldogger

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A quick Google search brings up nothing about the company other than Rebecca Furman, a lobbyist they're using who's represented many projects to the city and works for Guetzloe's favorite people at Kantor law firm. Her other clients include The Vue, Home Depot Supply, 55 West, Wal-Mart, ZOM and many others that would lead me to believe they've paid off all the right people to get this thing built.
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tennis32801 Whistle-Stop

tennis32801

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I attended the public meeting presented by the developer over at Sam Sneads tonight. Speaking on behalf for the developers (not present) were Baker Barrios (architect) and Doster, Kantor, and Reed (legal team).

Alot of Waverly residents showed up, and obviously everyone were against it. Baker Barrios presented slide shows with some renderings. They are requesting a city variance to have their property setback extended 5 feet so that they can build this 17 plus building. They said without this variance, the building footprint will be smaller which may force them to build a much taller builder (like 400 ft plus). They even show us the rendering of it. They make it sound like they did the Waverly residents a favor by "scaling" down to 17 stories. I dont believe they can build such a tall building with that small of a footprint.

One cool sales pitch was the automated car parking, where you would practically pull up in the first floor, step out, and the car will be transported vertically to your designated parking lot. They also said that this will be the most expensive condo in downtown.

I am against this project for various reasons. It just does not look right at all with two high rises being that close together (only at the most 40 feet apart!). It just dont seem like a good fit being that close to Lake Eola and its NATURAL theme environment. Second, due to the small footprint, the building does not have a loading dock, so any loading will be park on Lake Street, where it will already be crowded from the Paramount and Waverly. And third, it seem fishy that the law firm representing this project also represent ZOM who is building the Paramount, but I dont believe any Paramount buyers are aware of this proposed project (except those on here).

The environment was very noisy so it was hard to hear, so sorry if i missed any info.

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palmtree73 Whistle-Stop

palmtree73

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I can't believe no one else from The Waverly has chimed in on tonight's meet and greet with the developer at Sam Sneads. Let's just say that the developer has its work cut out for them. The attorney from Kantor and the architect had a somewhat entitled air about themselves and acted rather condescending toward residents of The Waverly. The mood turned tense really quickly, and the attorney wasn't handling it very well. It's obvious from the questions that were asked that quite a few Waverly people are engineers and real estate professionals who can't be talked down to. Channel 9 just aired a report on the 11 o'clock, so the awareness of this project is gaining steam.

The project itself looks great as it always does in artist-rendering land. The backside of the building that will face The Waverly won't be a blank face as I'd feared. It will still have windows that mirror the rest of the building. The parking system sounds cool, but since the lot is so narrow, there won't be a loading dock or visitor parking. Residents are expected to have trucks make deliveries on Lake Ave, which is also the street entrance for the Waverly loading dock and the entrance to the Publix parking lot at The Paramount. The traffic engineer for the city that was there said everything checked out so far traffic wise.

Probably the thing that matters most is the zoning. The developers are asking for a variance to build five feet closer to The Waverly, which my be the dealbreaker for this project. As the property is zoned now, they can build a project to a max height of 400 ft., and they showed a laughable rendering of that. The building towered over Central, and the design looked like some futuristic Shanghai building that wouldn't fit the context of anything anywhere in Orlando. It's obvious they were trying to show how grateful we should be that they aren't doing that. With the variance, they will be able to build up to 240 ft., but Waverly residents don't care either way because everyone's views are obliterated no matter what the height of this building ends up being.

From a financial standpoint, I'm hoping the market won't be able to support the cost of this project. The attorney let it slip that units in this building would be starting at $1 million. I'm not sure a dead-on view of an algae covered fountain is worth that, but you never know. If the developer doesn't get the variance, the cost of building a taller project should have banks running away.

One shady thing about how they're getting public input on this project is that the attorney wasn't shy in saying they aren't legally bound to contact the residents of The Paramount because no one has closed on their units, yet. She said it would be up to ZOM (one of her former clients) to do that, but then that would give people reason to bail on their units. Does anyone know when Paramount will start closing on the units?

I'll vent more, but I'll try to dig up renderings before then.

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