Eola Place Folds

eola placeWord is trickling in that developers have pulled the plug on Thornton Park’s Eola Place, just a month after bull-dozers made way for the new 16 story condominium project, due for completion in 2008.

Last month, the mayor of Orlando, Buddy Dyer and commissioner Patty Sheehan donned hard hats as they supervised the destruction of two older units to make way for 510 new condos, which were to range in price from $270k to $1.6 million.

The sales center located at 330 E. Central Blvd now appears to have closed its doors, leaving questions about the future of the multi-million dollar site.

2007 promises to be a defining year for many developers. Unfortunately, Eola Place is unlikely to be the only downtown casualty.

10 Comments

  1. I believe there are going to be quite a few downtown developments not able to financially support construction. Few places are even able to start construction without an extremely high pre-sale requirements. Tip for all if you are looking for new construction guaranteed to go up  – check out TheTrevi.com.

    Signed,
    A.N.

  2. Not good news. Even though I think that it’s time to thinn out some of the overcrowded downtown market, but right now this kind of news is just going to play into the ‘real estate crisis- end of day’ crowd.

  3. Adam,

    What makes you think The Trevi is “guaranteed” to go up? Their sales office has been open since November, and they have only sold 1 unit and are still looking for financing.

  4. Thanks for the comment Nymad.

    I don’t want to speak for Adam – I’m sure he will have his own response but here’s mine.

    I have no idea what they have or haven’t sold but my understanding is that there are no true presale requirements at the Trevi. By that, I mean that every developer would obviously prefer to have solid presales to secure external funding, however, I believe that this particular developer is financially secure enough to build this thing regardless. I don’t often stick my neck out on a subject like this because there are no guarantees in life, but if I had to pick one project in the greater Orlando area that I felt sure would go up, it’s the Trevi. Remember, we’re not talking about 300 units here but a total of 59. Presale is probably around 20. Even in today’s market that’s not going to take forever. The developer could probably buy them himself if he had to!

  5. Nymad

    The Trevi already has it’s funding in place and is now starting to go forward with the construction. The plumbing is in the ground and the lake is being dug up as we speak. Unlike other projects with 50%-80% pre-sale requirements the Trevi’s developer has decided to “do it himself” to prove to all of the skeptical people that he is willing to take a chance and put everyones hesitation about losing their money out of their heads.

    The funding is not a problem.

  6. I am so glad to hear that! It’s a lovely project, and though a bit overpriced, it is very well planned. Can’t wait to see it up and running.

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