Insight on the developer's CRE pedigree, what they're pitching in a conceptual site plan, and the value-add potential for land bought in May.
By Mike Salinero
Aug 05, 2018 at 9:00 PM
Developer 3H Group has different plans for the 4.25-acre site — though it may be too early to say what those plans will be Nick Desai, an executive at the company, told GrowthSpotter. Amid an unprecedented pandemic that is shuttering much of the global economy, it’s difficult to map out precise plans, Desai said.
“We’re going to ride out the pandemic before filing development plans... Who knows, it may become a hospital.”
Demolition work is underway on the five-story, 50,750-square-foot tower at 101 Wymore Road. The second adjacent seven-story office building is next in line for demolition.
Last year, a code enforcement action was filed in the city invoking the property owners to either bring the property back to compliance or demolish. According to a notice of commencement filed in Seminole County, 3H Group began demolition work last summer.
The firm paid $4.5 million for the property in 2018. It’s located on the southwest corner of the I-4 and S.R. 436 interchange and is entitled for commercial use.
The office buildings were in bad condition at the time of sale and have sat vacant for years, said City Manager Frank Martz said. “They’ve built other properties nearby and we look forward to what they build next."
He adds, that last weekend’s announcement from Florida Gov. Ron DeSantis proclaiming parts of the I-4 Ultimate Project will be accelerated, will better help position the property in the future.
“[The property] has great visibility on I-4," Martz said. “Hopefully construction goes by quickly.”
Just north of the busy interchange, 3H Group developed the TownPlace Suites hotel at 151 N. Douglas Ave. in 2017 next to its Hampton Inn & Suites hotel, which it completed in 2013.
The developer recently partnered with Peachtree Hotel Group on its eight-story hotel in downtown Orlando on the site of the former Travelodge Orlando Downtown and restaurant Chef Jeremiah’s City Diner.
It is also in the midst of completing a TownePlace Suites hotel within the mixed-use Grand National project along l-Drive.