Sky Development has received site plan approval for the project, which will consist of two towers on 2.97 acres. The project is located on the corner of West Livingston Street and North Garland Avenue near the Orange County Court House and directly across from the LYNX station.
The first phase consists of Sky Tower I, which will be a 25-story, class A office building with 515,000 sf of space. Sales and leasing efforts will begin in the fourth quarter of this year. Construction is expected to be completed by the end of 2010, Sky Development founder and CEO Yizhak Toledano tells GlobeSt.com.
"The project is in a prime location right off of Interstate 4 in Downtown Orlando," Toledano says. "There's a great demand for both office and hotel space in the Downtown area."
The second phase will consist of Sky Tower II, a 35-story, 350-room hotel beneath 120 residential units. The ground floors of both towers will contain a total of 46,435 sf of retail space. Construction is expected to begin in the first quarter 2010 with completion slated for the end of 2011. It has not yet been determined whether the residential units will be rented or sold, Toledano. "The market will determine whether it will be rentals or condominiums at the time we launch the project," he says.
The office space in Sky Tower I begins on the 10th floor above a concealed parking garage and fitness center, affording the offices sweeping views of Downtown. The 20,000-sf health club will open to the landscaped roof deck of the parking garage.
Sky Tower II will feature separate ground-floor hotel and residential lobbies, as well as restaurants and a lobby bar which extends to the outdoor plaza. The hotel will occupy the first 15 floors of the tower with 500 sf units that contain views of Lake Eola and the Orlando skyline. Expected hotel room rates will be in the $250 to $400 per night range. The residential units will be studio, one- and two-bedroom units that range in size from 700 to 1,200 sf. The towers were designed by Miami-based Arquitectonica founder Bernardo Fort-Brescia.
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