Downtown brokers familiar with escalating land values tell GlobeSt.com the club's 1.5 acres is valued minimally at $1 million per acre or a total $1.5 million. Groundbreaking on the 1.4-million-sf project, tentatively named Tradition Towers, is scheduled for the third quarter with completion anticipated by 2007.
A 900-space parking garage is also planned at the 415-foot tall structures, making them the second tallest buildings in Central Florida next to the 442-foot tall, 35-story SunTrust Center Downtown. The Federal Aviation Agency is reviewing the height plans for the project since the towers will be in the daily flight path of the Orlando Executive Airport, about seven miles from the development site, Downtown developers who have made similar applications on past projects to the FAA tell GlobeSt.com.
Individual condo units are projected to sell for $300,000 to $1 million, according to area marketers who have handled comparable Downtown projects. The project is the latest in a feverish condo development and condo conversion surge Downtown in the last 18 months. City development officials estimate about $1.5 billion in new projects has either broken ground or about to start construction this year.
"The commercial development push we are seeing is unprecedented," an Orange County planning department manager tells GlobeSt.com. "I hope we are not at the saturation point." About 5,000 new and converted condominium units have either surfaced, about to surface or are still on the drawing boards of area developers, according to preliminary conceptual plans filed with the city and county.
Smallwood, Reynolds, Stewart, Stewart & Associates of Atlanta designed the twin towers.
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