Another Downtown High-Rise Condo in Works

ORLANDO-Historic Creations of Orlando Inc. is playing the monopoly game Downtown. The locally based developer, which owns 12 shelter properties, has filed conceptual drawings with the city for the Sanctuary, a planned 20-story, 288-unit condominium community with 10,000 sf of ground-floor office and retail.

The project would be the developer’s most ambitious to date. The site is in the main central business district on a block bounded by Pine Street, Eola Drive, Church Street and Osceola Avenue.

Officials at Historic Creations couldn’t be reached at GlobeSt.com’s publication deadline to learn the cost of the project, a planned ground-breaking date, projected rents or the source of its construction funding.

But area brokers tracking the Downtown office and retail sector tell GlobeSt.com on condition of anonymity the estimated hard cost of the condo units will be at least $100,000 per unit or $29 million. The estimated hard cost of the office and retail will be $100 per sf or about $1 million.

Historic Creations has developed an estimated $5 million worth of condo and single-family homes Downtown in the past seven years. The developer’s plans follow the Oct. 10 opening of the 22-story, 230-unt Waverly apartments at nearby 322 E. Central Blvd.

The development cost to developer Zom Inc. was $45 million or about $195,652 per unit. Average rents are $1,740 per month.

Over the past three years, an estimated 2,000 new apartment units have been built or are nearing completion Downtown, according to GlobeSt.com research. Major retail projects, however, have not caught up yet to the residential surge.