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Jaybee

By Jaybee
in Orlando

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OCF Whistle-Stop

OCF

Posted
Posted

I hope that is true. Hopefully these "affordable" condos will usher in a new wave of more "affordable" projects. If this goes up and is successful other developers will want a piece of the "affordable" condo market. Something like this is what's needed to keep the momentum in our downtown real estate market going. I'm getting more and more excited about this one.

I couldn't agree with you more, in order for downtown to be great it has to be more diverse, in a cultural and economic sense. It can't all be high end condos and expensive restaraunts, there must be affordable areas for working class and middle class people to call there own. I would guess that most people who actually work downtown now are priced out of the current market. I hope this project leads to a new trend in catering to a larger section of the workforce.

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Dale City

Dale

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If these guys really think they can make the numbers work with affordable housing, then I want to rise and applaud their entreprenurial spirit. This is how folks get things done in the world, separating themselves from their competitors by offering something they can't or won't offer.

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OCF Whistle-Stop

OCF

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If you consider Parramore "downtown", it is extremely cheap.

I do consider Parramore a part of downtown and although its cheap, it's not YET desirable. So let me modify my previous statement. There needs to be more affordable desirable housing downtown. Most recent college grads/entry level associates, people who work for the government, people who work in the courthouses (state attorneys, PD's, Clerks), police officers, etc. are priced out of the desirable housing. Yes, alot of these workers can probaly afford to buy a $200K studio downtown, but that's not really desirable, nor is a run down bungalow in Parramore, considering they can buy new single family homes in the burbs for the same price. These people make up a considerable portion who breathe life into downtown during the day, it's only fair that there should be a place for them to lay their heads downtown at night. I really hope Parramore gets going, if there were more desirable housing options there I'd live there.

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sunshine City

sunshine

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It just wont be happening unless the state step in to create some regulations. When a developer said afforable, they probably means a studio of about 500 sqft for 180K, what you are thinking is a 3 bed 2 bath of 1200 sqft for 250K.

Back home in my country, there is a rule said that if a developer want to build a highrise with luxury condo, they are forced to build another tower with low cost housing. But they dont have high restrictions. If a similar rules being placed here, it will work.

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go_vertical Burg

go_vertical

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If you consider Parramore "downtown", it is extremely cheap.

Sure it's called Parramore, but it's just across the street from downtown. Yeah I know I-4 is a wide "street", but if I lived a mere three or four blocks outside the CBD then I would feel that I lived downtown. At least on the outskirts of it. I think our downtown is more than just three blocks by five blocks or whatever it is. I've always felt that blossoming or growing mid to highrise neighborhoods that back up against the borders of a CBD is just as much a part of downtown as the office towers at the city core since presumably many of the office workers choose to call these neighborhoods home.

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Dale City

Dale

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Posted

It just wont be happening unless the state step in to create some regulations. When a developer said afforable, they probably means a studio of about 500 sqft for 180K, what you are thinking is a 3 bed 2 bath of 1200 sqft for 250K.

Back home in my country, there is a rule said that if a developer want to build a highrise with luxury condo, they are forced to build another tower with low cost housing. But they dont have high restrictions. If a similar rules being placed here, it will work.

No regulations please. Less regulations please.

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depechecureguyorl Whistle-Stop

depechecureguyorl

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More diversity downtown would be a great thing, but IMO, still a few years away. As mentioned, the 'burbs are still going relatively strong. However, I'm beginning to notice more and more scarce land in OC and around Orlando city proper. Maybe demand for moderately priced apartments downtown will come sooner than later. My only concern is; will we see class segregation? For example, will only the super rich be able to afford a Lake Eola view, while the less fortunate have to suffer a view of the railroad tracks & interstate highway?

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JRS1 Town

JRS1

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More diversity downtown would be a great thing, but IMO, still a few years away. As mentioned, the 'burbs are still going relatively strong. However, I'm beginning to notice more and more scarce land in OC and around Orlando city proper. Maybe demand for moderately priced apartments downtown will come sooner than later. My only concern is; will we see class segregation? For example, will only the super rich be able to afford a Lake Eola view, while the less fortunate have to suffer a view of the railroad tracks & interstate highway?

yes. you don't see lower income types with a nice view of Lake Michigan or the beach in Miami Beach, right?

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Chemmie Whistle-Stop

Chemmie

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More diversity downtown would be a great thing, but IMO, still a few years away. As mentioned, the 'burbs are still going relatively strong. However, I'm beginning to notice more and more scarce land in OC and around Orlando city proper. Maybe demand for moderately priced apartments downtown will come sooner than later. My only concern is; will we see class segregation? For example, will only the super rich be able to afford a Lake Eola view, while the less fortunate have to suffer a view of the railroad tracks & interstate highway?

It's the laws of supply and demand at work.

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WeNeed2Progress Hamlet

WeNeed2Progress

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...will only the super rich be able to afford a Lake Eola view, while the less fortunate have to suffer a view of the railroad tracks & interstate highway?

Yea, but think of it this way. Post Parkside residents get a view of Lake Eola and suffer too... from lack of sleep fearing that rats may nibble their toes. :shok:

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JRS1 Town

JRS1

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http://thelexingtonorlando.com/NewsBrief.cfm

I just went to the Lexington website. don't know how I missed it, but its a condotel, not a regular condo. the pix on the website are really nice renderings-- much nicer than the original rendering that's still on orlandoskyscrapers and this forum. (unless I missed a later post of it). 180 degree turn. great addition to downtown.

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Dale City

Dale

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There looks to be an incredible amount of potential retail space in there. Some resturants wouldn't be bad either since it's so close to the Arena.

Good point about the retail, as arena-goers will make a beeline to those restaurants, moreso than restaurants the other side of I-4.

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gumpking1 Whistle-Stop

gumpking1

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I couldn't agree with you more, in order for downtown to be great it has to be more diverse, in a cultural and economic sense. It can't all be high end condos and expensive restaraunts, there must be affordable areas for working class and middle class people to call there own. I would guess that most people who actually work downtown now are priced out of the current market. I hope this project leads to a new trend in catering to a larger section of the workforce.

I agree with you guys.Indianapolis a few years ago went thru the same thing.Now they have 2 twin towers that are in excess of 500 feet each and they are for lower to mid income folks.The towers are very pretty and i think the city helped finance them

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prahaboheme City

prahaboheme

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"To get the ball rolling on the project, the developers will be seeking the Federal Aviation Administration's approval for the city's tallest building -- a 460-foot-high residential tower.

The residential section of the City Place complex would be made up of a 46-story, 600-unit tower that would be flanked by two, 35-story buildings."

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Hisma Whistle-Stop

Hisma

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this just seems like something that is way too ambitious for the market. I'm sure it will be a phased development, that will end up getting scaled back as the market slowly becomes oversaturated. I wish I could believe this thing will get done in it's entirety, but how many times has a development that massive get undertaken in this new era?

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