Metropolitan Resort Orlando Soon to Become World’s Largest Econo Lodge

By Georgiana Mihaila, Associate Editor

California Hotels has big plans in store for the 297-room Metropolitan Resort. Through its subsidiary, 8444 Investments LLC, the company plans to convert the property to The World’s Largest Econo Lodge.

Work is set to start on the 8444 Austrian Court Way property in June, the developers planning to keep the hotel open for the entire duration of the renovation and improvement process.

With a prime location on the world renowned International Drive in Orlando, Florida, The World’s Largest Econo Lodge will consist of 297 rooms with king or double bed accommodations, and feature a full delicatessen, free Wi-Fi, coffee makers, refrigerators and iron and ironing boards inside all rooms. The Econo Lodge will also be connected to the YMCA Aquatic Center, equipped with three indoor pools, a large cardio fitness center, and four indoor racquetball courts. All guests of the hotel will receive complimentary access to the Aquatic Center.

“We’re proud to announce our affiliation with Choice Hotels and being able to bring something grand to the table as we initiate what I hope to be a long and prosperous relationship together,” says Remo Polselli , CEO of California Hotels Corporation. “The real winner here are the customers and the city of Orlando, this couldn’t happen to better people and a better place in Orlando, International Drive.”

All property improvements will be completed by October 2013. Apparently, this is merely the first in a series of Choice Hotel franchises California Hotels has planned for 2013, but no further details have been released.

The Metropolitan Resort is not the only Orlando-area hotel heading for renovation; the 123-room Hilton Garden Inn Orlando North/Lake Mary will soon undergo a $2 million renovation, as new owner GF Management plans to improve the recently acquired property. The company bought the property last week, and the acquisition is this year’s first for GF Management. Like the Metropolitan Resort, the Hilton Garden InnOrlando North/Lake Mary will also stay open for the entire duration of the renovation.

Image via HotelClub

New Vista at Lost Lake Units to Add to Growing Local Multifamily Inventory

 By Georgiana Mihaila, Associate Editor

McCann Realty Partners, the company that bought the Vista at Lost Lake apartments in Clermont last year for $28 million, is now moving forward with the project by starting construction on a second phase.

Phase II will add 192 units to the existing 276 that were built by Citrus Tower Development LLC in 2007. Located on State Road 50 and U.S. Highway 27, Vista at Lost Lake  boasts one-, two- and three-bedroom units, equipped with nine foot ceilings, full size washers and dryers, oversized pantries, private solariums and balconies, and spacious closets.

Existing amenities include complete concierge services; a fitness center featuring state-of-the-art equipment; sauna; resort-style swimming pool; car care center; and a private residents’ club room complete with billiard tables, elegantly designed seating areas and lounge.

The new three-story complex will be adjacent to the existing one, and is scheduled for completion at year end, with leasing activity to start in September 2013. The combined 468 apartment homes will be managed by Pegasus Residential, LLC. While development costs were not disclosed, the construction loan was funded by Wells Fargo Bank NA, and the project was financed through a joint venture with an equity partner, the Orlando Business Journal reports.

Prospects for the Orlando multifamily sector continue to brighten as the local economy picks up. Construction activity in the first quarter brought four new projects to the market, adding approximately 1,300 units to local inventory—all market-rate rentals, spread across four submarkets. According to a Marcus & Millichap report, more than 2,000 units were completed in the past four quarters, a substantial jump from the 1,400 rentals placed in service in the previous 12 months.

The second phase of the Vista at Lost Lake apartments will add to the approximately 2,700 apartments planned for the metro area—the highest annual output in the past four years—and the 2,500 rentals currently under construction and slated for delivery this year and next.

Chart courtesy of Marcus & Millichap

Image via The Vista at Lost Lake – Clermont Facebook page

Florida Hospital Breaks Ground on Emergency Department, Plans Further Expansion

By Georgiana Mihaila, Associate Editor

Florida Hospital East Orlando recently celebrated its upcoming expansion, that will double the size of its current emergency department, during a special groundbreaking ceremony. Both hospital and community leaders attended the event and planted 260 flowers—a number that stands for the average number of patients seen on a daily basis in the emergency department.

In 2012, the Florida Hospital East Orlando emergency department treated more than 83,000 patients. As a result of the high demand for emergency care, the hospital has decided to double the size of its emergency department from 36 to 65 beds. The expansion will also include several child-friendly rooms with nature themes and LED lighting along with kid-friendly waiting areas to provide a more calming environment for children. Construction for the emergency department is expected to be completed in summer 2014. When the expansion is complete, Florida Hospital East Orlando will be able to treat 100,000 patients a year.

Florida Hospital East Orlando will also be building out the fifth floor of its main patient tower. This expansion—set for completion in July 2013—will add up to 40 private patient beds. In order to expand surgical services offered by the hospital; the addition of 40 new beds will bring the total number to 265.

“As the East Orlando community has grown over the years, Florida Hospital East Orlando has made enhancements to grow and expand in order to provide the best care possible in a convenient setting,” said Mike Thompson, administrator of Florida Hospital East Orlando. “Our goal is to provide patients with more efficient service and access to high quality medical care in their own backyard.”

It is estimated that the overall expansion process will generate about 75 new construction jobs, as well as new clinical jobs within the hospital.

Images via Florida Hospital

$30M Oviedo Multifamily Community Now Underway

By Georgiana Mihaila, Associate Editor

Oviedo, Fla. will soon add 275 residential units to the local inventory, as Jacksonville-based LandSouth Construction begins construction on the $30 million Park Place Apartments and Oviedo on the Park.

The project—developed by PAC Land Development of Winter Park, Fla.—consists of four buildings with 275 residences and a multi-purpose clubhouse. Park Place Apartments and Oviedo on the Park will rise at State Road 434 (Alafaya Trail) and Mitchell Hammock Road, placing the community within proximity to a budding entertainment, retail, restaurant and employment hub.

Park Place Apartments will feature 14 floor plans of one-, two- and three-bedroom residences with one or two baths. The units will range in size from 797 to 1,396 square feet of living space, some of them including covered patios and balconies. Interior elements will include frameless European style shaker cabinets, simulated wood grain vinyl plank flooring, tiled baths, crown molding and kitchen islands.

“We are pleased to have the opportunity to build another high-quality multifamily community in partnership with PAC Land Development. These beautiful garden apartment homes in the heart of Oviedo will be adjacent to parks, shopping, restaurants and retail to attract residents who enjoy an amenity-rich lifestyle and convenient location,” said James Pyle, president and CEO of LandSouth Construction.

The development, scheduled for completion in the summer of 2014, will have the signature of Architect Charlan-Brock & Associates.

Image via Charlan-Brock & Associates

Valencia, UCF Officials Dedicate New Building at Osceola Campus

By Georgiana Mihaila, Associate Editor

Valencia College officials, along with officials from the University of Central Florida, dedicated the newest building on Valencia’s Osceola Campus on April 11, marking the expansion of the Valencia-UCF partnership in Osceola County.

The new 150,000-square-foot Building 4 is the largest building on any Valencia campus; the four-story building was designed to house 18 classrooms, the campus library, a bookstore, 10 science labs, math and computer labs, as well as the campus cafeteria and a coffee bar. Space has also been set aside for 18 offices for UCF faculty members and administrative staff.

Designed by architectural firm Hunton-Brady and built by contractor Clancy & Theys, Building 4’s construction costs were approximately $35 million, with UCF contributing $7.5 million.

UCF, which operates a regional campus at Valencia’s Osceola Campus, already offers a handful of degrees at the Kissimmee campus, ranging from business to political science. With this expanded presence on the Osceola campus, UCF plans to add a diverse array of bachelor’s degrees to the Osceola campus by fall 2013, including degrees in biomedical science, criminal justice, psychology, public administration and health services administration.

Building 4 was intentionally designed to set itself apart from any other classroom building on the campus. The outdoor and indoor spaces were designed to provide meeting and study space for students, courtyards provide shade and places for students to relax, and the library features a huge reading room with windows that overlook the campus. Architect Maurizio Maso, who designed the building, said the vision for Building 4 came from a meeting with Shugart.  “He said the architecture should be soaring, inspiring and grounded—and that if Osceola Campus is a village, Building 4 should be the cathedral.”

The building, which opened for classes in January, has quickly become the center of student life for the 12,000 students who take classes at the Kissimmee campus.

Image via Valencia College