Absolute Auction at The Plaza – Bankruptcy Auction

The now landmark Downtown building known only as The Plaza, which includes almost 400,000 SF of office space, 105,000 SF of retail, a luxury 12 screen Movie Theater, 306 residential condominiums (Solaire) and a 1600 space parking garage has become a hub of the downtown business and social scene.

The Plaza developed by Cameron Kuhn was considered by many to be the most exciting Orlando project of the real estate boom. Taking a block of run down shops and rat infested buildings on the corner of Church and Orange, and turning them into Orlando’s largest mixed use development, the Plaza showed real promise, but of course was not immune to the economic downturn. On March 1st 2008 Solaire held an auction for 42 residential condos in the declining condo market. Office sales also stagnated, and Kuhn’s acquisition of Church Street Station shifted resources away from the Plaza. RP a real estate acquisition firm stepped in to purchase the parking garage, the retail space and the movie theater, then in May 2008 Stirling Sotheby’s International Realty conducted an auction for the 117,000 SF of office space still owned by Kuhn. Most of the smaller spaces where sold but there were few bites for the largest item, the 10th Floor, 61,545 SF of office space, the largest single floor office plate in downtown Orlando.

Now the 10th floor is back up for absolute auction. The space can be bought as a single plate or broken up into 12 suites. Conceptual plans are also drawn for a boutique hotel. Whether it ends up as divided office space, a hotel, or someone’s downtown trophy piece the selling of the 10th Floor will be the final phase in stabilizing this high profile mixed use development.

Now the Plaza is bustling with activity, from Wine down Wednesday’s at Urban Flats, to fine dining at Black Olive, Lunch time at Bentos or the hair stylist of Orlando’s A-List Salon Elysee, there is always something happening at the Plaza. The long awaited grand opening of the Plaza Cinema Cafe © on May 29th added another level of entertainment with leather seats 12 screens, two wine bars and art galleries; this is the premiere theater of central Florida.

For more information on the 10th Floor Plaza Absolute Auction, give John Kurtz a call on 407-581-7890 and tell them Condo Metropolis sent you.

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