Condo-hotel projects, attraction among projects on hold

Slower sales and the credit crunch have had quite the impact on International Drive. Developers introduced several grandiose plans for condo-hotels and mixed-use high-rises, and even a 400-foot-tall observation attraction along the tourist corridor during the last couple of years. But most fell by the wayside as the economic slowdown hit the real estate market especially hard.

“The economy is tough, and financing is tough,” said Frank Billingsley III, economic development department director for the city of Orlando.

I-Drive did get a boost this year from some groundbreakings — including the expansion of the Peabody Orlando, which includes a 35-story tower with 750 guest rooms and suites and 150,000 square feet of flexible function space — and the Prime Outlets International $300 million expansion and renovation of the 778,000-square-foot outdoor shopping complex.

But another seven projects, ranging from the massive $850 million Blue Rose Resort to the $60 million International Luxury Apartments, remain on hold at this time.

Delayed Projects

Project: Great Orlando Wheel

Developer: Great Wheel Corp.

Cost: $200 million

Rundown: 400-foot observation tower, with 24 air-conditioned capsules, along with a 75,000-square-foot terminal building to house a cafe, restaurant and bar, outdoor dining areas and retail

Location: 6503 Westwood Blvd.

Status: On hold

Great Orlando Wheel         

Project: Grand National

Developer: Hagco Corp.

Cost: $200 million

Rundown: 750 hotel rooms, 250 condos and 50,000 square feet of retail space in two towers

Location: Grand National Drive

Status: Hagco principal Osmond Decoteau was indicted Oct. 23 in Brooklyn federal court. He was charged with wire fraud for masterminding a scheme to defraud mortgage lenders and banks of more than $20 million in connection with the sale of several properties in Brooklyn and Florida.

Grand National            

Project: Blue Rose Resort

Developer: Quorum Development Group LLC

Cost: $850 million Rundown: 1,552-room condo-hotel with a 1,000-seat performing arts theater, five restaurants, a spa and a conference center Location: 7575 Universal Blvd.

Status: Approved master plan slated to expire last Feb. 26 was granted an extension through Feb. 26, 2009.

Blue Rose Penthouse            

Project: Palazzo del Lago by Intercontinental

Developer: Hospitality Development Group Inc.

Cost: $800 million Rundown: 1,215 hotel rooms, 800 condos

Location: International Drive South near Lake Bryan

Status: Possibly seeking a buyer

Palazzo del Lago           

Project: Citymark at Orlando

Developer: E.B. Developers Inc.

Cost: N/A Rundown: 1,300 condos, 500 hotel rooms

Location: 5715 Major Blvd.

Status: E.B. Developers owner and CEO Elie Berdugo died in February. It’s unknown if the project will continue.

City Mark                 

Project: Douglas Grand International

Developer: Douglas Partners LLC

Rundown: 1,750 condos, 750 hotel rooms in 10 buildings ranging from three to 27 stories tall

Location: Northwest corner of Adriana Avenue and Altamira

Drive Status: On hold

Douglas Grand            

Project: International Luxury Apartments

Developer: Broad Street Partners LLC

Cost: $60 million Rundown: 333 luxury apartments in a four-story complex and a parking garage

Location: NW corner of American Way and International Drive

Status: It’s unknown whether the project will continue. Broad Street Partners is being dissolved following the June suicide of Managing Partner Steve Walsh.

Original Story - BizJournals.com