Developer Predicts All Micro-Lofts in the $32 Million Mixed Use Tower Vive on Eola in Orlando, FL will be Pre-Leased Before Completion

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.

Rendering of $32 Million Vive on Eola apartments planned at the corner of South Eola Drive and Church Street in Downtown Orlando, FL

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.

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