Landmark building in College Park sells with renovation in mind

Longtime Winter Park investor James Veigle has acquired the iconic pink-and-teal building in Orlando’s College Park neighborhood that was most recently home to Top Drawer Consignments.

Scott Taylor, the owner of Florida Premier Realty Group, told GrowthSpotter that Veigle closed on the sale Wednesday for $2.5 million.

The plan, Taylor said, is to convert the 75-year-old building at 2500 Edgewater Drive into a medical office. The specific type of medical office has not yet been identified

“We are going to repurpose the property for medical use,” Taylor said. “Whether it be a walk-in clinic, physician office space, or (we could) even enlarge the building footprint for a surgery center.”

Scott Bell, the senior director of Orlando-based Tavistock Development, represented the sellers in the deal. Mary and Richard Nunis, the latter of whom was a former Disney chairman, had owned the building since 1995 when they bought it for $254,500.

The building, on .35 acres, has been vacant since last year.

Taylor said the property was only on the market for a few weeks before the deal closed. It sold just shy of the asking price, which was $2.85 million.

“It’s truly a landmark location,” he said, adding that the availability of parking also played a role. “To have any kind of private parking on that part of Edgewater Drive is very rare, and this property has a private parking lot.”

The parking lot, which holds about 30 spaces, will also be expanded, he added.

The purchase also includes two vacant adjacent lots totaling less than half an acre that will also be used for medical space, Taylor said.

“There’s massive demand for medical space,” he said. “I think a lot of the demand is being driven by the limited number of properties and buildings that are available. There’s always a need for medical space.”

Veigle bought this property as a 1031 exchange using funds he obtained when he sold the five-story, multi-tenant Regions Bank office complex located at 1245 W. Fairbanks Ave. for $7.9 million in December, Taylor said.

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