Existing home sales in metro Orlando outpace rest of state

Jerry W. Jackson | Sentinel Staff Writer
1:47 PM EST, November 18, 2008

Existing home sales in metro Orlando continued to outpace sales in most of the rest of Florida during the third quarter, with Orlando Realtors reporting 4,689 single-family homes sold during the three months ended Sept. 30. That was 14 percent of the statewide total.

Orlando sold almost four times more homes than Miami-Dade during the period, three times more than Fort Lauderdale and almost twice as many as Jacksonville, the report by the Florida Association of Realtors showed.

For full story, click here: http://www.orlandosentinel.com/business/orl-existing-home-sales-orlando-111808,0,2974631.story?track=rss

Developer Cameron Kuhn weighs offers for Church Street Station

Jerry W. Jackson |Sentinel Staff Writer

November 5, 2008

Developer Cameron Kuhn is trying to sell the still-struggling Church Street Station dining-and-entertainment complex, and the broker pitching the downtown Orlando property said Tuesday that two "serious" offers are being considered.


Full story: http://www.orlandosentinel.com/business/orl-kuhn0508nov05,0,1956828.story

Gifting your house and living in it, too

NEW YORK – Oct. 31, 2008 – Plunging real-estate values have made it an opportune time for older homeowners to give property to their children, while realizing big savings on gift and estate taxes.

For the full story: http://www.floridarealtors.org/NewsAndEvents/n4-103108.cfm

The Associated Press, Mike Spector (The Wall Street Journal).

Florida’s existing home, condo sales increase in September 2008

Source: © 2008 FLORIDA ASSOCIATION OF REALTORS
http://www.floridarealtors.org/NewsAndEvents/n1-102408.cfm

ORLANDO, Fla., Oct. 24, 2008 – For the first time in almost three years, Florida’s existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR).

For entire article: http://www.floridarealtors.org/NewsAndEvents/n1-102408.cfm

Downtown Movie Theater - no.. really this time.

The brand new, state of the art, (but vacant) downtown movie theater may finally be getting a tenant. The city is working on an incentive package with RP Realty Partners to complete interior build-out of the theater space (located in The Plaza complex on Orange Ave).

It is estimated to cost $6M to build-out the theater in what is described as an "Upscale Cinema Pub" style, featuring first run movies with terraced table seating and food and wine table service. The focus of the theater is to draw in a more mature audience than traditional movie theaters which typically draw in a primarily teen-age crowd.

The $6M incentive loan would not be coming from tax dollars, but from the CRA fund (Downtown Community Redevelopment Agency) that can only be spent on projects within the downtown core (such as the previously discussed Paramore project). A tax assessment will be levied on The Plaza parking garage and retail space that will be used to payback the loan (with interest) over 15 years.

Downtown News - Development Activity

Despite the current economic situation, there's still lots going on in downtown to tell you about. To start, there's the "Renaissance at Carver Square" project planned for the Paramore area to be located at the corner of Church and Paramore Ave. The project will receive $17M in incentives (about a third of its $50M price tag) from the city's CRA (Community Redevelopment Agency) in an effort to rejuvenate the Paramore area. The area is currently buzzing with construction activity for the new Arena and surrounding infrastructure planning.

The Renaissance building will be located next to Paramore Heritage Square Park and will feature a 230 seat theater and recording studio that is meant to bring back the old historic Carver Theater. The 11 story building will include 4 floors of office condos, retail space for shops and restaurants, and 17 residential condos. The building will also contain a 302 space parking garage that can be used for parking during Magic Games and is being paid for as part of the city's incentive package in which the city will collect parking fees on evenings and weekends to gradually recover the investment.

Ground breaking is planned for next year with completion set for mid-2010 (that will coincide with the completion the Arena).

The controversy of Lake Eola Capital's plans to build a mid-rise office tower on their current property next to Lake Eola Park continues. Their plans to demolish and replace their current offices (renovated older homes that sit on land just next to the playground on E. Washington) though not designated historic properties, have met with much community resistance.

Since then, Lake Eola Capital has backed off on their plans but are now in formal negotiations with the city for a possible land-swap. The swap would involve the city taking ownership of their current properties (1.5 acres) and in return grant Lake Eola Capital land currently owned by the city (basically located in the backyard of the current property) that would front the corner of Central Blvd and Eola Drive.

A public hearing to change the zoning of the proposed new location to Office High Intensity (it is currently zoned as Public, Recreational & Institutional, and Residential High Intensity) along with an amendment to allow development of an office tower up to 200ft (16 stories) will be held on Tuesday, Oct 21.

Dynatech's new high rise faces challenges in downtown Orlando

Source: Jerry W. Jackson Sentinel Staff Writer
http://www.orlandosentinel.com/business/orl-dynetech0708oct07,0,2420255.story

Dynetech Centre, downtown Orlando's newest high-rise, has retail on the lower floors and 164 luxury apartment units on the upper floors. But so far, there's no Dynetech Corp. sign to be seen atop the $80 million tower.

The Orlando-based company, which acquired the naming rights to the building back during the real-estate boom, hasn't exactly prospered since signing on as the anchor tenant. And the downtown apartment market isn't so hot these days, either.

http://www.orlandosentinel.com/business/orl-dynetech0708oct07,0,2420255.story

Work to start on downtown apartment project

Source: Orlando Business Journal
http://orlando.bizjournals.com/orlando/stories/2008/09/29/daily22.html?surround=lfn&brthrs=1


Lane Florida LLC plans to start construction Oct. 1 on a high-rise apartment project, the first of three slated by the firm in downtown Orlando.
Plans for The Montage — a $50 million, 19-story luxury tower on Lake Avenue — include 183 rental units, 8,000 square feet of retail space and a 24-hour controlled-access fitness center and club room, according to a news release.
The developer plans to seek Leadership in Energy and Environmental Design (LEED) silver status from the U.S. Green Building Council, the release said.
Orlando-based Stillwater Technologies Inc. is the engineer, Houston-based EDI Architecture Inc. is the architect and Maitland-based Winter Park Construction is the general contractor. The project is expected to be completed in spring 2010.
The Montage is downtown’s only apartment high-rise slated to begin construction this year, the city of Orlando said in a statement announcing the groundbreaking ceremony.
Lane Florida, a subsidiary of Atlanta-based Lane Co., also is building Verano Apartment Homes in Osceola County near Walt Disney World.
The firm owns one and a half city blocks on Lake Avenue between Pine and Mariposa streets. The second and third towers are each planned with ground-floor retail space and would have a combined 366 apartments. Construction is expected to start in 2010.
All contents of this site © American City Business Journals Inc. All rights reserved.

Downtown Orlando Happenings

Checked out "Ember" lounge (a couple times now), a definite new spot. Apparently I'm not alone, the place was packed last Saturday night. For those that don't know already, Ember is in the space once occupied by Kate O'Brians on Central Blvd. I know I said it before, but the renovation is beyond recognition from the original Kates. A very nicely done job, and so far proving to be a great happy hour spot with good appetizers and drinks.

In other restaurant news, I was caught off guard at the opening of Rustic Steakhouse on Church St. It occupies the former Improv space next to Ceviche and is from the owners of Spice Modern Steakhouse (which has locations on Central Blvd. across from the new Downtown Publix and on Park Ave in Winter Park). Though I've been monitoring the progress of the build out of the new steakhouse, the taped windows and entrance lobby prohibited much detail, so I was pleasantly surprised to walk by last weekend and see it opened, well it had just opened 2 hours before I walked by! Since I was walking back from dinner I didn't get a chance to eat there, but I was given a tour. It is very nicely done, with the former entrance space area from the Improv intact and left as a pretty cool lounge and bar area. The inside dinning room space is impressive with a large glass wine room serving as the focal point. Another nice touch is seating and tables upstairs in the encompassing balcony. I'll definitely be checking out the food on my next visit, the menu, and specifically the drink menu, looked very promising.

Downtown Orlando Happenings

The new downtown Publix has opened in The Paramount Condo on Central Blvd across from Lake Eola. This first downtown super market in decades is sure to have a major impact to downtown. Already, there has been a significant increase in pedestrian traffic in the area and overall activity. The Central Blvd. corridor, Eola Dr, and Thorton Park Central area has fast become the major residential and living area in downtown. The explosion of this area has been truly amazing within the past few years creating a truly urban residential area in downtown that includes, The Waverly, Thorton Park Central, Eola South, The Sanctuary, 101 Eola, The Jackson, Star Tower, Osceola Brownstones, Post Parkside, and The Paramount. The Montage apartment high-rise, to be located just behind The Paramount, is also planned to break ground before the end of the year.

Within the CBD, 55 West has completed construction, however build-out of a yet to be announced 4-Star hotel will begin in the next few months. This restructuring of 55 West will involve the release of all condo sales contracts with units being re-released to market once the hotel configuration and design has been finalized.

In dining and drinking news, the former Kate O’Brians on Central Blvd. has been remarkably renovated beyond recognition, and has just opened as “Ember”. This stylish new lounge has a Mediterranean theme and is from the owners of the Church Street Latitudes complex and Tryst martini bar. After a recent walk-thru of the completed $4M renovation, this place is sure to be a hot spot. The outdoor patio area is amazing, consisting of an enormous multi-level patio of pavers and tiles, mosaics, mediterranean roof tiles, and wrought iron rails throughout. An abundance of stylish lighting and fans for outdoor air circulation adds a nice touch. Also the indoor area is first-rate as well, again completely unrecognizable from the former Kate O’Brians space. Ember will feature specialty drinks and food that have been designed by the team from Kres Chophouse on Church Street.

Downtown Orlando Happenings

The big news of the month has been the unveiling of the design for the new performing arts center (Dr. Philips Performing Arts Center, or DPAC). The design can be seen here, http://www.orlandosentinel.com/orl-dpac2408aug24,0,4845661.story. The primary design element is a large cantilevered roof that stretches over Magnolia Ave, which will remain open to traffic, cutting through the center of the complex (though it’s believed the street will be closed during events). The $408M complex will include 3 theaters in all, a 2,800 seat Broadway style theater, a 1,700 search opera house and concert hall, and a small 300 seat theater intended for local and community shows. The complex will also contain rehearsal rooms, offices, and educational space. The massive complex will occupy 2 blocks, across from City Hall, bounded by Orange Ave, South St., Rosalind Ave., and Anderson St., with Magnolia Ave cutting through the center. The east block will contain the performing arts theaters, while the west side will contain a large outdoor performance space intended for outdoor shows, flanked by a hotel and office building.

In other news, the old Lynx bus station has finally been demolished to make room for a new Orlando Firehouse (incidentally, the current firehouse it is meant to replace will be displaced by the performing arts center). The 2-story station will be located between Pine St. and Central Ave. (north of 55 West).

In retail news, the SoDo shopping complex is nearing completion. The anchor Super Target is set to open on October 12, with a soft opening before then. The complex is located just “So”uth of “Do”wntown on S. Orange Ave., north of Michigan Ave.

Also the downtown Publix (located in the Paramount building) is now complete, with shelves stocked and signs up, and will be opening at 8:00am on Sat, Sep 6!!

In restaurant news, the Black Olive restaurant is completing build-out in the Plaza complex (it will be located just behind Corona Cigar Co.). The Mediterranean-style Italian restaurant will feature a weekly-rotating seasonal menu, fresh baked bread, hand-made cheeses, and 165 types of olives throughout the year. It is scheduled to open in September.

On an arts note, a new arts program featuring guitars will be deployed to various locations around downtown, similar to the Lizart project a few years back. The giant guitars are being created by local artists and can currently be seen in the works at some of the local studios, such as the City Arts Factory.

Downtown Orlando Happenings...

In Arena news, a new computer rendered video of the new Arena has been published and is pretty impressive. Check it out: Link to Video Notice the bar/restaurant overlooking the court, pretty cool, along with the outside pedestrian areas.

The big news in development has involved the Church Street Station complex. The complex, owned by Cameron Kuhn, is being foreclosed upon, along with other Kuhn properties and projects that are in financial difficulty. Ironically, the businesses and restaurants at Church Street seem to be doing better than the complex owners, especially with the increase in pedestrian traffic on the street now with the near completion of the 55 West tower. It’s expected the foreclosure will not have any immediate impact to the complex, and business will be as usual as far as the public will be aware. The most likely result of the situation is that the complex will eventually be under new ownership. Additionally, the planned 25 story Hilton Hotel that is to be built on the lot next to the Church Street Station Ballroom is progressing forward.

In other news, the soap-opera of Tradition Towers continues. The massive 2 tower high-rise planned for across the street from the library in the lot currently occupied by the University Club looks to be fading away as actually being constructed. With the death of the Broad Street Partners managing partner and now accusations of embezzlement growing, the future for the project looks pretty grim. However, there is still hope given that the project had so many entities involved, and a new developer taking over to continue the project is not out of the question.

The SoDo “SOuth of DOwntown” retail complex is nearing completion. The anchor Super Target is just weeks from completion and build out of the numerous retail and residential components are moving forward.

In restaurant news, the new Tijuana Flats in Thorton Park has opened! It occupies the former Geletone gelato shop and Renovations Spa space, in the same complex as Hue and Shari Sushi. So the best tacos and burritos in town are back downtown. Also, NYPD Pizza has opened in The Plaza. Rumor is that it will also soon be expanding to the next door space formerly occupied by the short-lived Cool Blue Burrito. And Café Aroma will soon be opening in the former Rojo space on Orange Ave.

Downtown News and Stuff…

It’s been a while, so lots to talk about! First on the list, the Paramount On Lake Eola had its official grand opening on July 4th. Large crowds, already downtown for the fireworks and festivities, made the opening a pretty crowded event. All in all, things seemed to have gone smoothly, except for a bit of an elevator issue that probably wasn’t too fun for the people inside the packed elevators, I’m glad I waited to visit the following day. Closings are to set begin in the upcoming days, but no word on how many contracts are solid for closing and how many buyers plan on forfeiting their deposits, which by the way was a minimum 15%, so not so easy to walk away from on the typical $400K+ condo the Paramount is offering. Officially though, only 5 units are still available that are not under contract, including the $1.2M penthouse (or Mansion as it’s called), that sits as a 2 story detached unit on the pool deck. Interesting concept, and like the several other 2 story townhouse villas situated on the pool deck, have elevator access to a private garage within the parking garage below. No word on additional retail plans, besides the WaMu bank and Publix, that as I’m sure I mentioned a thousand times, will be opening Labor Day!

Construction on 55 West looks to be wrapping up nicely, but no word yet on what exactly is to become of the large tower and Esplanade retail center. The word is that it is now between 2 Four-Star hotels that would take over a portion of the tower, with the remaining units to remain as condos. Will keep you posted on how this turns out. On the upside, the Church Street area as a whole has definitely picked up over these last few months, even with construction fencing and barriers situated dead center in the complex. Much of the success seems to be a result of the reawakened Church Street Station complex with Hamburger Mary’s, Cheyenne Saloon, Dessert Lady, and Ceviche Tapas Restaurant. No updates on Ceviche’s neighbor, the former Improv space that is set to become Rustic Steakhouse from the owners of Spice Modern Steakhouse.

Also, plans seem to be coming together for the idea I reported earlier for the development of a business district under the I-4 overpass, now being called the “Bridge Project”. The idea is to “bridge” the gap between Church Street Station and the “other” side of I4, where the new Arena is being built. Latest plans mention the construction of 2 story buildings under the interstate providing space for retail stores and art galleries. And mentioning the new Arena, ground-breaking is set for July 25th!!!

In entertainment and restaurant news, the Travel Channel aired an episode of “Samantha Brown: Passport to Great Weekends”, that focused on a weekend in Orlando, and surprisingly, actually took place in Orlando and not Disney or the parks. The episode showcased glass-blowing at the City Arts Factory downtown, NV (a semi-private bar/photo-art gallery), the Grand Bohemian hotel, along with a visit to Winter Park’s Park Ave that included the Farmer’s Market and The Wine Room, which apparently, unknown to me, has the world’s largest selection of wines available for tasting. And speaking of wine, another unknown fact to me, did you know Orlando has 3 Master Sommeliers. That’s equal to the number NYC has, and more impressive is the fact that there are only 158 total Master Sommeliers in the world!

And finally, Forty-VII (as in 40-7, or 407, get it?) clothing store is set to open toward the end of the summer in a large corner retail space in the Plaza. The plan is for a unique street style clothing store that will stay open late to cater to downtown night life, even planning live music. And lastly, the Tijuana Flats downtown drought looks to be at an end, the new location in Thorton Park Central is completing build-out and is planned to open July 28th!!

Downtown News and Stuff…

The “The Paramount on Lake Eola” continues toward completion. Construction fencing has been removed from the perimeter and once again Central Blvd., Lake Ave, and Pine St. are opened after over 2 years of being partially closed. The Publix Supermarket also looks to be completing build-out, with the sign being worked on this week, though the actual opening will not happen until Labor Day.

In other news, plans for the “Orlando Wheel” to be located in tourist town (I-Drive Area) are under way. The 500ft wheel will be similar to the London Eye and others in Singapore and Bejing, containing sightseeing capsules all around a ferris wheel structure, each holding about 40 people. Given Orlando’s flat terrain, it should make for a great view of Downtown Orlando for anyone willing to bear the trauma of first driving down to that part of town and second being trapped inside a capsule chock-full-of tourists. But hey, it’s sure to make the tourists happy, and may be worth trying at least once, maybe when Aunt Bunny and Uncle Leo come to visit and you’re forced to drive to touristville!

Anyway, lots going on in dining news, we have some openings, closings, and name changes. First, Cool Blue Burrito that was located in The Plaza has closed without notice. Its short stint is of no surprise given that it was only opened for 4 hours a day, weekdays only! Plus with Panchero’s down the street on Church St., and Tijuana Flats re-opening a few blocks away in Thorton Park, its sub-par burritos didn’t stand a chance anyway. Speaking of Tijuana Flats, the build out in the old Gelatone gelato shop and Renovations spa spaces in Thorton Park Central, next to Hue Restaurant, looks to be coming along nicely with awnings and signs now appearing along with general minor renovations to the exterior of the Thorton Park Central retail for the Central and Summerlin corner. In openings, Panino’s Pizza & Grill has opened on Orange Ave (next to Ichiban Sushi). Haven’t tried it out yet, but the hours look promising 9am to 5am, just hope it will stand out among the 4 other Pizzerias in view from just outside their front door (plus NYPD Pizza soon to be opening in The Plaza!). Also in The Plaza, the build out of Bola Italian restaurant space continues, however with a new name posted, “The Black Olive”. No word on the details of this change, however the Bola Italian Restaurant that was on I-Drive appears to have closed (along with their website).

Downtown News and Stuff…

There is some good news and bad news for the “The Paramount on Lake Eola” condominium project located on Central Blvd. The good, it is completing final construction in the next few weeks and the sidewalks that have been closed for the past 2 years have finally opened, along with the mounting of a “unique” metal sculpture at the corner near the entrance to the Publix supermarket that will be located on the ground floor. The Publix is set to open on Labor Day. The bad news, well kind of bad news, is that a lawsuit has been filed by some condo buyers concerning a structural problem that arose early on in construction. However city and structural inspectors have repeatedly stated that the massive iron structures and supports brought in are more than sufficient to resolve any possible structural issues discovered, and the remedy is common practice in high-rise concrete structures when cracks are discovered during construction. It is the developer’s opinion that the lawsuit is being filed by buyers who want to “back-out” of their contracts and is using the structural issue as an excuse to have their deposits refunded. The Paramount has sold all but 5 of the 313 total units.

In other development news, Doc’s Restaurant, located on South Orange Ave. across from ORMC is closing to make room for a hotel. The existing structure will be partially demolished to make room for a Hampton Inn hotel that will include space for a new Doc’s Restaurant. In the meantime, Doc’s Restaurant owners are looking for another downtown location to open up during construction and beyond.

Also in Orlando news, Fast Company Magazine (June 2008 issue) has named Orlando as one of 12 global cities best for innovation. Only 2 other U.S. cities are included in the list (Seattle and Kansas City). The top reasons noted for Orlando’s inclusion are its interactive and simulation software, and biotech industries, noting the future medical hub complex to be located in Lake Nona that will include the UCF Medical School, Burnham Institute, Nemours Children’s Hospital, VA Medical Center, and M.D. Anderson Cancer Research Center.

And some good drinking and dining news (well drinking anyway), the new Stardust Lounge located in the former Lee’s Underground Tavern space mentioned last week definitely lives up to its expectations. I don’t know how they did it, maybe through smoke and mirrors, but somehow the space looks bigger than I remember when it was Lee’s Tavern. It’s still of course a pretty small space, but they did a great job on the renovation. Drinks were top, though there is no beer on tap (only bottles), but hey, this is a lounge after all, and while they do have a rather nice list of themed specialty drinks, my posse prefers to kick it old school with some White Russians and Tom Collins. Also to my surprise, it’s non-smoking, which is great news for anyone who has been to Tanqueray's Bar on Orange Ave (another small Orlando underground bar but does allow smoking). Also, on one visit to Stardust, food menus were displayed showing a limited subset of The Beacon’s menu (apparently food will be brought over from The Beacon a couple blocks away).

Downtown News and Stuff…

On building and development news, the planned Verde Towers project located Uptown on a 2.5 acre site at the corner of N. Orange and Marks St., long thought to be on hold, has been reborn as a 300 mid-rise apartment 5 story building with 1st floor retail proposed for artist related galleries and shops, with an aim to continue downtown's residential expansion into Uptown. Details are slowly emerging and I will keep you posted.

There is some very good news for the new downtown Arena and Entertainment complex. You can now begin to see when travelling I-4 WB and exiting from the temporary Anderson St. exit, the future site of the Orlando Events Center. The land is now clearly visible and has been completely cleared of the final remaining buildings and structures. The Church St. site is just on the other side of I-4 from Church Street Station and will be completed and ready in time for the Magic’s 2010 NBA season. There are also plans in the works to transform the area under I-4 into an outdoor retail market and walkway to bridge the Church Street Station and new Arena entertainment complexes.

And now for some downtown dining, drinking, and entertainment news…The former Lee’s Underground, “Cheers” style basement bar, has re-opened as Stardust Lounge, not to be confused with Stardust Video on Corrine and Winter Park drive, a cool spot in its own that I should tell you about another time. The new Stardust Lounge promises a vintage 1950’s Vegas style and as is owned by the Beacon Hill Group, which also owns Graze and The Beacon downtown restaurants located in the Sanctuary condo. I will keep you posted on if it lives up to its promise and plan to make a visit this week. On a related note, the former Beacon Group’s “Room 39” bar in the historic Angebilt Building on Orange Ave (next to The Lodge), has been renovated and re-opened as “Finnhenry’s” (www.finnhenrys.com) with plans of being a neighborhood style bar and lunch spot. A first visit found it pretty busy as a potential happy hour hotspot, with food apparently only served till 3pm. Since I arrived after that I can’t tell you much about the food, but the waitress was kind enough to bring over some pretty tasty homemade chips. J Also in restaurant news, the recently closed Downtown Sam Snead’s will be replaced by “310 Lakeside” from the same owners as 310 Park South on Park Ave. in Winter Park. More news on that to come…

Some more downtown happenings… a group of emerging artists have begun to coordinate a weekly “Block Party” in downtown on the 200 block of Magnolia Ave, near Culture Mart and Daily News luncheonette. The event invites local artists to display and sell their work and starts at about 8pm on Fridays.