Orlando-based charter high school Prosperitas Leadership Academy is pursuing the purchase of its first property, with an office building under contract west of Downtown Orlando's Parramore neighborhood.
Located at 2140 and 2100 W. Washington St., the 2.86-acre property features a 28,727-square-foot office building that dates to 1965, with surface parking that spans two parcels.
Prosperitas has filed three requests with the city of Orlando for the property, including a Conditional Use Permit to operate a charter high school there, a rezoning and Future Land Use change to the Growth Management Plan.
The site's current owner, Xihe Holdings LLC, is an investment affiliate of John McElroy out of The Villages, who paid $1.05 million for the properties this past January.
The property is under contract with "lots of due diligence and financing contingencies ahead," he told GrowthSpotter. "One of the big issues is the zoning, so should they be successful I think they'll make a hard attempt to move forward. But a lot of steps would need to take place."
Officials with Prosperitas did not respond to requests for comment on Monday. The site is still being marketed for sale or lease by Alex Rowlinson of Hold Thyssen, Inc.
Prosperitas is a drop-out prevention school for students in grades 9-11 that has been operating for 17 years in Greater Orlando, and presently has 218 students enrolled in leased strip mall space at 4526 Orange Blossom Trail.
The school's current landlord has raised its rent to a point that has made Prosperitas' board pursue buying a building where it could relocate and expand, with the property on W. Washington Street an ideal fit, board chairperson Hudie Stone wrote in a letter to city staff.
The Washington Street building could accommodate the school's eight classrooms, as well as an assembly hall for graduations and other activities, a cafeteria and kitchen, administrative offices, entrance foyer and reception, restrooms, storage and ancillary space.
McElroy, a commercial real estate investor, also bought a 1.33-acre office site adjacent to these on Coburn Avenue that's now leased to the Florida Department of Corrections. That property is being marketed for sale by Marcus & Millichap's Ray Turchi.