Property investor Manohar Jain just expanded his holdings in downtown Orlando.
According to a deed filed in Orange County, Tuesday, Jain paid $2 million for a roughly 4,000-square-foot building at 44 E. Central Blvd. that formerly housed a bank.
Built in 1978, the property was home to several financial institutions before being vacated by BankUnited in December. Around the same time, Jain landed a contract deal to purchase the property, he said. The slanted roof and large picture windows highlight its distinctive architecture.
“It’s a great space in downtown,” Jain told GrowthSpotter. “I really want to see a prime institution with big brand-name recognition take up the space. It doesn’t have to be a bank. I think it can be a great entertainment or showroom space."
Under the property’s current conditions, Jain wouldn’t be able to lease space to any food vendors.
His portfolio consists of the restaurant and bar Ace Cafe Orlando and the Orlando Sports Center facility along Kingspointe Parkway.
Robert Smith, president and founder of Smith Equities Real Estate Investment Advisors, brokered the most recent deal.
Jain is currently renting out its parking lot, which he said collects about $8,000 a month. So far, he said he’s received some interest to lease the building portion, but hasn’t found the “right fit” yet.
“A high-end tenant will be better. I know it’s expensive to be in [downtown],” Jain said. “I don’t want to have to be changing tenants every three months.”
The property lies a block south from downtown Orlando’s Wall Street Plaza, and next door to the historic One South Orange building, which is being renovated on the ground floor with restaurant and retail space.
The “Zoi House” would have 25 floors of residential use, along with ground-floor retail and boutique office-commercial space.