Like all the current downtown Orlando condo projects, Tradition Towers has been in trouble for a while now. In fact, rising construction costs and low demand have caused over two thirds of the downtown condo projects to be either put on “developer hold” or scrapped altogether.
In mid-August, Condo Metropolis talked about the Monarch condo hotel’s plans for restructuring, now the Orlando Sentinel reports that Tradition Towers is also drawing up plans for a lifesaving rethink. That rethink includes redesigning the original plans to include a 280-room full-service hotel (not a condohotel).
Let’s face it. It was either that or scrap the $250 million project indefinitely. The developers, Broad Street Partners, claim the Tradition TowersÂ project, which is already a year behind schedule, is back on track for groundbreaking in early 2008. How likely is that? Well, on the plus side, the commercial real estate market has remained strong – and Tradition Towers is slated to contain over 50,000 square feet of office space. With the new redesign I’d say it now has a fighting chance – if you fancy the fighting chances of a man who has one arm tied behind his back.
According to Steve Walsh of Broad Street Partners, the hotel will be “by far the most luxurious hotel downtown Orlando has ever had.” And I don’t doubt it. It’s an incredibly handsome building that will bring a whole new look to the Orlando skyline. The question is, is the demand for luxurious downtown hotels any greater than the demand for luxurious downtown condos?