ORLANDO-After five months of unpublicized negotiations, the Catholic Diocese of Orlando is buying the remaining 60,000 sf of the historically-designated 76,000-sf Downtown U.S. Postal Service building from Orlando Terrace Inc. for an estimated $2.5 million or $41.67 per sf, area brokers intimate with the deal tell GlobeSt.com on condition of anonymity. The deal is expected to close by Nov. 1.

Orlando Terrace bought the 60-year-old building from the U.S. General Services Administration in March for $1.94 million or an estimated $32.33 per sf based on the 60,000 sf Orlando Terrace actually owns.

The Post Office and the church will be joint owners of the property. The asset will not appear on the Orange County tax rolls.

Orlando Terrace and church officials couldn’t be reached at GlobeSt.com’s publication deadline to learn the asking price and terms of the deal. But church associates and area brokers intimate with the transaction tell GlobeSt.com the church plans to acquire additional Downtown property to build a central campus and consolidate several offices located in nearby buildings.

With the Post Office building acquisition, the church plans to immediately expand its headquarters operations adjacent to the 65-year-old St. James Catholic Cathedral. A surface Post Office-owned parking lot at 46 E. Robinson St. separates the two properties. A 300-space parking garage is planned on that site.

Prior to the sale to the church, Orlando Terrace had planned to invest an estimated $7.5 million of improvements, retrofits and new construction in both the post office building’s interior and adjoining lot.

Ironically, the church had owned the two-acre Post Office property in the early 1930s but was forced to sell the asset to the federal government during the Great Depression period that lasted from 1928 through 1936, according to local brokers and developers familiar with the church’s real estate portfolio.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



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 © 2024 ALM Global, LLC. All Rights Reserved.