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Orlando Business Journal
Restaurants, more in works near Disney's Flamingo Crossings
A new retail project is taking shape on land owned by Orlando-based Holiday Inn Club Vacations, just south of Disney's Flamingo Crossings Town Center.<\p> Orange County records show CVP-Flamingo LLC, an entity related to Portland-based developer Cole Valley Partners, submitted in June for preliminary review of a 3-acre project likely to include a drive-thru coffee shop, a credit union or bank and potentially another drive-thru restaurant or retail use.<\p>
Banks battle for talent, territory in Polk County near Orlando
The once sleepy Central Florida corridor has become a battleground for talent and territory for banks that want a share of the lucrative commercial and industrial market. <\p> The spillover of individuals and businesses from Orlando and Tampa Bay and the explosion in business relocations, real estate development, manufacturing and distribution has transformed Polk County from a bedroom community into a prized market, and banks have piled into the area.<\p>
Apartments break ground in west Orange mixed-use center
Work has begun on a new mixed-use apartment community in a fast-growing west Orange County suburb.<\p> South Carolina-based real estate powerhouse Greystar announced July 16 it has broken ground on Elan Crown Point, its 315-unit apartment community with commercial space in Ocoee. The community is a joint venture with Tampa-based Wire Development, which Orlando Business Journal first reported as pursuing the project in February 2022.<\p>
Orangetheory sells 18 Florida studios to Bluegrass Fitness
Orangetheory, the Boca Raton-based fitness chain renowned for its high-intensity cardiovascular workouts, sold 18 of its Orlando and South Florida fitness studios to Bluegrass Fitness for an undisclosed amount. <\p> The sale comes months after Orangetheory's merger with Minnesota-based Self Esteem Brands, parent of gym franchise Anytime Fitness.<\p>
Changes headed to downtown restaurant parklet program
Orlando has changed up its Covid-19-era downtown parklet program for restaurants and other businesses. <\p> The Orlando City Council on July 15 unanimously approved new rules for the outdoor restaurant seating in on-street parking spaces, which was set to expire July 18 in its current form. The city originally launched the parklets during the height of the Covid-19 pandemic as a way to allow businesses to operate under indoor capacity restrictions and later extended the program on July 19, 2021. <\p>
Developer buys Lake County land near The Villages
A $6.3 million land deal that closed last week in Fruitland Park has set the stage for nearly 400 homes to rise just east of The Villages.<\p> Fruitland Park Development IV LLC bought an eight-parcel assemblage spanning 136 acres from Lake Saunders Groves Land LLP in a deal that posted to Lake County records July 11. <\p>
Brevard County property sells for $27M
An industrial complex in Brevard County sold for $27.7 million as local experts say the market is desperate for industrial space.<\p> New York-based Reich Brothers industrial real estate firm bought the property at 100-200 Sea Ray Drive in Merritt Island on June 13 from AAEA Investments LLC, a company tied to Arnott Industries, which is the sole tenant of the property. The Sea Ray Drive property last sold for $5.7 million in 2011 with an additional building there selling in 2013 for $1.7 million.<\p>
How Orlando City SC attendance compares to last year.
Orlando City SC's attendance is on the rise. <\p> According to ESPN data, the team's average attendance is 22,632 as of July 12, up from 20,804 during the full season last year. ESPN said the most attended game was a May 15 scoreless draw with rival Inter Miami CF, with 25,046 fans, while the lowest attended game was a March 23 win against Austin FC with 20,985.<\p>
How amplifying sexiness could help drive downtown business
Some downtown Orlando nightlife operators and landlords want a total rebrand for the entertainment district, whether the city government agrees or not. <\p> V Group Concepts Operating Partner and attorney Jeffrey Gitto said he has to beg his friends to come downtown “because there's just a vibe. There's a narrative about downtown that we're never going to be able to get out [from under] until the narrative changes.” <\p>
Golfers' enclave is a prime business lunch spot
Lunch Meet is a series of reviews assessing Central Florida restaurants for their suitability for business lunches. Orlando Business Journal focuses on service, food-delivery speed, cost, noise level and other factors that can help or harm a business meeting.<\p> Tap Room at Dubsdread in College Park is a casual restaurant with busy energy. It tends to be full at lunch time, so reservations are a smart move. Once you arrive, a vestibule has space for waiting while the host readies your table, but the wait shouldn't be long.<\p>
Alaska Airlines adds local nonstop flights to 2 seasonal destinations
Alaska Airlines (NYSE: ALK) is adding 18 winter routes across the country, including two from Orlando International Airport <\p> The SeaTac-based airline will begin seasonal nonstop flights to Liberia, Costa Rica, and Vail, Colorado, in December, adding to its lineup of winter getaway destinations. <\p>
CMBS apartment distress surges as operators struggle to refinance
Distress in the multifamily sector of commercial real estate is mounting as debt issued during a time of ultra-low interest rates is coming due.<\p> Among commercial mortgage-backed securities loans for single-borrower, large multifamily properties, the rate of distress is up 185% in the past six months, according to an analysis by Wayne, Pennsylvania-based commercial real estate data-analytics platform CRED iQ.<\p>
Florida metros see drop in rent prices: How Orlando stacks up
While rent prices across the United States saw the biggest jump in June since late 2022, Florida is going against the national trend and seeing lower rates in some of its most populous metros, including the metro Orlando region.<\p> The latest Redfin report shows rent prices in the Sunshine State's four most populous metros are declining. They skyrocketed during the height of the Covid-19 pandemic. <\p>
Why it took over 2 years to open new Sixty Vines
CEO Jeff Carcara of Sixty Vines — a restaurant chain that’s part of Dallas-based FB Society — first scoped out what would become the new location for his second Orlando-area restaurant in 2020. The Plaza Venezia site was the former home of Hawaiian-fusion eatery Roy’s Restaurant, which had closed by then. <\p> Carcara noticed the building as it stood at the time didn’t take advantage of Little Sand Lake behind it, that the space was too chopped up and lacking in character. <\p>
$90M land deal closes in Lake County
A $90 million sale has closed in Lake County's fast-growing Wellness Way corridor, setting the stage for the construction of nearly 1,500 homes.<\p> Fort Lauderdale-based GT USA, a partnership between Canadian homebuilders Greenpark Group and Treasure Hill, announced July 12 that it and partner Windsor Private Capital sold 549 acres of fully entitled land to Pulte Home Co. and its land banker, Jen Florida 55. <\p>
Salt Life to close Florida stores if buyer not found for parent firm
Salt Life will close several Florida stores — including two in Central Florida — if its parent company does not find a buyer for the brand. <\p> The lifestyle brand notified the state that its parent company Delta Apparel is seeking a buyer as it goes through a Chapter 11 bankruptcy process, and if a buyer is not found, it will have to close 16 of its stores in the Sunshine State. Roughly 98 job cuts tied to the potential closures will occur by Aug. 29 if a buyer is not found. <\p>
Massey Services buys more Winter Park property. Here's why.
Massey Services just bought another property in Winter Park, this one behind its new service center that opened this month on Fairbanks Avenue.<\p> The Orlando-based pest and lawn services property bought a 3,936-square-foot industrial building on 0.23 acres at 664 Cherry St. from Altamonte Springs-based AdventHealth for $1 million on July 10. <\p>
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