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During the building frenzy in 2005,
scarcely a week passed without another major condominium
project being announced for once-sleepy downtown
Orlando. Sometimes, those same developments would
announce quick sellouts as buyers swooped in to
drop down deposits.
Now, reality has taken hold and
the pace has slowed. Yet, despite a softening market,
more than 30 projects are either planned, under
construction or recently finished. That means roughly
7,000 condominium units are in the pipeline, along
with more than 1 million square feet of office space.
And on the fringes of downtown,
huge expansions at Florida Hospital and Orlando
Regional Medical Center are under way, while Florida
A&M University’s law school and a new
federal courthouse were completed in 2006.
Along Central Boulevard, at the
bustling mixed-use complex known as Thornton Park
Central, the day begins when gourmet-trendy Central
City Market opens for breakfast.
Next door, Shari Sushi Lounge attracts
a glittery lunch and evening crowd, while the spacious
Urban Think! Bookstore offers in-the-know readers
a gallery-bistro hangout.
And at the corner, trendy Hue remains
one of the hottest dining spots in town, especially
during its monthly “Disco Brunches,”
when the restaurant’s self-serve Bloody Mary
bar draws long lines and the retro sounds of Donna
Summer fill the street.
And all that barely covers just
one neighborhood in Orlando’s dynamic downtown
corridor.
Of course, there are residential
options downtown aside from new condominiums.
The charming old neighborhoods
ringing the city have been gentrifying since the
late 1980s. While Thornton Park is perhaps the highest-profile
example, property values are also soaring in the
city’s other designated historic districts,
including Lake Eola Heights, Lake Lawsona, Lake
Cherokee and Lake Copeland.
As builders build and buyers buy,
city officials are looking for ways to boost downtown
arts and entertainment options while enhancing pedestrian-friendly
transportation systems and attracting a greater
variety of businesses.
A huge step in that direction was
taken in September 2006, when city and county leader
announced a deal that would bring downtown a new
arena for the NBA’s Orlando Magic, a state-of-the-art
performing arts center and a facelift for the Citrus
Bowl, the city’s 70-year-old football stadium.
The three buildings with a combined price tag of
more than $1 billion would be financed by a combination
of tax dollars and private donations.
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