Developers George Kalivretenos, Barry Greer and Robert H. Stoehr confirm they have about $50 million of their own money in the venture they estimate will have a hard construction cost of at least $500 million.
They have informed city officials one of the projects within Orlando CityPlace will be a 46-story, 460-foot tall residential tower that would be the tallest in Central Florida and one of the tallest in Florida. The Federal Aviation Agency has to approve the building's height before construction can begin. The 35-story, 750,000-sf SunTrust Tower building Downtown is the city's tallest at 441.6 feet.
The developers initially had planned only a 14-story condo hotel on the site of the former Holiday Inn, severely damaged by the three back-to-back 2004 hurricanes at Colonial Drive (State Road 50) and Interstate 4 Downtown, as GlobeSt.com previously reported. The under-construction Lexington at Orlando CityPlace is expected to be ready for occupancy by summer. A total 180 units of the 227 condo hotel suites have been sold, according to a representative of the developers.
The developers have told the city they plan to break ground in April on the second phase of Orlando CityPlace--a health club and spa that will serve the hotel, tower residents and the public. Construction on the office component and the 10-story garage is slated for later this year. Groundbreaking for a 40-story residential tower atop the garage is tentatively scheduled for June 2007. The garage's roof will have swimming pools and jogging trails. No specific construction dates have been announced for the retail component or the third condo and apartment tower.
Area brokers and marketers tell GlobeSt.com Orlando CityPlace will be competing for tenants directly with two other mega-sized Downtown undertakings--the $140-million, 30-story, three-building Premiere Trade Plaza under construction on Orange Avenue, and 400 North Orange, a $387-million, 29-story, three-building mixed-use enterprise expected to break ground by year end, as GlobeSt.com previously reported.
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