An affiliate of local developer Majors Investments paid $1 million on Friday to expand its headquarters building in downtown Orlando's Ivanhoe Village, with plans to add food preparation space to serve its popular bar and lounge.
Located at 2010 N. Orange Ave., the 0.2-acre parcel has a one-story retail building with 5,000 square feet of conditioned area. It lies directly north of the three-story Majors building which houses the company's main office, the public M Bar on the ground floor with a collection of classic cars, and the rooftop M Lounge.
The company plans to expand that ground-floor bar space northward into the newly acquired building, filling it partially with a full-service restaurant and commercial kitchen to serve private events and food to the bar and lounge.
Executives with Majors Investments did not respond to requests for comment on Wednesday, following the sale deed's recording.
Majors also filed a notice of commencement naming H.J. High Construction as general contractor, with the work described as renovation and upgrades to include a full commercial kitchen roof system and expansion of the existing building.
The seller was the Junior League of Greater Orlando Florida, Inc., which previously paid $635,000 in December 2012 for the building.
Majors' affiliate sourced a $6.8 million mortgage from Georgia-based Ameris Bank to help close the deal, and fund the interior renovation work. The note is set to mature in February 2029.
Majors is currently at the center of a bitter legal dispute over charges of tenant fraud at a Mount Dora office property redeveloped under his Medical Villages affiliate, first reported by GrowthSpotter on May 2.
He is a former Australian attorney and businessman who relocated to Central Florida in 2010 and formed Majors Investments, with a focus on commercial real estate development and management.