Developer explores mixed-use project for dormant office bldgs along I-4 in Altamonte
By Mike Salinero
Aug 05, 2018 at 9:00 PM
Tennessee-based developer 3H Group is exploring mixed-use redevelopment plans in Altamonte Springs for two long-vacant office buildings, including a potential hotel, retail and new office product.
Located at the southwest corner of Interstate 4 and S.R. 436, the 4.25-acre site was bought in May by a 3H investment affiliate for $4.5 million, according to Seminole County Property Appraiser records. The seller was Rist Properties LLC of Miami Beach.
Hiren Desai, president and CEO of 3H, told GrowthSpotter on Friday that final plans for what will be built on the site at 101 S. Wymore St. are still in flux.
But conceptual site plans are now being floated in the market for a six-story, 115-key hotel, a 9,600-square-foot restaurant pad with patio, and a potential two-story office building with 15,000-square-foot gross footprint. Desai confirmed active negotiations with several brands for a single-flag hotel and a restaurant pad that is "under lease."
"We haven't nailed it down yet," Desai said. "We just purchased it a little while ago and we're trying to figure out what to put there … We're doing our due diligence, talking to different brands."
The proposed site is now occupied by two 1970s-era office buildings known as the Executive Towers of Altamonte Springs. Those will be demolished, said Heather Coons of BluRock Commercial Real Estate, who is marketing the redevelopment's commercial space for lease.
In addition to the hotel and restaurant pad, 3H is considering a third component that would be either retail or the previously mentioned two-story office building, Coons said.
3H Group's newest project will be across S.R. 436 from two other hotels it owns at 151 N. Douglas Ave.: a TownPlace Suites built and opened last year, and an established Hampton Inn & Suites, according to Nick Desai, Hiren's brother and director of development for the company.
Desai said the newest Altamonte Springs project will be 3H's sixth hotel in Greater Orlando. In May, 3H filed dual-brand hotel redevelopment plans for a Travelodge site in downtown Orlando on N. Magnolia Avenue.
Back in Altamonte Springs, the five- and seven-story office buildings now on the Wymore Street site have been largely vacant for years, said City Manager Frank Martz. Therefore, their demolition will have little or no effect on the available inventory of office space in the city.
"There is a good deal of office product already in this (metropolitan statistical area)," Martz said.
He cited the 18-story, 200,000-square-foot Majesty Building that SuperChannel 55 president Claud Bowers is trying to complete at I-4 and Central Parkway, and a 125,000-square-foot office building that Altamonte Springs-based Emerson International is building at 590 CenterPointe Circle, both projects in the city limits.
"So, if the buildings on Wymore are rehabbed, that is great, and if they are redeveloped into something else other than office, that is great too," Martz said.