Langford Development is redeveloping the former 48-year-old, 213-room Langford Resort Hotel where several Presidents and international diplomatic figures stayed during its almost five decades of operation. Renamed and reconfigured as the Regent Winter Park Hotel, Spa and Residence, the $100-million venture is drawing statewide attention because it is the first hotel development in 30 years in Winter Park and one of the few blended hotel-condo undertakings attempted in Florida.
Construction has started on 23 condominium units. Ground-breaking on the first 37 rooms of the planned 158-room hotel component of the project is set for September. But buyers, sensing an opportunity to own and rent out their own properties within the Regent venture, already are snapping up units, months before the space will be ready for living purposes, area brokers intimate with the project tell GlobeSt.com.
Thirty-seven hotel rooms have been sold for $300,000 to $1 million per room. Two-thirds of the 23 condos have been sold for $1.3 million to $3 million per unit. "Looks as if someone has found the magic wand on that project," Dean Fritchen, a senior broker at Coldwell Banker Commercial NRT in Winter Park, tells GlobeSt.com.
Meanwhile, Langford Development is talking with a new partner proficient in hotel-condo management, hotel industry brokers in a position to know tell GlobeSt.com. The new partner would replace Aztec Leisure Corp. of Coral Gables, FL. Aztec and Capital Partners bought the Langford Hotel property in 2001 from Langford Corp. for nearly $10 million, or $2.5 million per acre. The $57.16-per-sf price was the second highest recorded in Central Florida for a commercial or residential property, staffers at the Orange County real estate records department told GlobeSt.com at the time.
The highest Downtown Orlando land price recorded in the past 10 years was the $7.6 million that Orlando and London billionaire Joseph Lewis and his Tavistock Group paid in November 2001 to a Saudi Arabian syndicate for 2.3-acre Jaymont Property along Orange Avenue between Church and Pine streets. The dirt sold for $3.3 million per acre, or $76.19 per sf.
Chicago developer Robert E. Langford founded the Langford Resort Hotel in 1955 and operated the inn with family members until June 1, 2000 when the property closed its doors. Langford, 88, died March 31, 2001.
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