55 West Condos Set To Change Hands… Again?

Downtown Orlando’s 32-story development 55 West Condos on Chuch Street may once again be up for sale. 

According to the Orlando Business Journal, the Dutch lender went before Orlando City Council yesterday to update the original economic development agreement, changes which are required in order to sell the property, and documents showed that the lender is in negotiations with several unnamed buyers.

The main changes to the incentive agreement include removing the condo form of ownership and office space requirements and redefining the project as 401 rental apartments, potential office and hotel space, as well as 75,000 square feet of retail space.

55 West was originally was planned as residential condos along with office and some retail. But with the condo crash, the lender shifted to residential apartments. It was assumed that the condos would eventually sell again once the market improved. The new docs suggest however that 55 West will continue to live as a residential entity for the forseeable future, good news for renters, who are able to enjoy a condo that was orignally build to higher specifications that most apartment buildings.

Fore more info contact: afluker@bizjournals.com

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