(Carl Cronan is editor of Real EstateFlorida.)
ORLANDO, FL-The two Capital Plaza office buildings overlooking Lake Eola are getting a new fine-dining restaurant, with plans for a third tower still in the works. Highwoods Properties Inc. says it has signed 310 Lakeside restaurant to a ten-year lease on the ground floor of Capital Plaza Two.
The well-known Winter Park restaurant will occupy 8,270 sf in the 15-story building at 301 E. Pine St. in Downtown Orlando, with an opening date to be announced later. The upscale eatery will take the place of Sam Snead's, a golf-themed restaurant and bar.
Catherine Reeves, Highwoods' leasing director at Capital Plaza Two, tells GlobeSt.com that the landlord sought the right type of restaurateur to serve Capital Plaza's professional tenant mix. "We were very careful about who it was," she says. "We were inundated with interest."
Capital Plaza Two opened in 1999, joining the existing 15-story first building that was renovated eight years earlier. Capital Plaza One is fully occupied, while the second 300,320-sf building has only a small amount of vacancy remaining, Reeves says.
"Having a full-service restaurant is a huge amenity to a building," Reeves says, adding that 310 Lakeside will become one of only a few such restaurants within Downtown Orlando office buildings. She says the lakeside restaurant should also help Highwoods with upcoming lease renewals in both buildings.
Highwoods, the largest office landlord in the Orlando market with 2.4 million sf, has plans on the drawing board for a third Capital Plaza building, though Reeves says the Raleigh, NC-based REIT won't break ground until it achieves at least 30% preleasing. "No responsible landlord is going to build a completely spec building today. It would not make sense," she said in an earlier interview for an upcoming article in Real Estate Florida magazine.
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