The 13-acre lakefront project will be built for an estimated development cost of about $461,538 per room, construction sources familiar with the undertaking tell GlobeSt.com. The structure's planned 438-foot height still has to be approved by the Federal Aviation Agency because of its proximity to Orlando International Airport and the city's Executive Airport, City Hall sources tell GlobeSt.com.
Development partners Camilo Aguirre, Gary Cohen and Jean Marc Meunier plan to break ground on the first phase of the three-phased project in November, brokerage sources in a position to know tell GlobeSt.com. The first phase will include 515 studio, one-, two- and three-bedroom lofts suites and condos. The build-out value will be about $950 million, marketers intimate with the developers' plans tell GlobeSt.com.
The project's sales office opens Feb. 24 in the former Siam Orchid restaurant at 7575 Universal Blvd. Pre-construction prices range from $300,000 for a one-bedroom, 575-sf suite to $500,000 for a three-bedroom, 1,200-sf unit. The developers haven't yet named a management firm to operate the hotel on a daily basis, hospitality industry sources close to the project's developers, Cohen Meunier & Aguirre Development Group LLC, tell GlobeSt.com.
Blue Rose Resort will have a 1,000-seat performing arts theater, five restaurants, 75,000 sf of meeting space, a five-story lobby and 2,000 covered parking spaces at the development site at Universal Boulevard and Carrier Drive in southwest Orlando. The project will take about three years to complete.
CMA Cos. partners have a strong development-completion record, according to industry sources. Aguirre founded Immo Group Inc. and has participated in the development of Miami Beach-based 1500 Ocean Dr., Ocean Beach Resort and the Bethel Beach Club Resort and Spa. Cohen is managing director and CEO of MOC Capital Partners Inc. in Boca Raton. Meunier is CEO of Constructa US which has developed CocoWalk, 1500 Ocean Drive and the Mary Brickell Village in South Florida, and new Sofitel hotels in New York, Chicago, Philadelphia and Washington, DC.
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