Six skyscraper ‘Live Local’ project pitched for Parramore
Investors interested in boosting Parramore’s economy have pitched their most ambitious project to date: six skyscrapers in the heart of the district that would stretch upwards of 400 feet into the air. Investors in Parramore, Florida, have pitched their most ambitious project yet: six skyscrapers that would extend upwards of 400 feet into the air. The proposal is led by property owners and developer Tim Green, who filed permit applications with the City of Orlando for four towers citing the “Live Local Act” which allows developers to construct housing in commercial and industrial areas if a certain percentage of the units are affordable. The towers would feature hundreds of apartments, hotels, and two condos. The remainder of the space would be used for amenities, restaurants, retail and entertainment. However, Green's ambitions may face opposition from a community that views development with suspicion and fears being pushed out by gentrification. Critics also point out past projects that led to lawsuits, which have been settled without an admission of fault.
Opublikowany : 4 tygodnie temu za pomocą Nick Papantonis w Business
Investors interested in boosting Parramore’s economy have pitched their most ambitious project to date: six skyscrapers in the heart of the district that would stretch upwards of 400 feet into the air.
The proposal, led by a group of property owners and developer Tim Green, filed permit applications with the City of Orlando for four of their towers in December and last month. They cited the “Live Local Act,” which allows developers to construct housing in commercial and industrial areas if a certain amount of the units are affordable.
In addition to the hundreds of apartments, three towers would feature hotels and two would have condos, Green said. The remainder of the space would be used for amenities, restaurants, retail and entertainment.
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In a phone call, Green said he envisioned Church Street becoming an economic artery of Orlando tying the downtown to the city’s arenas. He said it would pair well with the Magic’s proposed Sports and Entertainment District projected to break ground at the end of the year.
“How do you get tourists to stay and enjoy themselves when they come to a game?” he asked.
It’s not Green’s first time promoting a major project in Parramore. A separate tower project near Inter & Co stadium proposed in 2022 has since stalled. Green blamed the city’s height restrictions.
The Live Local Act allows developers to build as tall as other nearby buildings, which gets him and his investment group around that hurdle.
In conversations with WFTV, several of Green’s co-investors called the act a godsend and grumbled that the city’s politics and red tape have prevented them from improving the neighborhood in a way that was economically viable.
Green’s ambitions are likely to run into several head winds, including a community that views development with suspicion and fears being pushed out by gentrification.
“Why would they worry about building all these high rises when they need to help the people on the street?” one man, who only identified himself as DeShay, said.
Project descriptions filed with the city mentioned safety features and job opportunities created by the redevelopment, to persuade the community to view the towers as a benefit to the region.
Additionally, many projects have been proposed around downtown Orlando since the pandemic, only to stall – like Green’s former proposal – or fall apart because of economic conditions. Developers say high interest rates make financing a large tower project unviable.
Green, in response to the question, said the wealth of his investment group coupled with tax benefits provided by the Live Local Act and the area’s location in an Opportunity Zone gives him an advantage.
“We are already set up and structured,” he said.
Green isn’t without his critics, though, who point out past projects he’s pursued that have led to him being sued. Most of the lawsuits were settled without an admission of fault.
Green dismissed that past as mere claims – and a near-inevitability when dealing with projects of a big scale. His current partners said they knew about the lawsuits and had full confidence in Green’s ability to get the projects over the finish line.
The city has set April and May hearings for the permit applications it has received, though staff said they hadn’t issued any comments about the projects because the applications were incomplete.
Green said he plans to have a phasing plan worked out with the city in the coming months, and it’s too early to know when any of the towers would break ground.
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