City Mulls Demolition of 40-Year-Old Multifamily Product

ORLANDO-After unsuccessfully throwing in a half million dollars in fixup costs over a 40-year period, City Council members are ready to tear down the often rat-infested, crime-ridden 69-unit Parramore Village.

Instead of condemning the dilapidated property outright, however, the city is considering offering to buy the separate wood and concrete block structures from individual owners at an estimated aggregate value of $1.38 million or about $20,000 per residence, brokers familiar with situation tell GlobeSt.com. Then the city would demolish the entire village and try to either rebuild it with improved housing for low-income families or use the land as part of a long-range, $1 billion commercial/retail/residential redevelopment program planned for the entire Parramore district.

The city hasn’t put a price tag on the properties yet but individual owners say in published reports they would consider selling if the price was right and they could find improved shelter in the same general area. That is the sticking point. Comparable-price properties in the area aren’t easy to find.