Metropolitan at Lake Eola Sells Out in Five Days

ORLANDO-Atlanta developer David Eichenblatt hit the bulls-eye in buying a 41-year-old, 250-unit, financially troubled hotel property and converting it to 128 condominium units at one of the most desirable residential sites Downtown–across from Lake Eola Park, the centerpiece of all local entertainment and recreational activity.Eichenblatt sold all 128 units in a five-day marketing blitz. He had a waiting list of 1,000 buyers. The developer posted $21.5 million in sales volume, or an average $167,969 per unit, at the former two-story, 250-room Four Points Sheraton hotel. Condo prices ranged from $175,000 to $195,000–below the minimum $200,000 threshold at about 12 other competing new Downtown condo projects and apartment conversions, area brokers tell GlobeSt.com.”I am astounded by the unprecedented success of the Metropolitan,” Eichenblatt says. “This is a testament to the pent-up demand for affordable residential options in Downtown Orlando.” The property has 78 one-bedroom units, 41 two-bedroom units and nine penthouse suites.Coldwell Banker the Condo Store handled sales and marketing for Eichenblatt. Coldwell vice president and sales director Brad Horner credits the developer for the swift sellout of the Metropolitan. “David has an uncanny sense of what works in what location,” says Horner. “Our job was to spread the word, and fortunately, once we got the people there, they loved what they saw.”Eichenblatt bought the property in December 2003 from Philadelphia-based LAGF for $6 million, or about $21,352 per room. Area construction industry estimators tell GlobeSt.com the estimated replacement cost for a comparable 250-room Downtown hotel property would be a minimum $120,000 per room. Capital Source of Chevy Chase, MD provided Eichenblatt with an $11.8-million, two-year acquisition and construction loan for the Four Points Sheraton.Orlando Hyatt Hotel Associates LP of Rockville, MD sold the Four Points Sheraton as part of its Chapter 11 conditions set by the US Bankruptcy court here. The company has been under Chapter 11 protection since May 1, 2002. Harry Helmsley, the late New York hotel entrepreneur, built the property as the Harley Hotel in 1963 at a reported hard construction cost of $15 million.