Orlando’s downtown neighborhoods to get more luxury apartments, restaurants, shops – Orlando Business Journal

Scott Stahley envisions a downtown Orlando that’s vibrant around the clock.

Stahley, the developer of the $100 million Church Street Plaza mixed-use tower, said more residential construction is needed to help make downtown a 24-hour hotspot, creating built-in traffic for shops, eateries and nightlife.

Already, downtown is set to grow with the new University of Central Florida and Valencia College shared campus, known as UCF Downtown, which will bring 7,700 students to the area in 2019. Adding to that are more luxury apartments, offices, restaurants, expansion of the Dr. Phillips Center for the Performing Arts, the planned $1 billion, 68-acre Creative Village — which is anchored by UCF Downtown — and still more to come.

“We will attract players with every brick we lay here,” said Stahley, regional partner and executive vice president of Dallas-based developer Lincoln Property Co.

In fact, those downtown projects are encouraging development in surrounding neighborhoods and beyond. Commercial construction firms pulled permits for nearly $4.1 billion worth of metro Orlando projects between January-November 2017, nearly double 2016’s $2.06 billion for that same time period, according to New York-based Dodge Data & Analytics.

And most developers anticipate the figure will grow — including Tom Suminski of Northbrook, Ill.-based Banner Real Estate Group, which wants to build an $89 million luxury apartment tower near the Orange County Courthouse with views of Lake Eola. “It’s pretty much got everything,” Suminski previously told Orlando Business Journal. “We look for growing metropolitan areas and analyze the existing pipeline. When you’ve got incoming population growth and good strong infrastructure, that is what attracts developers.”

Nearly 40 percent of Central Florida’s residents live in apartments — including lawyers, restaurant owners, hotel owners, bankers and their employees — many of whom seek to be near vibrant communities and job centers, experts said. And new upscale projects in Orlando can signal to investors that this is a good place to put their money, which helps the economy grow even more.

Here’s a closer look at about $576 million worth of projects going through the approval process in downtown Orlando and its surrounding neighborhoods:

Radius

A 300,000-square-foot, 13-story tower with 320 apartments, 12,000 to 14,000 square feet of ground-level retail, a pool deck and a six-story parking garageCost: $89 millionLocation: Southeast corner of North Rosalind Avenue and East Livingston StreetTimeline: Construction to start in this year’s second quarter; slated for completion at year-end 2019Development team: Banner Real Estate Group, developer; Kimley-Horn & Associates Inc., engineer/landscape architect; Baker Barrios Architects, architect; Jones Wood & Gentry Inc., surveyor

The Packing District

A 202-acre, mixed-use community of repurposed, century-old buildings plus a regional park and the relocated Orlando Tennis Centre in the area’s former citrus-packing district. The new development will expand College Park west, create 800 jobs and generate $151 million in tax revenue during the next decade.Cost: $480 millionLocation: Southwest corner of Princeton Street and Orange Blossom TrailTimeline: Dr. Phillips Charities to buy the site in February. It’s unknown when construction will start, but it’s slated for a 2025 completion.Development team: Dr. Phillips Charities; city of Orlando

520 Church

A Class A, 12-story building featuring 299 apartments, 6,520 square feet of ground-level retail space, 12 retail/live/work studios and a 630-space integrated parking garage. This is a sister complex to the adjacent 420 East.Cost: Estimated $70 millionLocation: Southwest corner of East Church Street and South Eola Drive in Thornton ParkTimeline: Site work to start in FebruaryDevelopment team: Jefferson Apartment Group, developer; Baker Barrios Architects, architect; Balfour Beatty Construction, general contractor
Orlando Crane Watch

See more of Central Florida’s largest construction projects online here.

Largest Central Florida Multitenant Office Buildings

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Rank Building Rentable building area 1 SunTrust Bank, Main Tower 654,615 2 Darden Headquarters 534,358 3 Chase Plaza 500,000 View This List
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