Chuck Whittall, President, Unicorp National Developments, Inc.

April 2026 — Over the past year, Unicorp National Developments, Inc. has advanced major hospitality, commercial, and luxury residential real estate projects across Florida while navigating a challenging financing environment. In an interview with Invest:, Unicorp President Chuck Whittall discusses the company’s momentum following the opening of the St. Regis Longboat Key, a thawing capital market, and what he sees ahead for luxury real estate products in Central Florida. He also weighs in on long-term demographic trends, construction costs, and why face-to-face interaction still defines leadership. “You can either stand on the sidelines or get back in the game — and we decided to jump back in.”

What have been the major milestones and strategic changes for Unicorp over the past year?

We opened the St. Regis at Longboat Key last year, and the hotel is doing phenomenally well. We went through two hurricanes within thirteen days of each other upon opening, but we reopened a couple weeks later and the hotel is doing triple what we expected. We’ve finally been able to secure financing again for apartment complexes, and we have about a half-billion dollars of construction underway right now.

Lenders have only recently started to lend again, and we expect that improvement to continue. It has been a tough couple of years with high interest rates, expensive construction pricing, and limited access to loans, but we’re seeing the market improve. We’re also working on several real estate deals, including a branded residences in Palm Beach, The Ritz-Carlton Residences, Hammock Dunes in Palm Coast and others — and overall, the market seems to be thawing.

Unicorp recently secured a $168 million financing package for the next phase of Glasshouse at O-Town West. What amenities or design features are you incorporating to keep the project competitive?

We’re probably more competitive than anyone else. We have a clubhouse with a full service restaurant, pickleball courts, virtual reality centers, and a state-of-the-art two-story gym . It’s more of a resort than an apartment community. Phase one is fully leased, and we expect strong momentum for phases two and three, which we’re building simultaneously.

How would you describe the current landscape for large-scale developments, especially in light of recent macroeconomic challenges?

On a macro basis, it’s still very hard to get debt; about 70% of construction has stopped. We’re building now because we expect the market to be undersupplied 24 months from now, making it an ideal time to deliver. That said, these deals require tremendous equity. It’s very capital-intensive, more than we’d like, but you can either stand on the sidelines or get back in the game. We decided to jump back in, and we think it will be a good decision two years from now, but we’ll see.

Multifamily rental demand in Central Florida remains strong, despite elevated build costs. How do you see rental economics evolving over the next year?

There has been a slight pullback because so much inventory hit the market at once. I think that will all be absorbed over the next 12 to 24 months, which is why delivering new product in two years should be well-timed. Higher interest rates have decreased home purchases, which means more people are renting. Inflation has also made homeownership harder. At the same time, our luxury condo market — St. Regis Residences, Longboat Key, Ritz-Carlton Residences, Hammock Dunes — is still very strong because it’s largely a cash-buyer market. There doesn’t seem to be a shortage of high-end buyers.

How is Unicorp adapting to evolving needs in hospitality?

Hospitality is a big part of our business. We’re building a seven-hundred-room InterContinental Hotel directly across from Epic Universe, which is driving enormous demand. Orlando attracts around 100 million visitors a year, and we’re well-positioned to capitalize on that. For example, we demolished the old Wyndham Hotel we owned and are replacing it with a much larger, modern high-rise. We plan to break ground next year. There is still room in the market for a new hotel product, especially off Universal Studios’ property, because much of the existing inventory is aging. Land costs are high today, but we’ve owned our properties for many years.

How are demographic shifts — both aging populations and incoming younger residents — shaping long-term planning for housing and hospitality?

On the residential side, many retirees from northern states are moving to Florida, which is why our luxury products — The Ritz-Carlton and St. Regis Residences — perform so well. These buyers are often paying cash, so they’re not interest rate-driven. At the other end, younger, interest-rate-sensitive residents tend to rent, which benefits our apartment communities. And tourism fuels hospitality demand. When you look at it, we really hit all sectors: young executive renters, luxury buyers moving here, and visitors staying in our hotels.

Last year, you mentioned succession planning. How is leadership development progressing within the company?

We promoted one of our young executives, Zack Justice, to Chief Operating Officer, and we’re giving him more responsibility. I still run the company, and every year I think I’ll slow down, but I never do. I’m also helping my daughter to learn the real estate business. If I took a year off, the company would continue to run — maybe not grow as fast, but it would run.

How do you view the generational shift occurring across industries?

The rising stars are the people who actually show up. A lot of people want to work from home and avoid collaborating in person. But those who come into the office, meet people, and build relationships will rise quickly. I just told someone before this call, “Come to my office — let’s sit down and make this deal work.” I generally know that when I’m face-to-face, I make a deal. It’s much harder over the phone or even over Zoom.

How are retail and office dynamics evolving, and how is Unicorp designing mixed-use to stay vibrant?

We finished a large mixed-use development, O-Town West, which includes a 300,000-square-foot office building for Marriott Vacation Club. Most of the retail we develop is service-based: restaurants, bars, salons, gyms. Traditional retail continues to deteriorate because of Amazon, except for luxury retail, which still performs well. Across every center we own, we’re fully leased, and tenants are performing well, but most people leave with a full belly, a drink, or a haircut — not a shopping bag. That service-based model is what works.

How is Unicorp integrating AI and technology into operations?

AI plays a growing role. I use it every day for research and early design concepts. I can take a picture of a space, tell it to design it, and then pass that concept to my architects. AI may reduce some jobs, but it creates others. Trades — electrical, plumbing, HVAC, roofing, stucco — can’t be replaced by AI, and those jobs are growing. We’ve needed more tradesmen for years, and we’re finally seeing that market grow a bit. Technology helps us design faster and better, but humans still have to build.

What are the most pressing challenges and opportunities in the real estate sector in Orlando today?

Affordable housing is a major challenge. Land is expensive, and government fees make it harder. For example, Orange County doubled its water and sewer fees. What used to cost $2 million is now $4 million. Impact fees, connection fees, and property taxes have all gone up. On Glasshouse phases two and three, impact fees alone were $12 million, 10% of the total cost. Government jurisdictions push affordable housing, but they charge developers so much that projects aren’t financially feasible. If you can’t make a profit, you’re not going to build it.

Looking toward 2026 and beyond, what is your outlook for the firm and the regional real estate market?

In 2024, I thought 2025 would improve significantly. It improved somewhat toward the end of the year, and the last couple of months have shown the most progress. We have a positive outlook for 2026 because three interest rate reductions have already occurred, and they haven’t fully flowed through yet. We expect another in December. Interest rates drive the real estate business.

With additional cuts, we expect funds to flow back into the market. Institutions haven’t been buying because their borrowing costs are high and they can make the same return on a 10-year bond as they could on a real estate asset. As rates decrease, real estate becomes a more attractive alternative investment again, and institutional buying will pick up. There is a lot of pent-up capital sitting in cash, and I believe it will flow back into real estate as long-term rates shift.

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