So the fun continues at 55 West Condos downtown Orlando. According to the Orlando Sentinel,Â Boston-based real-estate investment group TA Associates purchased the residential high-rise 55 West from the Dutch group that purchased it in foreclosure. The same group acquired real estate in MetroWest a couple of years ago at the La Palazza building.
City of Orlando spokeswoman Cassandra Lasfer on Monday confirmedÂ the acquisition of the 33-story mixed-use 55 West in mid March, which was built primarily as a downtown condominium about six years ago. Like the Paramount condos, it converted to apartment units after the Orlando condo market collapsed.
The purchase price for Fifty-Five West is officially uknownÂ but Orlando condoÂ sources suggest that itÂ may have been sold by FFWO LLC of the Netherlands for $75 million. It’s taxable value is $42 million. Loans to the original developer, Euro American Advisors, totaled $132.8 million in 2004, and later loans and fees totaled more than $45 million, according to the Sentinel.
“TA is a phenomenal institutional ownership group that has a very proven track record, and they bring a lot of long-term stability to the asset,” Gray said.
The building has had more success filling residential space than its 72,000 square feet of retail. About two thirds of that has been leased, mostly to restaurants and nightclubs. Five Guys Burgers is expected to open there next month, and Mad Cow Theater has leased 9,600 square feet of “arts space.”
Zom Residential Services is the property-management company in charge of leasing and marketing the residential portion of the building, which overlooks Church Street Station and the new Amway Arena. Zom was also managing the Paramount condos at Lake Eola but were recently ousted with a new team taking over.
For more information on the downtown Orlando condo scene visit our downtown Orlando condo site.