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| James Dicks |
ORLANDO, FL – DIX Developments LLC is preparing
for a mid-February closing on a prime downtown Orlando site that will be
redeveloped into a 12-story mixed-use tower featuring the city’s first
micro-lofts designed for young professional singles.
James Dicks, CEO of the Lake
Mary-based company, said the $32 Million project, called Vive on Eola,
has been enthusiastically received in preliminary talks with Orlando officials.
Early strong investors have lined up to back the development.
“Everybody likes the concept of the micro
lofts,” Dicks said, “in part because it helps address a rising affordability
crisis in the urban core.”
Plans call for about
120 units averaging 400 square feet, similar to a studio apartment, packed
with amenities and monthly rental rates starting at $1,250, hundreds of
dollars less than the average for downtown residential space.
The tower will have a
ground level signature restaurant, coffee shop, three floors of parking and,
potentially, as much as 13,500 square feet of “we work” style office space.
Dicks, a seventh generation Floridian, said extensive due
diligence tells him that the timing is right for smaller units in popular but
pricy downtown cores and his company is considering similar projects for Tampa,
St. Petersburg and other cities in the Southeast where affordability is nearing
crisis levels.
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| Rendering of $32 Million Vive on Eola apartments planned at the corner of South Eola Drive and Church Street in Downtown Orlando, FL |
The Orlando property is at the corner of South Eola Drive and
Church Street other short term leasing while the company
awaits a demolition permit and other governmental approvals.
Once the existing
building is taken down construction of the 12-story Vive on Eola is expected to
take about 8 to 12 months, with a potential early 2022 completion date.
“I believe we will be pre-leased,” Dicks
said, because his company is already fielding calls from people “asking to get
on a list.” in the historic Thornton
Park neighborhood. The site currently has a 9,000 square foot office building
which is being converted into a shared office concept.
CONTACTS:
Scott Prewitt,
Executive Vice President of Business
Development,
DIX
Developments, LLC,
407-542-6120 or scott@dixdevelopments.com
James Dicks, CEO,
DIX Developments LLC,
407-542-6120 james@dixdevelopments.com
Beth Payan, Larry Vershel Communications, Inc.
407-644-4142 or 407-461-3781; beth@larryvershel.com
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