According to a press release, the partners behind the four-story building’s extensive renovation have decided to rename it “Fulcrum.”
As part of its plans, the partners also intend to update its interiors to allow for a “creative office space” that will feature large windows, shared tenant spaces and street-level retail.
The outside of the building is also up for a major revamp.
Last month, GrowthSpotter covered Orlando’s Appearance Review Board where managing partners at Third & Urban discussed their vision for the four-story building.
Conceptual plans remove the railings and floors of its balconies so the developers can add luminescent lights underneath. Its front entrance will be framed with pre-treated steel, while the West Jefferson and North Orange Avenue corner will be retrofitted to accommodate retail tenants.
The release also confirms the building will be redesigned with fresh landscaping and a large-scale mural by what they say will be a “nationally recognized artist.”
Construction is expected to begin in the next few months, with an expected completion in the second quarter of 2020.
Third & Urban and FCP are investing more than $4.5 million into the project.
Foundry Commercial is leading the office and retail leasing for Fulcrum and will provide property and construction management services. The building features about 127,000 square feet of office space and 14,000 square feet of retail space.
The partners paid $15.8 million for the 140,991 square-foot building at 150 N. Orange Ave. in April. The building is anchored by AECOM, which occupies the entire second floor. Voxeo and some other smaller tenants also have a presence in the building.
Atlanta-based Smith Dalia and Orlando-based Walker Design are the contracted design firms. Plans include to spruce up Fulcrum’s office space with open floor plans, high ceilings, natural light and modern workspace finishes. Amenities include informal meeting spaces and features suitable for alternative transit options like bike storage and showers.
The ground-floor retail allows for multiple food and beverage concepts as well as some service retail space.
This would be the second major renovation of the building, following one back in 2005 by its previous owners. The building once served as a processing center for JC Penny.
The renovation project comes at a time when a number of co-working spaces are coming online for rent in downtown. In May, co-working giant WeWork announced it signed a lease for over 70,000 square feet in the SunTrust Center.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.