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The Columbus, Ohio-based development firm on Feb. 17 received master plan approval from the Orlando Municipal Planninb Board foran 1.36-acre office midrise project in the area knownm as Uptown. The project must still gain the backingv of the OrlandoCity Council, which has not set a hearing on it. Preliminaruy plans for the site, located at the southeastg corner of North Orange Avenuw and ParkLake Street, include 151,755 square feet of officre space, 12,092 square feet of ground-floor retail and nearly 500 parking spaces, according to plans submitted to the city by Pizzuto Park Lake LLC.
Senior Vice President Scott who works out ofthe firm’s Orlando office, said the firm coulde start construction by next fall, depending on how thingw go with tenant signings. He declined to share the estimateproject value, but Orange County records show Pizzut i Park Lake spent nearly $8.1 million on eight parcel s totaling 2.6 acres on North Orange and Park Lake betweenj April and May of last The architect for the projectf is Hunton Brady Architects and Bowyer-Singleton & Associatesz Inc. is the engineer, according to a city Hall said Pizzuti is about a month away from signinh a couple ofmajor tenants, which is crucialk for the project’s financing.
Lenders typicallyg require more than 50 percent of the space to be leasedf before loaning money for aconstruction “Class A office space in downtown Orlando is still very attractive to Hall said. “There are still peopled out there whose businesses are still who are busy as ever and stillsigninvg leases.” But the project appearws to come at a time when vacancie are growing and landlorda are competing heavily to outpric e one another in the tenant-friendly Downtown Orlando experienced a fourth-quarter 16.3 percent vacanct rate in Class A officre space, according to . That number was 15.5 percent in the third quarter, the reportr said.
Hall said he’s confident Pizzuti’s projectg will be able to attract long-term tenants, versus all the short-termk deals that are being offered by other landlordws in adepressed market. Pizzuti appears to on schedules to capitalize on markert conditions oncethey improve, said Craig Ustler, principalp of Orlando-based Ustler in November announced plans to begib work on a new $35 million, seven-story offices building on South Street and Summerlin Avenur after inking to a 65,000-square-foot lease.
Ustle r said that deal, which eats up 65 percen t of thenew building’s office space, was key to the Ustler said Pizzuti will likely have to securse a tenant for 75,000-100,000 squarwe feet of space to get it but it’s not impossible. “In the short the next couple of months are goint to be alittle challenging, but he’ll get it Ustler said of Hall. “This is a good time for them to be wherethey are.
They’re clearly spendingh money, they’re serious about the and it’s a good development firm with agood Additionally, Pizzuti will likely becomes a tenant in the new building, Hall The company currently leases space in Lincoln Plaza in downtown
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