Urban Chic

When attorney William J. Sheaffer and his wife, Carol, remodeled an old house on downtown Orlando's Central Boulevard in the mid-1980s and converted it to an office for Sheaffer's criminal law practice, they had no idea what changes the next two decades would bring.

"We did it because it was close to the courthouse," says Sheaffer. "Beyond that, downtown didn't hold a whole lot of appeal. Not a lot to do, nowhere to go."

"It was like a ghost town down here back then," adds Carol Sheaffer, who manages her husband's practice. "There wasn't much going on even during business hours. And after that, forget about it."

Fast forward to 2005, and it's a very different scene on Central Boulevard.

Just east of the Sheaffers' office, 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 its 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 within Orlando's kinetic downtown corridor. In addition to all the new shops and markets, and an ever-changing firmament of nightclubs and restaurants, the city's central core has become one of the liveliest real estate markets in the region, attracting not only youngish, single career-seekers who like to congregate where the action is, but middle-aged professional couples who appreciate the convenience of a daily routine that doesn't depend on the vagaries of Central Florida traffic.

"I can't even begin to tell you how much moving to downtown has improved our quality of life. We can walk to almost everything we need, and the diversity of the neighborhood, all the different kinds of people, keeps it interesting," says Jerol Gardner, whose husband, Winston "Bud" Gardner, is chief operating officer of TLC Engineers and a former state senator from Brevard County.

The Gardners, who moved downtown three years ago from Merritt Island, were among the first owners at the 56-unit Lofts of Thornton Park Central, one of several acclaimed residential projects by developer Phil Rampy, who named the once-forlorn neighborhood east of Lake Eola and is credited with transforming it into arguably the most prestigious address in the region.

"The area needed an identity," says Rampy. "Back in the early 1990s, I was looking at an abstract for a house I owned at the corner of Thornton and Jefferson Street, and it just came to me-Thornton Park. The whole area deserved to be called something."

In fact, so vibrant is Thornton Park that it's even getting its own Publix supermarket-the first downtown supermarket in decades. The 29,000-square-foot store, to be located on the south side of Lake Eola, will anchor a complex that will also include 312 condominium units and 8,000 square feet of office space.

Rampy's bullishness on downtown-not to mention his success in parlaying previously undesirable downtown parcels into retail and residential moneymakers-has since been embraced by a cadre of other developers. In fact, you almost need a scorecard to keep up with all the players and their latest projects.

Among the most recent unveilings is developer Cameron Kuhn's plan for a 750,000-square-foot, mixed-use development that will encompass an entire block of downtown once anchored by J.C. Penney. Bounded by Orange Avenue on the east, Washington Street on the south, Jefferson Street on the north and a city-owned parking lot on the west, the project, as yet unnamed, is reportedly scheduled for completion by 2008.

Details of Kuhn's venture were unavailable at press time, but speculation was that the plan would combine residential condominiums, office condominiums, an office tower, retail center and parking garage. It would be the largest private development ever undertaken downtown.

Just south of that site, at the long-blighted corner of Orange Avenue and Church Street, Kuhn is also the principal in the Premiere Trade Plaza, which, in addition to its 359,000 square feet of retail space and 305 condominium units, will boast a 12-screen movie theater. Downtown hasn't had a movie theater since the 1970s, when the vaudeville-era Beecham was converted into a nightclub.

Existing buildings on the Premiere Trade Plaza site were demolished in 2003-much to the dismay of preservationists who had wanted to salvage the façade of a 1940s-era Woolworth's-and an official groundbreaking was held to much fanfare last December.

Further north on Church Street, where elaborate themed nightspots such as the long defunct Rosie O'Grady's and Cheyenne Saloon and Opera House once drew hordes of revelers, the good times are expected to roll again with the opening of Club Paris, the first in an international chain of nightclubs that trades on the fast-lane life of hotel heiress/media fluffball Paris Hilton.

Orlando businessmen Fred Khalilian pulled something of a coup when, for a reported seven-figure fee, he got the ubiquitous Simple Life star to lend her name to-and occasionally visit-the 18,000-square-foot club, which takes over space that was once occupied by the Orchid Garden Restaurant.

"Anything she touches is golden," says Khalilian. "The marketing that surrounds her is unbelievable."

Also on Church Street, 55 West on the Esplanade, a 35-story, 363-unit condominium tower, is scheduled to break ground in April 2005. With prices starting at $300,000, 55 West will be topped off by eight luxury penthouses selling in the $3 million range, and residents will be able to enjoy such sybaritic pleasures as an on-site spa and 24-hour concierge service.

Tampa-based Euro American Advisors, developer of 55 West, says 60 percent of the units are already reserved, although converting those reservations to contracts will be required before the project can officially get under way.

Before 2000, downtown boasted just four major condominium communities-The Reeves House, Park Lake Towers, The Ivanhoe and 530 E. Central Avenue-with some 350 units. Since then, 19 new and conversion condominium projects have either been announced or completed, bringing the total number of downtown units to almost 3,600.

In fact, activity is so fast and furious that you might need a scorecard to keep track of the players.

At the north end of downtown, near the intersection of Colonial Drive and Orange Avenue, 31-year-old developer Steve Kodsi is launching a seven-acre, mixed-used project dubbed "Mid-town," which he says will include some 500,000 square feet of commercial space and 700 to 800 condominium units.

Kodsi is also the developer of The Sanctuary, a 173-unit, 18-story condominium project between Pine and Church streets on Eola Avenue. Units, which offer up to 4,000 square feet of living space, range from $320,000 to more than $1 million. Occupancy is scheduled for the first quarter of 2005, and about 65 are sold, Kodsi says.

And as if he weren't already busy enough, Kodsi also plans to build Star Tower, a $30 million 18-story condominium project between Jackson and Mariposa streets. Work isn't slated to begin on the 105-unit project until mid-2005, but according to Kodsi's Historic Creations Design and Development, which is handling sales, there are more than 500 potential owners on a waiting list.

Such ambitious projects, many of which have received generous tax incentives from the city of Orlando, prompted Orlando mayor Buddy Dyer to say in mid-2004 he estimates the downtown area should attract more than $1 billion in private investment over the next several years.

Certainly, Dyer has done his best to smooth the way for investors such as Kuhn. For example, the city and its Community Redevelopment Agency committed $22 million in cash, loans and tax breaks to jump-start Kuhn's Premier Trade Plaza.

That, in turn, has prompted some skeptics to predict that downtown might be nearing a saturation point, at least for the near future. Others predict that some of the big residential projects now being hyped will never be built as prospects who plunked down deposits during last year's buying frenzy have second thoughts.

Phil Rampy, however, is quick to disagree. And given Rampy's track record, his opinion carries considerable weight.

"We're nowhere close to overbuilding the downtown market," he says. "If you think the last five years has been head-spinning, wait until you see what the next five years brings. There are going to be some major residential towers going up that will change the entire skyline of downtown Orlando."

Certainly, there has been little evidence thus far to suggest that demand for downtown condominiums is on the wane.

A prime example: The Metropolitan at Lake Eola, a building still known to longtime locals as the old Harley Hotel. Developer David Eichenblatt, who bought the property in December 2004 and began converting it to condominiums, sold all 128 units within 72 hours of opening a sales office.

Attracted by prices that ranged from $110,000 to $150,000, people waited in line to put down deposits. And there's a standby list of would-be buyers who are hoping some of the deals fall through.

"We aimed for a hip, sophisticated clientele," says Eichenblatt, who professes not to be surprised at the response. "It's a perfect location because you have Lake Eola at your front door and you can walk to work from your back door. Plus we have huge balconies and a price point that can't be beat."

Rampy's firm has also filled a majority of 23 luxurious Eola South "city houses," which feature large balconies overlooking Lake Eola, granite kitchen counters, stainless-steel appliances, marble baths and private garages. And Rampy's 26-unit Osceola Brownstones, where prices range from the mid-$200s through the high $300s, should be finished by fall 2005. The three-story project features brown brick stucco, roof gardens and two-car garages.

An intriguing newcomer to the downtown market will be The Vue at Lake Eola, a 323-unit tower next to The Metropolitan that sold about 50 percent of its units shortly after opening a sales office last July. Units are priced from $179,900 to $1.7 million. Groundbreaking was scheduled for December, with a completion date of August 2005.

About five minutes south of downtown, at 525 E. Michigan Ave., developer Barry Miller's Copley Square brownstones and Victorian townhomes are 45 percent presold, with Phase II buildout slated for this summer. The project, with a distinctive Bostonian flair, features its own amphitheater for local productions. Three- and four-bedroom homes range from $352,000 to $400,000-plus.

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, Mayor Dyer is looking for ways to bolster downtown arts and entertainment options while enhancing pedestrian-friendly transportation systems and attracting a greater variety of businesses.

Everyone agrees that a downtown performing arts center, which Dyer has made a priority, would be a wonderful addition. But almost no one agrees on how such a project, which would cost at least $150 million, would be financed. Still, Dyer has promised that ground will be broken by the end of his term in 2008, and a committee of community movers and shakers is working to develop a plan.

Renovating or replacing the TD Waterhouse Centre, home to the NBA's Orlando Magic, is also on Dyer's to-do list, as is an overhaul of the Citrus Bowl, home to the University of Central Florida Golden Knights and two annual bowl matchups. But the so-called "O-rena" would cost $70 million to renovate while a new facility would cost at least $270 million. And it will take at least $150 million to bring the Citrus Bowl up to snuff.

If Dyer can, in fact, make his wish list a reality, then he'll surely rank as the most effective mayor in the city's history and will be perfectly justified in thumbing his nose at doubters.

But even if he's only partially successful, the foundation for enormous change downtown is already in place, says Downtown Development Board executive director Frank Billingsley.

"There's a trend across America of more and more people moving into downtowns, and we have a very desirable and pleasant downtown infrastructure in place," says Billingsley, who points to the city's brick streets, urban lakes and architectural variety.

"Our downtown is a neighborhood where you can feel very connected to friends, family, and community. It's a much richer experience living in an urban environment, where you can feel connected to the pulse of the community."