After years of deferred maintenance while weathering the depths of the recession, the former Centennial Bank building at 250 N. Orange Ave. is getting a facelift from its private equity owner.
Sentinel Capital Partners LLC foreclosed on the owners of the 16-story office tower in 2012 after purchasing its debt.
On Tuesday the City of Orlando signed off on parking lot changes and renovations, said Michael F. Beale, principal of BishopBeale commercial real estate.
Next the building, constructed in 1964 as the Southern Bank, will get some exterior work done. One exterior wall, which was unfinished because it used to butt up to a building that was torn down, will be finished and the rest of the exterior will get more repairs and a new paint job, Beale said. The front entrance will get some work done and so will the elevators.
"The building wasn't maintained like it should have been so the owner is getting ready to improve it," he added.
The 130,000 square-foot building, which is still configured as a bank lobby on the first floor, is 40 percent occupied. At this time the current owner isn't marketing the property, Beale said.