Orlando Health Unveils New Details Of Downtown Mixed-Use Development
Public gets a first look at artist renderings.
Orlando, Fla. (Sept. 11, 2015) — Today Orlando Health released additional details and the first artist renderings of phase one of the planned mixed-use development that will be located on the site of the healthcare system’s former Lucerne Pavilion near the intersection of Orange Avenue and Gore Street. The first phase, covering approximately 4.5 acres of the 11 acre site, will feature approximately 370 apartment units, 31,000 square feet of retail space, including an as-yet-unnamed organic grocer, and significant public areas designed to create an inviting environment for residents and visitors. The project is a joint venture between CNL Commercial Real Estate and Crescent Communities.
“The development team and Orlando Health have made tremendous progress moving this project forward,” said Matt Taylor, AICP, vice president of asset strategy for Orlando Health. “We are working diligently to create both a legacy as well as a catalytic development that will benefit the entire community and serve as a connection between the medical district and downtown Orlando.”
“We are excited to be working on such a dynamic project in a gateway location,” said Crescent Communities Regional Director, Jim Berardinelli. “Much time and effort has been spent with Orlando Health to create a design that is rich in character while paying deference to the history of the area and the architectural styles embodied in the surrounding neighborhoods. We believe this project to be a one of a kind opportunity.”
Developers will submit a formal application to the City of Orlando’s Appearance Review Board later today. This application is a critical step in the redevelopment of the site, and will mark the beginning of the entitlement process in which city planners will review project designs, parking, zoning, roadways, and numerous other elements. The sale of the land from Orlando Health to the development team is expected to close in the spring of 2016.
Orlando-based CNL Commercial Real Estate invests, develops and provides a wide range of real estate services. The company currently operates in more than 25 states and has over $600 million in assets under management. Charlotte, North Carolina-based Crescent Communities, the managing member of the joint venture, is a leading real estate investment and operating firm driven to create long-term value by developing thoughtful, sustainable communities that improve people’s lives. Its multi-product platform includes residential, multifamily, mixed-use, commercial, and land assets, valued in total at $1.2 billion.
About Orlando Health
Orlando Health is a $2.1 billion not-for-profit health care organization and a community-based network of physician practices, hospitals, and outpatient care centers throughout Central Florida. The organization is home to the area’s only level one trauma centers for adults and pediatrics and is a statutory teaching hospital system that offers both specialty and community hospitals.
More than 2,000 physicians have privileges at Orlando Health, which is also one of the area’s largest employers with more than 15,000 employees who serve nearly 2 million Central Florida residents and more than 4,500 international patients annually. Additionally, Orlando Health provides more than $270 million in support of community health needs. More information can be found at www.orlandohealth.com.
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