XpressEnterprise

With SunTrust's move being delayed, I wonder what happens to Phase II. I'm sure it will be delayed as well.

Thanks for the clarification. I thought the article was saying it was trying to secure equity from another source to fund the project.

Looks like this thing is coming back alive Orlando apartment experts are confident in downtown’s appetite for multifamily construction — and that bodes well for a 1.4-acre site near Creative Village. A 31-story residential tower was proposed in August 2015 for the parcel on West Jefferson Street between Garland and Gertrude avenues. City of Orlando officials at the time had approved construction of 450 apartments, a 478-space detached parking garage and 13,464 square feet of ground-floor commercial use. However, the project never broke ground. That’s because Miami-based Orlando Central LLC — which in 2015 was under contract to buy the property from Delray Beach-based landowner HHH Reilly Fund LLC — couldn’t secure equity for the planned project. Approvals for the proposed project’s master plan were extended in July 2017 through Aug. 10, 2018, city documents showed. But now, HHH Reilly Fund plans to seek a new buyer, with plans to put it back on the market next month. The proposed West Jefferson Street tower site — referred to as Orlando Central in city documents — also may be ideal for a hotel or mixed-use development, according to Robert Smith, president and founder of Orlando-based Smith Equities Real Estate Investment Advisors, who will begin marketing the property for sale in April. “The seller feels like it has a great location.” The time seems right for the project to move forward, since downtown has roughly one-third of Central Florida’s $3 billion in apartments planned or under construction, real estate experts said. Part of the reason for the optimism: Construction is well underway on the first phase of the $1.5 billion Creative Village mixed-use project. Creative Village, anchored by the UCF Downtown shared campus between Valencia College and the University of Central Florida, is expected to bring nearly 8,000 students, faculty and staff into downtown and its surrounding neighborhoods. And it’s expected to encourage even more downtown activity. “We are bullish on the long-term growth prospects taking place in downtown Orlando,” said Scott Ramey, senior managing director with New York-based Newmark Knight Frank (Nasdaq: NMRK), who isn’t involved in either project. “More renters want to move to an urban, walkable environment, which is now being created in downtown Orlando.” In fact, downtown’s apartment market, known as the central submarket, has performed strong. Rental rates climbed to $1,547 per month from $1,435 the year prior, the most recent data from Charlotte, North Carolina-based Real Data Inc. showed. The submarket’s average vacancy in fall 2018 was 8.1 percent, and a total of 3,512 units were under construction — the most in Central Florida. Regardless, the new project adds to more than $2 billion in overall proposed downtown tower construction, which would generate thousands of temporary construction jobs, add hundreds of new residents and likely attract more businesses. Already, at least 10 new towers are proposed in the 1,000-acre central business district as developers scoop up available land to build more apartments, offices, shops and restaurants.

Here's the snippet. Sorry no images, I had to disable JavaScript to get behind the paywall.

There's a bizjournal article up (Under paywall). Saying they expect ground breaking summer of this year. The article isn't specific to VMC, it's about 10 towers planned for downtown.

Oh yah and I completely agree with you here... There are some "fans" who argue Jameer STARTED over Alston.

Sorry for correction but it just irks me when people say Jameer started over Altson. He never started over Alston in the Finals. Here's the starters for each game. GAME 1: http://www.espn.com/nba/boxscore?gameId=290604013 GAME 2: http://www.espn.com/nba/boxscore?gameId=290607013 GAME 3: http://www.espn.com/nba/boxscore?gameId=290609019 GAME 4: http://www.espn.com/nba/boxscore?gameId=290611019 GAME 5: http://www.espn.com/nba/boxscore?gameId=290614019

The part I like most from the GS article is basically saying that this development firm is not likely to "shelf plans" once they get the ball rolling (based on their history). From the article, they look like they're very committed to this project.

It looks like Amelia Court at Creative Village closed on 3 acres in CV and approved to begin foundation work this week. The plans are said to have 2 5 story residential buildings. I do not recall any renderings. Anyone have?

I know it's very hard to build a championship team, heck look what's going on with the Cavs right now. Just, it's hard being a fan after all the decisions the prior GM made. Trading away Dipo who is now an All-Star, what did we get in return T-Ross when it's all said and done... Mario is having a great year, but is likely to walk this year, partially not this FO's fault. Payton traded for a 2nd round pick (I know we wouldn't of gotten more) but we traded away a top 10 pick for him. I can go on, but just explaining why the fans are a bit disgusted to say the least. Anyhow, I'm not sure about ticket sales. From what I heard, some games are selling out? I would think we would need to return to the playoffs for them to make the push to build out the complex. Similar to when the new stadium was constructed during the Dwight era. Just my 2 cents.

The complex should be finished the same time the Orlando Magic win a championship, which the CEO promised by 2030...

GrowthSpotter is now reporting. Would be amazing/miracle if this gets off the ground. At least from the article we get some closure of what happened to Orlando Central; "The site was previously under contract in 2015 to a developer that proposed a 31-story, 450-unit residential tower with retail space, dubbed "Orlando Central." Hahamovitch said that buyer could never get their financing together to close on the land." Wasn't sure if that was in it's own thread or not.

Drove by earlier this week, growth is looking good! Maybe change the title from proposed to under construction? I was confused lol.

I read that design is nearing completion, and groundbreaking should be 1st or 2nd quarter of 2018. I cant' seem to find the article anywhere. Anyone recall reading something similar?

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Thanks for the info guys, I misread the title. I thought it was saying that creative village was a 'finalist'. Also, I found a way to read their articles without a subscription. Basically, it is doing the same you would to read an article on growth spotter.

It's official: This downtown area is among C. Fla.'s ideal spots for Amazon HQ2 Anyone with a subscription able to shine some light what the article says?

Read somewhere that vertical construction will begin in December. Very excited!

Is it safe to change the title to "Under Construction" now?

Looks like things are "moving" on the Magic's Entertainment Complex. Didn't we have a thread about it? I tried searching and couldn't find it. My apologies if we do. Orlando Magic entertainment complex still warming up

Here's the link: http://www.orlandosentinel.com/business/brinkmann-on-business/os-ucf-valencia-creative-village-dorm-20170508-story.html

http://www.bizjournals.com/orlando/news/2017/04/19/exclusive-dual-tower-concept-being-considered-for.html I know you guys are not fond of OBJ so much, but thought to share. Two towers?!?! I hope they don't decide to chop the original in half to make 2 towers, i.e two towers that are 14 stories.

http://www.bizjournals.com/orlando/news/2017/04/18/exclusive-construction-to-start-on-downtown-s-81m.html If anyone has access, please share. It looks like construction will start next month on the first phase.

Magic detail All Star game bid Looks like they're looking to breakground this year on their entertainment complex, in order to win the All-Star bid. I thought we had a post about this topic, but couldn't find it.

It is under review with the planning board. http://assets.bizjournals.com/orlando/pdf/MPB2014FebAgendaRv1.pdf