Lincoln Property Company’s Joe Rossi has placed the former Orlando Utilities Commission headquarters in downtown Orlando under contract to a developer/investor. The prospective buyers of the 110,000-square-foot building, which was on the market for nearly three years, plan to transform it into a boutique hotel.
GDC Properties LLC, A Hawthorne, N.Y.-based real estate developer and operator, have a contract to purchase the 44-year-old building for $2.8 million. The company plans to convert the building, at 500 S. Orange Ave., into a 120-room midrange hotel.
The purchase offer from GDC Properties LLC was accepted by the OUC’s board pending a due diligence period of up to 90 days.
The Orlando Sentinel quoted Orlando Mayor Buddy Dyer, who sits on the OUC board about his belief that the building’s new use will increase the vitality of downtown.
“It’s actually a very good use of that building,” Dyer told the newspaper. “I thought eventually we’d have to demolish that building for another use, but actually this could work out very well.”
As for Rossi, he said he is proud Lincoln was able to successfully put the building under contract after Lincoln took over the assignment less than 6 months ago.
“Lincoln’s highly experienced team works together to guide clients through all stages of the sales process,” said Rossi. “Our vast network of investors and financial contacts help us complete deals like the future sale of the OUC building potentially making a difference for both the client and downtown Orlando.”