Paramount on Lake Eola

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.