West Second Street Associates (WSSA) is finalizing designs for a $36 million complete renovation of the former AT&T office building at 500 N. Orange Ave. in downtown Orlando.
Located on the northwest corner of N. Orange Ave. and W. Amelia St,, the 2.25-acre parcel has a five-story building with about 118,500 sq. ft., built in 1980.
WSSA acquired the property and building for $7 million in March 2015 from Southern Bell Telephone and Telegraph. It has remained vacant for the past 24 months.
It’s unknown when construction work will start.
The company initially considered in 2015 to convert the building into a 354-unit multifamily complex, but the demand for downtown apartments and price per square foot didn’t support the conversion costs.
However, “we continue to engage select contractors and vendors for a future construction award,” Christopher Haridopolos of Fulcrum Management Corp. told OBJ.
The vacant 118,517-sq, ft. structure will be stripped down to its skeleton, leasing agent CBRE Group Inc. previously told the business publication. A 400-space parking garage also is planned for the development.
The building between Amelia and Concord streets just south of West Colonial Dr. could introduce some much needed office space in downtown Orlando, which has several multifamily developments.