Excerpted from Orlando Business Journal story.
While projects have been proposed north of downtown’s central business district in recent months, it remains uncertain if office tenants are willing to move there just yet.
That’s the case with the $36 million redevelopment of the 500 N. Orange Ave. building, also known as the AT&T/Bell South building, where plans have stalled as an office tenant is being sought.
Flint, Mich.-based developer West Second Street Associates will gut and revamp the vacant five-story building to create new Class A office space at Amelia Street and Orange Avenue as soon as an unspecified amount of pre-leasing is completed, said Micah Strader, first vice president of CBRE Group Inc. (NYSE: CBRE), who is handling office leasing. West Second Street Associates couldn’t be reached for comment.
Part of the challenge with luring office tenants is that most users have specific demands, which may or may align with a particular building, said Yvonne Baker, regional managing partner with Franklin Street, who is not involved with the project. And, while there have been proposed developments near the AT&T/Bell South building, the project itself is located outside the amenities that downtown Orlando’s core offers.
Still, 500 N. Orange Ave. has many benefits including its proximity to a SunRail station and to the $1 billion Creative Village project — which will include UCF Downtown, the soon-to-open shared campus of the University of Central Florida and Valencia College. “Longterm prospects for that building should be very positive,” Baker said.
For full story, visit https://www.bizjournals.com/orlando/news/2018/11/08/longterm-prospects-for-downtown-orlando-building.html