Flamingo Motel Makes Way For Medical Plaza

ORLANDO-In-city land, particularly dirt surrounding major hospitals and medical office buildings, has escalated to unprecedented heights as Capital Development Group of suburban Altamonte Springs, FL found in paying about $17 per sf for a four-acre tract that formerly housed the 50-year-old Flamingo Motel on Mills Avenue (US 17-92).

Capital Development paid motel owners Pushpa and I.C. Bhavscar about $3 million, or an estimated $750,000 per acre, for the tract, hospitality industry brokers in a position to know tell GlobeSt.com. Capital plans to break ground shortly on a 28,000-sf medical plaza tentatively scheduled to open by year end.

The Bhavscars had owned and operated the 39-room property for 25 years but closed the motel in January when occupancy plummeted and nightly rates fell below $25.