ORLANDO-Condo Developer, LLC, the owner of 165 units at The Vueat Lake Eola, a condominium development in downtown Orlando, whopurchased them at a bankruptcy auction on March 25, has 18 cashreservations from residential users and two unsolicited letters ofintent for the 7900-square-foot retail space at the development.Both prospective buyers for the retail space are interested in thewhole space, says Cristian Michaels, president of Condo Developer,LLC. Sale prices for the residential units average $245 per squarefoot, he says.

“As soon as we have a formal contract, which should be nextMonday or Tuesday, we will be able to convert our reservations tosales contracts,” says Michaels, who is also the broker at RE/MaxTown Centre in Orlando who is selling the units, which werepurchased for a total of $25.9 Million. The name of the developeron the contract will be changed to Condo Developer, LLC, he says,to reflect the new ownership. The bulk sale of the 165 units closedon May 17th.

The 375-unit The Vue at Lake Eola was completed in 2007 byChicago-based Westminster Partners, LLC, led by Chuck Johanns. MikeMurray of the Churchhill Development Group, based in Orlando, wasalso on the development team, but was bought out a year or so ago,says Michaels.