Work starts on downtown Orlando’s 1st residential tower since before Great Recession
Construction started Wednesday on a downtown Orlando apartment project across from the Orange County Courthouse.
Being developed by an Atlanta-based group, SkyHouse is planned as 23 stories and 320 units across from the Orange County Courthouse at Livington Street and Rosalind Avenue. It will include 8,300-square-feet of retail and an eight-level parking garage.
“SkyHouse … will be the first major residential high rise built in Orlando since the recession hit – another important sign that the tide is finally turning for our local economy and housing market,” said Orlando Mayor Buddy Dyer on Wednesday.
The $63 million SkyHouse project is being developed by the Novare Group and Batson-Cook Development Co.
An investor account advised by UBS Global Asset Management is providing construction and permanent financing for the project. NGI Investments LLC, led by Jim Borders, and Batson-Cook Development Company are providing equity. Robert LaChappelle, Jonathan Rice and Paul Berry of the Atlanta office of CBRE advised on financing.
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Novare is a real estate development and investment company based in Atlanta. Batson-Cook Development Company is a wholly owned subsidiary of Kajima USA.