Downtown Orlando Project Discussion

[jack]

Right now, there isn't much demand for larger units. Cost is the main issue. The type of people that could afford it generally have families and downtown is not quite there in terms of family friendliness. Besides, the condo buildings all are larger on average compared to the true rentals.

[tennis32801]

The bigger the units, the higher the HOA fees. To wealthier people, thats a waste of money, especially if downtown doesnt have anything they like (ie. high end restaraunts and retails). Maybe DPAC will slowly change that.

Edited February 22, 2014 by tennis32801

[mrh3]

Tennis32801 That makes sense. There isn't a shortage of capital, in fact just the opposite. The thing is that it's all being concentrated in 4 markets: New York, Miami, San Francisco, and Los Angeles. I for one believe that Orlando is a far superior market than Miami as a longer term investment for myriad reasons. If I were Buddy Dyer, I would be working my butt off to get a diplomatic roadshow to Asia funded. They LOVE large scale projects, have more money than they know what to do with and are patient long term investors. If that could be arranged, you would be looking at a dramatically different skyline in 20 years.

http://m.us.wsj.com/articles/SB10001424052702303983904579094723756080610?mobile=y

[mrh3]

Tennis32801 Finally, and I'll get off my soapbox for the night. It sounds like the buyer/renter profile is exclusively domestic. I think that after these larger institutional investment firms start building major mixed-use projects the buyer pool will dramatically shift toward an international bend. To quote 'Field of Dreams,' "If you build it they will come."

[jliv]

Tennis32801 That makes sense. There isn't a shortage of capital, in fact just the opposite. The thing is that it's all being concentrated in 4 markets: New York, Miami, San Francisco, and Los Angeles. I for one believe that Orlando is a far superior market than Miami as a longer term investment for myriad reasons. If I were Buddy Dyer, I would be working my butt off to get a diplomatic roadshow to Asia funded. They LOVE large scale projects, have more money than they know what to do with and are patient long term investors. If that could be arranged, you would be looking at a dramatically different skyline in 20 years.

http://m.us.wsj.com/articles/SB10001424052702303983904579094723756080610?mobile=y

I would include the Middle East in that world trade and investment tour. There's an orgy of supertalls going up in the City of London, and they're being financed by Qatari and Dubai money. Some of those buildings aren't expecting full occupancy for 10 years, but the Arab investors are going long. Edited February 22, 2014 by jliv

[Jernigan]

Does anyone know that status of the lot on the NW corner of Pine and Orange? It's been a while since we last heard about the 3 story entertainment building with a corkscrew slide and the parcel in a prime location still sits as an empty lot. The construction sign looked newer to me but nothing new that I could find. Also it's hard not to notice the "building for sale" sign one building west. Could potentially tie in to a new project if someone wanted to.

[jack]

Tennis32801 Finally, and I'll get off my soapbox for the night. It sounds like the buyer/renter profile is exclusively domestic. I think that after these larger institutional investment firms start building major mixed-use projects the buyer pool will dramatically shift toward an international bend. To quote 'Field of Dreams,' "If you build it they will come."

From what I hear, they are looking at this market. So far, most of the international funds have been is single family houses near the attractions. When they think of Orlando, that is what comes to mind. 

 

And a separate issue, the big institutional investors are already here. Just look at the sources of debt, equity and ownership for some of the new buildings. The market is very crowded in those top markets and it is only so long that they can stomach sub 5% cap rates. The big boys are here and are looking for more projects. 

Edited February 24, 2014 by jack

[Jernigan]

Orlando is buying land in Parramore to move Fire Station 2 north to Robinson from its current location just west of the soccer site.

[mrh3]

From what I hear, they are looking at this market. So far, most of the international funds have been is single family houses near the attractions. When they think of Orlando, that is what comes to mind.

And a separate issue, the big institutional investors are already here. Just look at the sources of debt, equity and ownership for some of the new buildings. The market is very crowded in those top markets and it is only so long that they can stomach sub 5% cap rates. The big boys are here and are looking for more projects.

I know what you mean about the cap rates. Practically every investment sales desk I've been on lately is sub-4.0. 3-3.5 isn't even unusual anymore. There's just so much money it's mind boggling. 432 Park, the new tower by Henry Macklowe is going for $6,500 PSF and it's selling like crazy. It's debatable as to whether or not this is a bubble as much as a global concentration of wealth, but inventory is bone dry. Edited February 25, 2014 by mrh3

[John Hargrove]

I know what you mean about the cap rates. Practically every investment sales desk I've been on lately is sub-4.0. 3-3.5 isn't even unusual anymore. There's just so much money it's mind boggling. 432 Park, the new tower by Henry Macklowe is going for $6,500 PSF and it's selling like crazy. It's debatable as to whether or not this is a bubble as much as a global concentration of wealth, but inventory is bone dry.

I just looked at the rendering of 432 Park here: http://upload.wikimedia.org/wikipedia/en/9/9c/432_Park_Avenue_artistic_rendering.jpg

 

There's something about a building that tall being so slender that is deeply unsettling to me.

[mrh3]

I just looked at the rendering of 432 Park here: http://upload.wikimedia.org/wikipedia/en/9/9c/432_Park_Avenue_artistic_rendering.jpg

 

There's something about a building that tall being so slender that is deeply unsettling to me

 

It definitely won't be for everyone, but I'm sure that most of its residents will be out of town during hurricane season anyway.

 

http://432parkavenue.com/?state=home

[tennis32801]

that's a sleek website, the views at 500 ft are the best.

[jrs2]

^^

that looks like a 1,300+ footer; maybe even 1,400'.  more than a 7-1 height to width ratio... looks like 10-1.

[klstorey]

Got this press release today....

 

COMMISSIONER S. SCOTT BOYD OPENS WILDWOOD AREA ROAD NETWORK

New Transportation Corridor in District 1 Opens to Public on Feb. 27

 

Tomorrow morning, Commissioner S. Scott Boyd will join with project developers, managers and staff to officially open the much-anticipated Wildwood Area Road Network.

“I’m thrilled to see how effectively this project has been managed to a timely completion and most importantly, what a positive impact it will have on citizens who will now be able to take advantage of improved connectivity in the area,” said Orange County Commissioner S. Scott Boyd.

The Wildwood Area Road Network is a planned partnership project that broke ground on March 12, 2012, constructing a new four-lane divided urban roadway to connect International Drive and Palm Parkway. The new roadway is named Fenton Street and includes a 420-foot long bridge over Interstate 4.

 

The project also features improvements such as an extension of Regency Village Drive to Fenton Street, two new signals at the intersections of International Drive and Palm Parkway, and sidewalks on both sides of the road.

 

“Transportation is such a hot topic in my district, I am always appreciative when I can work collaboratively with the private sector and Orange County staff to offer citizens access to new transportation solutions that provide additional commuter options,” said Boyd.

 

Commissioner Boyd and the project team will officially open the roadway at 9 a.m., and it will be open for public travel immediately following.

[codypet]

i cannot wait either. however, my ultimate dream is going to be when they extend fenton to apopka vineland and they eventually turn fenton into a full I-4 interchange. im hoping the interchange will happen with the ultimate I-4 expansion. 

 

the interchange and fenton expansion will single handedly  shave 10-15 minutes of commute time to work each way for me. 

I don't believe Fenton will be getting the exit off I-4, but rather a better Central Florida Parkway Interchange with braided ramps.  The Dr. Phillips area has fought hard to keep a direct link from the south end of DP to I-4

[JFW657]

There's been a series running on PBS for the past couple-few weeks called Super Skyscrapers.
 
One episode covered the Shanghai Tower going up in China & on Thursday night (the 27th) at 8 pm on 24.3, they're going to be profiling a new tower going up in midtown Manhattan called One57.
 
http://www.pbs.org/program/super-skyscrapers/

 

Video:

 

http://www.youtube.com/watch?v=tLj14OTN5A8

 

 

 

 

 
 
 

[jrs2]

wow.  that's incredible.  what a pull manhattan still commands in real estate.  that will be really nice.  I think it is going up near where that building that had the crane damaged from Hurricane Sandy.

[jrs2]

I can't wait to ride over Fenton when I get a chance tomorrow.  that really opens things up big time down there transportation-wise.

[JFW657]

wow.  that's incredible.  what a pull manhattan still commands in real estate.  that will be really nice.  I think it is going up near where that building that had the crane damaged from Hurricane Sandy.

 

That WAS the building that had the dangling crane from Hurricane Sandy. 

 

If you get to watch the documentary (available online @ PBS.org) they include that episode.

[prahaboheme]

Connectivity to I-Drive has always been such a problem.  It has always amazed me that it has lived in relative isolation from the Central Florida road network given that it is ground zero for tourism in the metro.  The Fenton Street overpass to Palm Parkway is a great start, as will be the Destination Parkway extension from I-Drive to JYP when fully realized.

 

Another overpass at Palm Parkway at Via Mercado could also do wonders to relieve some congestion to I-Drive, especially with the Orlando Eye coming on board later this year.

[jrs2]

^^

I took the Fenton Street bridge and it was great.  you could get into the outlet center from the back side without ever getting on I-Drive or Vineland Ave.

[jrs2]

That WAS the building that had the dangling crane from Hurricane Sandy. 

 

If you get to watch the documentary (available online @ PBS.org) they include that episode.

No way...wow. because that was roughly at a 700' height at that time...  I had no idea how tall that was going to be.

Edited March 3, 2014 by jrs2

[Boomer136]

I believe I passed by a Google Street View rig on Pine this morning. Or at least someone with a 360 camera rig with a GEO positioning dome.

[JFW657]

No way...wow. because that was roughly at a 700' height at that time...  I had no idea how tall that was going to be.

 

Tallest residential skyscraper in Manhattan, I think.

 

 

[shardoon]

I don't believe Fenton will be getting the exit off I-4, but rather a better Central Florida Parkway Interchange with braided ramps.  The Dr. Phillips area has fought hard to keep a direct link from the south end of DP to I-4

will work for me either way. if they turn the CFP - I4 into a REAL interchange and extend fenton to apopka vineland........ ill be in heaven.