The historic landmark building that once housed Orlando’s first power plant is officially on the market, and brokers from Bishop Beale Duncan are marketing it to a global audience of potential buyers looking to move into one of the city’s hottest downtown neighborhoods.
BBD beat out a half-dozen CRE firms for the exclusive contract with Orlando Utilities Commission to market and sell the Ivanhoe building at 1111 N. Orange Ave. The team of Jill Rose, JP Beaulieu and Mike Beale created a website for the property, which was rebranded as “The Current.”
Rose told GrowthSpotter the team has been reaching out to firms that specialize in adaptive reuse of historic properties, but they left the potential uses and price open-ended. While the Orange County Property Appraiser estimates the value at around $5.9 million, the market and user will determine the fair market value.
“The value to a boutique hotel user would be different than the value to an Amazon. We didn’t want to limit the use. It could be a myriad of different things, and really the value is what the value is to that buyer. Nothing is off the table.”
The brochure focuses on the location, proximity to high-wage employers and neighborhood demographics of the Lake Ivanhoe Village and Lake Highland area.
“There is no comp,” Rose said. “This is a one-of-kind opportunity. We do not have anything like this in the city. It’s nearly 60,000 square feet of history, on a lake, with I-4 visibility and next to one of the city’s largest employers.”
The Ivanhoe building operated as a power plant from 1922 until 1958, then the utility renovated it in the 1980s. In 1992, after OUC moved to another building, it was converted to an arts center to create the temporary home for The Dr. Phillips Center for the Performing Arts, including designated spaces for ballet and opera.
Built in the Italian Palazzo Revival style, the two-story rectangular building is divided into three bays with a hip roof covered in red ceramic tile. Arched and flat-topped windows are the dominant features on the façades. The utility decided to part with the building, which has been vacant for eight years, in the hope of using the revenue to invest in clean energy projects.
Rose said BBD will schedule a series of open showing dates to allow prospective buyers to tour the property.