An Orlando real estate investment group has 1.56 acres under contract next to the Doubletree by Hilton Orlando Downtown, with potential mixed-use development plans between the burgeoning North Quarter and Ivanhoe Village neighborhoods.
Located at 68 S. Ivanhoe Blvd., the vacant parcel is tucked between the hotel and three-story Point Ivanhoe office building, with Lake Ivanhoe and the Orlando Chamber of Commerce building to its northeast.
Upshot Capital Advisors CEO Raul Socarras told GrowthSpotter his company is still completing its due diligence, and expects to close on the property early in the third quarter. A civil engineer and architect have yet to be hired.
All commercial uses for the property are "on the table," said Socarras, but a mixed-use development is most likely. Ryan Kingry and Elliott Jamison of Millenia Partners are representing the prospective buyer in the deal.
Socarras declined to confirm his price under contract. The property has been listed at $4.25 million, reflecting a price per square foot of $62.54, on par with that paid by a fund advised by UBS Realty Investors in December 2015 for the 279-unit Crescent Central Station apartments in downtown.
The pending seller is Space Coast Credit Union, which took title in lieu of foreclosure in November 2014 as successor to Eastern Financial Florida Credit Union, following a merger.
Brian Lightle, president of Lightle Beckner Robison, Inc., and listing agent for the seller, said Thursday that developers with retail, mixed-use and multifamily plans have taken an interest in the property since marketing began last August.
Zoning for the site allows for a wide range of intense land uses. Development density can start at 200 units per acre with potential for more through design standards, while a 360-foot height limit could allow a building of 33-plus stories.
Retail development on the property could draw patrons from the adjacent 16-story Gateway Center office tower, or North Quarter apartment dwellers just 1,000 feet to the south. It's slightly more than 3,000 feet southwest of the planned 630-unit The Yard at Ivanhoe apartments.
Last December, Upshot paid $4 million through one of its investment funds to acquire a vacant Downtown Orlando office building with plans to redevelop the site in five to 10 years.
The company has another 28 acres under contract on Kissimmee's E192 tech corridor, with a closing expected in June and plans for more than $55 million in mixed-use construction.