Orlando-based real estate investment group Upshot Capital Advisors paid $3.5 million on Thursday through one of its investments funds for 1.56 acres next to the Doubletree by Hilton Orlando Downtown, and is considering use options between the burgeoning North Quarter and Ivanhoe Village neighborhoods, the company's CEO told GrowthSpotter.
Located at 68 S. Ivanhoe Blvd., the vacant parcel is tucked between the hotel and three-story Point Ivanhoe office building, with Lake Ivanhoe and the Orlando Chamber of Commerce building to its northeast.
GrowthSpotter first reported in mid-May that Upshot had the property under contract.
"We are going to start our demand studies on the asset in the coming months," said Upshot's RaulSocarras, a veteran developer and land use attorney with more than 15 years experience in Greater Orlando.
All commercial uses were being considered but a mixed-use development was most likely, he previously said in May. No plans have since been presented to the city of Orlando.
The seller was Space Coast Credit Union, which took title in lieu of foreclosure in November 2014 as successor to Eastern Financial Florida Credit Union, following a merger.
Marketing of the property began in August 2016, and Lightle said developers with retail, mixed-use and multifamily concepts took an interest.
Zoning for the site allows for a wide range of intense land uses. Development density can start at 200 units per acre with potential for more through design standards, while a 360-foot height limit could allow a building of 33-plus stories.
Retail development on the property could draw patrons from the adjacent 16-story Gateway Center office tower, or North Quarter apartment dwellers just 1,000 feet to the south. It's slightly more than 3,000 feet southwest of the planned 630-unit The Yard at Ivanhoe apartments.
Upshot also has the second Mama B's Giant Subs property in Downtown Orlando's SoDo District under contract for a new retail concept. It has completed due diligence on that property and is expected to close on the purchase in mid-September.
Like with the N. Ivanhoe Boulevard site, Upshot is willing to buy the property without a user lined up, focusing instead on acquiring properties now with strong underlying real estate fundamentals.
Upshot paid $4 million last December through one of its investment funds to acquire a vacant Downtown Orlando office building with plans to redevelop the site in five to 10 years.
The company has another 28 acres under contract on Kissimmee's E192 tech corridor, with a closing expected in June and plans for more than $55 million in mixed-use construction.