UPDATED: SEPTEMBER 8, 2017 4:21 PM — Orlando-based investment advisory firm AndCo Consulting is pursuing development of its own new headquarters office building in Winter Park's Hannibal Square district.
Located at 531 W. Morse Blvd. on the northeast corner with S. Pennsylvania Avenue, the 0.78-acre vacant site lies adjacent to Regions Bank and east of the site for a proposed 120-key boutique hotel.
Plans and a request for conditional use approval were filed with the city to build a two-story office building with 43,264 gross square feet, of which 24,106 square feet would be conditioned leasable area.
Michael Welker, president and CEO of AndCo, is behind the LLC affiliate that applied. Welker declined to comment on Wednesday night about the project.
**UPDATE** Welker's affiliate paid $3.667 million for the property on Sept. 5, with the deed recorded Sept. 8 in Orange County.
AndCo currently leases space for its Orlando headquarters in the Millenia Park One building at 4901 Vineland Road, though the size of their suite could not be confirmed. The company has offices in six other cities as far as Reno and Pittsburgh.
The new building would front Morse Boulevard and have a combination of at-grade parking with access off Pennsylvania Avenue that is partially covered within the building's first floor, and an underground level of covered parking with access off Carolina Avenue to the north.
The prospective seller is an affiliate of Orlando-based Owens Realty Services, which paid $3 million for the site in December 2015, part of a $28 million assemblage of land deals Owens closed in Hannibal Square late that year.
The new office building project should go before Winter Park's Planning & Zoning Board on Sept. 5, and potentially the City Commission on Sept. 25.
City staff are recommending approval to the PZB, noting in their report that the project would be adequately parked, and should generate significantly less average daily traffic trips than a retail or restaurant business at the site.
Some single-family homeowners adjacent on Carolina Avenue have e-mailed concerns to staff about the added traffic that would go in and out of the basement parking ramp. That area should be employee-only parking, and staff recommend a compromise of left-turn only signage for vehicles exiting the basement.
Winter Park leads all Greater Orlando submarkets for average price per square foot for office space at $26.79, per Cite Partners' Second Quarter 2017 market report. Its vacancy rate of 4.7 percent is second lowest among 11 submarkets, and no new office projects are under construction.