WINTER PARK, FL-In a rare bureaucratic decision, elected officials in this affluent Orlando suburb of 30,000 permanent residents overrode planning and zoning board members and approved the second phase of the controversial five-story Lofts of Winter Park Village.
Planning/zoning staffers previously rejected developer Eric Kovar's plan largely because of the parking problems already plaguing the four-year-old, mixed-use Winter Park Village development where the condos will be built. The Village has turned out to be one of Florida's most successful work-live-play, urban-style communities.
Planning/zoning staffers also fear the $30 million, 500,000-sf, 176-unit building and 950-space parking garage will exceed the 55-foot-high limit the city has on the books for all commercial/residential projects. But Kovar assured the city his project, when completed, will actually provide Winter Park Village visitors with at least 300 new parking spaces. He is allotting 233 spaces to condo residents.
Kovar plans to break ground on Labor Day and have most of the project completed by Memorial Day 2004. He hasn't picked a general contractor yet for the fast-track construction job at the corner of Denning Drive and Webster Avenue. Fifty of the 58 apartment units are fully leased. One-bedroom units, sized 750 sf to 950 sf, rent for $1,150 to $3,300 per month. Two-bedroom units of about 1,500 sf go for $3,300 to $3,500 per month.
“The Iraq War and job-relocation moves just recently reduced the occupancy level somewhat,” Kovar tells GlobeSt.com. “But we're still able to pay the mortgage and that's the bottom line.”
Tied in with the Kovar's enterprise is Sky Lofts of Winter Park, a six-condo planned undertaking by developer Alan Ginsburg, chairman, CED Cos., in neighboring Maitland, FL. Kovar sold Ginsburg the air development rights above the 400-seat Cheesecake Factory building, formerly housing Dillard's Department Store at the Village. Kovar also owns the Blackfin restaurant in the Village.
Ginsburg's project will become the third floor of the Cheesecake Factory building. Condo prices are expected to start at $1 million. The units will offer 4,000 sf to 12,000 sf of living area and a rooftop swimming pool overlooking most of the city and parts of northwest Orlando. A ground-breaking date for Ginsburg's project hasn't been announced but Kovar says Ginsburg plans to have his condos ready for occupancy by Dec. 1.
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