X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-After 20 years and $40 million of lukewarm redevelopment efforts, this city of 180,000 permanent residents is ecstatic over a $53-million Downtown neighborhood rejuvenation package being proposed by some of the biggest hitters in Florida’s commercial real estate community.

They are Bank of America, Trammell Crow Co., St. Joe Commercial, Carolina Florida Properties and locally-based Hughes Supply Inc., one of the country’s largest construction industry vendors.

The companies propose transforming Parramore, one of the city’s poorest neighborhoods in a crime-infested, one-square mile Downtown pocket, into a thriving commercial hub.

Leading the charge is publicly-traded Hughes Supply, which plans to build a corporate headquarters for its 350-person staff currently housed in the 20 N. Orange Ave. building, about 12 blocks away.

The estimated size and cost of the Hughes structure is 200,000 sf and $30 million. The company plans to add 150 new jobs. Bank of America is willing to fund the construction of shops, 254 apartment units and a 1,000-car parking garage.

Construction could begin next March and take 18 months to complete. The city is weighing a $12-million economic incentive package from its Community Redevelopment Agency for the venture, which took 18 months to jell.

The Orlando Neighborhood Improvement Corp., a non-profit housing agency founded by the city, will partner with Bank of America on the housing and retail. St. Joe Commercial will work with Hughes and Trammell Crow on the office space.

The projects will be built along West Church Street between Division and Terry Avenues. This site is only a few blocks from the proposed $30-million Florida A&M University law school campus; a new federal courthouse building; and a new arena location for Orlando Magic.

Carolina Florida Properties owns the bulk of the 30 acres in the planned redevelopment area. The developer already has demolished 40 properties in assembling the Parramore land package.

The momentum for this newest redevelopment thrust comes as 1,300 new apartment units are surfacing in the central business district in one of the city’s biggest development years led by private investment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.