Plans to renovate a nearly 60-year-old building along North Orange Avenue in downtown Orlando are in the works.
Atlanta-based Third & Urban is partnering with Federal Capital Partners, a Maryland-based real estate investment company, to renovate the 140,991-square-foot commercial office building across Orange County Brewers at 150 N. Orange Avenue.
Managing partners at Third & Urban met Thursday with Orlando’s Appearance Review Board to discuss 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 on the remaining portions. The first floor of the building is also being redone to accommodate a retail tenant on the corner of West Jefferson and North Orange Avenue. Its front entrance will be framed with pre-treated steel.
A conceptual elevation of the building also displays a mural on the far northwest corner of the building that faces Jefferson Street.
“We’ve done murals before, and it’s in our budget,” Hank Farmer, a managing partner at Third & Urban said at the meeting. “Certainly that’s our intent.”
The applicant is not required to have a mural, nor has any been approved yet.
The board members unanimously approved the plans with the condition the developer talk to project planner Jacques Coulon about potentially adding more canopy 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.
In April, Third & Urban and FCP bought the property from an affiliate of private-equity firm Lone Star Funds for $15.8 million. Full construction is slated to begin by the end of the year.
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.
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.
Major downtown projects underway in the area include New York-based developer Property Markets Group’s “X Orlando” tri-tower apartment development at 424 N. Orange Ave. and Miami-based MEC Development Associates proposed 41-story mixed-use tower across the street.
The “Zoi House” would have 25 floors of residential use, along with ground-floor retail and boutique office-commercial space.