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ORLANDO-Downtown, which already has an estimated 8,500 new, converted, planned or under-construction condos, could usher in the largest condo community yet if the project breaks ground as scheduled in summer 2006, area brokers tracking the glutted condo home category tell GlobeSt.com.

JLJ Properties Inc. of suburban Lake Mary has filed conceptual plans with the city for a two-tower, 510-unit condo venture totaling one million sf that would also have 60,000 sf of condominium office space and 25,000 sf of retail, city planning department staffers confirm for GlobeSt.com. The development site is west of Eola Drive, along Mariposa Street and near Lake Olive and Constitution Park. A 20-story and a 16-story tower are planned for the site. Completion is targeted for 2008.

JLJ partners couldn’t be reached by GlobeSt.com’s publication deadline to learn more details of the undertaking. However, marketing sources familiar with the project tell GlobeSt.com the condo homes will be price from $150,000 to $3.5 million for penthouse units. Area construction sources who have done comparable projects tell GlobeSt.com the estimated hard construction cost of the one-million-sf project won’t be less than $150 per sf or a total $150 million.

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