Full Story

RIDA to enter tight 1-bedroom market

Orlando’s preliminary approval of apartments as part of RIDA Development’s as-yet-undeveloped Central Station project will add m

<< Go Back

Orlando’s preliminary approval of apartments as part of RIDA Development’s as-yet-undeveloped Central Station project will add multifamily housing to a downtown market with one newly completed project and at least three more underway.RIDA was unable to specify the number of one- and two-bedroom units it has planned for the 5.6-acre site, which is between the Orange County Courthouse and what will be the main downtown stop for SunRail commuter trains.Apartment projects underway in the Orlando area have trended toward one-bedroom units, but vacancies for one-bedroom apartments stand at 10.4 percent, according to an analysis by Greg Wilson, director of multifamily services for Colliers International in Orlando. Meanwhile, the vacancy rate for two-bedroom products is 8.3 percent and the rate for three-bedroom units is only 5.4 percent.”Last year, the buzz was about one-bedrooms; the talk was about projects heavily skewed toward the majority of unit mix being one-bedrooms,” Wilson said.”But last year, there was more hope in the economy. I believe the safe bet is on the two and three bedrooms, until we have signs of a red-hot economy.”According to Wilson, monthly rents in Orange, Seminole and Osceola counties currently average: one bedroom, $1,154; two bedroom, $1,367; and three bedroom, $1,638. SalesCrocker Partners acquired two recently foreclosed Florida office parks. It purchased Orlando University Center, a 386,000-square-foot, five-building complex, for $33.5 million; it also bought Freedom Commerce Center in Jacksonville for $28 million. Crocker Partners owned the assets previously but had sold them in 2005 to a private-equity firm. …A distributor of mobile-office air-conditioning units purchased a 35,542-square-foot building at 2900 W. Orange Ave. in Apopka for $1.48 million. Matt Sullivan, Wilson McDowell and Bobby Isola of Colliers International Central Florida represented the buyer. The seller was K.B. Lemieux Ltd. The Colliers trio also represented buyer MJAB Group LLC, managed by Mauro Branco, in the $900,000 purchase of a 23,090-square-foot industrial property at 177 N. Goldenrod Road, Orlando. The sellers: David M. and Barbara Rotenberger. A&B Stucco is expected to move into that building this month or next. …Rob Keeler, an investment specialist in Marcus & Millichap’s Orlando office, represented the seller in the $1.1 million sale of 11,061-square-foot DeLand Restaurant, on 2 acres at 301 E. International Speedway Blvd., DeLand. The buyer, a limited liability company, was secured and represented by Rob Keeler.DesignFirst Green Bank, based in Mount Dora but with branches in downtown Orlando, Clermont and Ormond Beach, has appointed the Orlando architectural firm of VOA Associates to design the plans for a Winter Park branch. Kenneth LaRoe, the Lake County bank’s chairman, said the branch, the bank’s second in Orange County, is scheduled to open by the end of the third quarter. …Cuhaci & Peterson Architects Engineers Planners, Orlando, has completed the design of various commercial projects, including: a remodel of the 40,000-square-foot Sports Authority store at Lakeland Square Mall in Lakeland; a 45,000-square-foot Publix Super Markets grocery in Port Orange; the 20,000-square-foot Abbiejean Russell Care senior-living facility in Fort Pierce; and a 25,000-square-foot Big Y Grocery in Palmer, Mass.LeasesLisa Bailey and Phil Marchese of Morrison Commercial Real Estate represented the landlord in leasing 22,279 square feet in Lake Point Business Park, Orlando.
<< Go Back

Connect With Us