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UPDATE: Zom Starts $140M Paramount on Lake Eola

ORLANDO-Locally based Zom Inc. starts construction today on the 16-story mixed-use community at 400 E. Central Blvd. Downtown. The development will have 313 condo homes, 35,000 sf of retail and 10,000 sf of offices. ZOM sold all of the condo units in 2005 at an estimated aggregate price of $156 million.

By Alex Finkelstein | Updated on April 26, 2006

ORLANDO-Zom Inc., a national mixed-use developer based in Orlando, broke ground April 27 on its 10th major mixed-use project–the $140-million, 16-story Paramount on Lake Eola . The structure will house 313 condo homes, 35,000 sf of retail, 10,000 sf of offices and a 15,000-sf pool deck at 400 E. Central Blvd. Downtown. The retail includes a 30,000-sf Publix store.

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.

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