By Jack Witthaus – Staff Writer, Orlando Business Journal Jan 14, 2020, 9:23am EST
A site downtown soon may feature a 12-story, mixed-use tower.
Lake Mary-based Dix Developments LLC is under contract to buy the half-acre property at 205 S. Eola Drive to build its Vive on Eola project. There has been development interest in the property since at least November, which currently features an 8,100-square-foot office building. The site is approved for 70 residential units, 7,040 square feet of retail/office/service space and 120 parking spaces.
That said, Vive on Eola may feature 3,700 square feet of ground floor retail, 13,500 square feet of office space and 120 micro-units, ranging in size between 300-500 square feet. The units would feature granite countertops, stainless steel appliances, washers and dryers, pull-down beds and more. Other amenities may include a gym, common grilling area and a roof deck lounge.
Some units may start at $1,200 per month in rent — well below the urban core’s average monthly rent of $1,618. The development team features Orlando-based architect Studio 407 and Miami-based consultant Coastal Construction Group of South Florida Inc. “Downtown is lacking the affordability for young professionals,” CEO James Dicks said.
Cynthia Shelton — senior managing director of the investments and capital markets division of LandQwest Commercial Real Estate — represents owner Eola Realty Partners LLC. Roger Soderstrom Jr. and John Kurtz with Stirling International Real Estate represents Dix Developments. Orlando-based Southern Trial Counsel PLC’s office is based at the property, which is owned by the law firm’s related entity, Eola Realty Partners LLC.
Eola Realty Partners bought the property for $1.4 million in July 2010, according to Orange County records. Ba Eola LLC was the seller.
If redeveloped, the property would join numerous projects either proposed or under construction in the Thornton Park area of downtown Orlando.