Mixed-use projects a major part of Orlando’s growth
Writer: Chérie Lynn Canada
May 2024 — Mixed-use developments have experienced a significant urban planning and development boom, reshaping cityscapes and revitalizing communities. Between 2010 and 2020, nearly 50% of new commercial and multifamily projects were billed as mixed-use development, which is only expected to grow in the current decade.
“Typically, these projects bring specialists to build certain portions of the site. One may build the shell, and then we may get brought in later to build retail or office space,” Jason Albu, co-chairman of Albu & Associates, Inc. told Invest: when asked about its involvement in mixed-use development in the Greater Orlando region.
Collaboration among stakeholders such as developers, planners, residents, and businesses is vital for successful mixed-use developments. By pooling expertise and resources, these partnerships create well-designed, sustainable projects, fostering vibrant urban environments.
“Just looking out my window, I see a mixed-use building we did 22 years ago when no one else was doing that. The problem back then was there were different requirements, and departments for financing were segmented and permitting codes were different,” said Beat Kahli, president and CEO of Avalon Park Group in an interview with Invest:. “The industry did not believe that this would work 25 years ago, especially because some experimental developments were similar and failed. What I found was that they did not fail because of consumers; they failed because of the market and because they were too expensive. I know we can’t copy Switzerland in America, but we can copy the concept to have affordable pricing and satisfy all of a person’s needs at their fingertips.”
In a survey conducted by the National Association of Realtors in 2023, respondents favored multifamily units that promoted greater walkability. The survey found 53% would prefer an attached dwelling (own or rent a townhouse/condo/apartment) and be able to walk to shops, restaurants, and a short commute to work.
Set to redefine downtown, the Orlando Sports and Entertainment District, recently named Westcourt, is set to be built next to the Kia Center. The 900,000-square-foot project is expected to feature 270 high-rise residential units, a 260-key hotel with 16,000 square feet of meeting and conference space, in addition to 125,000 square feet of retail space and up to 300,000 square feet of Class A office space.
According to the Downtown Orlando Community Redevelopment Agency/Downtown Development, there are 20 proposed projects worth more than $1.45 billion in the pipeline, as cited by the Orlando Business Journal.
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