Zom CEO Steve Patterson estimates the project will take 26 months to complete and is targeting a mid-2008 completion date. Atlanta-based Hardin Construction Co. is the general contractor. Unit sizes of the condos range from 650 sf for a one-bedroom, one-bath residence to a 4,000-sf penthouse.
Weeding a buyers' list of 600 names, Zom sold all of the condo homes last year after announcing the project in April 2005, as GlobeSt.com previously reported. The price range was $200,000 to $1.3 million. The estimated aggregate price was $156 million, Downtown multifamily brokers in a position to know tell GlobeSt.com. Zom Realty Services Inc. handled sales and marketing.
Zom had planned to start the project in December 2005. At that time, the company announced Paramount on Lake Eola would have an estimated development cost of $125 million and consist of 306 residential condos, 45,000 sf of retail, 10,000 sf of office, a 30,000-sf Publix and a 15,000-sf pool deck. The developer revised the components' mix as construction materials nationally rose to record levels.
RMC Property Group and NK Ventures are partnering with Zom on the Paramount project. RMC will manage the commercial leasing component.
For Zom and Patterson, the Paramount on Lake Eola marks back-to-back major Downtown projects undertaken in less than three years. Zom completed the 22-story, $45-million, 230-unit Waverly on Lake Eola at 322 E. Central Blvd., directly across the road from the Paramount, as a rental apartment complex in 2001. He converted the units to condos in 2003. The condos were sold out at before the conversions were completed. The price range was about the same as the Paramount numbers, $200,000 to $1 million-plus.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
