Developer Avalon Park Group has bought a two-story property in Downtown Orlando for close to $1.87 million, with plans to establish a headquarters for affiliate Avex Homes on the second floor, the company's president told GrowthSpotter.
Located at 24 E. Washington St. on the corner with N. Court Avenue, the 8,655-square-foot building is currently home to restaurants Beth's Burger Bar and Gringos Locos on the ground floor.
Avex, which got its start building homes near Tampa in 2013, expanded to the Orlando area in recent years with The Towns at Westyn Bay development near Winter Garden and Shingle Creek Reserve in Kissimmee.
The company has more than 40 homes built or under construction in Greater Orlando within the past year. It's also growing its semi-custom home business in Orlando, AvexElite, and is on pace to top $18 million in revenue this year, said Eric Marks, president of Avalon Park Group.
Three new residential developments planned by Avex for the region this year prompted its parent company to base the homebuilder in Orlando, Marks said.
"We wanted (Avex Homes) to be downtown as a central location to all the projects," he said. "The second floor offers a great layout for office space, and this property gave us an opportunity to open a related design studio on the ground floor in the future."
Avalon Park Group will invest up to $50,000 in the coming months to renovate the E. Washington Street property's second floor and install exterior signage for the Avex Homes office. Further investment will come if a vacant space on the ground floor is turned into an Avex design studio, Marks said.
Avex's three new residential developments should begin construction within the next five months, and will total about 140 homes ranging from $160,000 to the low $300,000s. They are Reserve at Sawgrass on Weatherby Road in Orange County, Chelsea Park in the area of ChampionsGate, and an unnamed development in final permitting stage in Seminole County.