ORLANDO-In the largest mixed-use venture breaking ground this year in Central Florida, Starwood Hotels & Resorts Worldwide Inc. of White Plains, NY and Intrawest Corp. of Vancouver, BC have broken ground on the first phase of the Westin Imagine Orlando Residences. The 30-acre project is across from the four-million-sf Orange County Convention Center on tourist-themed International Drive in south Orlando.
Starwood and Intrawest officials couldn't be reached at GlobeSt.com's publication deadline to learn the development cost of the first phase and the overall project. However, area construction sources whose staffs have completed comparable ventures in other parts of the state, say the hard construction cost of the first phase will be at least $120 million and the overall cost about $1 billion.
The first phase, called the Village of Imagine, is planned for 470 Westin-branded condominium suites, townhomes and residences and at least 40 shops totaling an estimated 300,000 sf of retail. The entire project will have about 1,000 residences when completed in an estimated 10-year time frame, construction sources relate.
The Village of Imagine, set on the shores of two lakes, is owned by Orlando Village Development LP. The first phase is tentatively scheduled to open in early 2008, according to a statement.
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