Orlando Business Journal - April 8, 2005
by Bob Mervine
Staff Writer
Florida-themed project to include 1,000 units, 24 retail-restaurant concepts
ORLANDO -- Canadian developer/operator Intrawest Corp. is throwing its hat into the condominium hotel ring.
The Vancouver, British Columbia-based firm (NYSE: IDR) plans to start construction on the Village of Imagine this fall on a 29.51-acre parcel it purchased last year for $19.55 million. The village will combine two themed condominium hotels with 1,000 total units and a retail center.
The Florida-themed village will be located in the currently undeveloped area across Universal Boulevard from the north entrance to the Orange County Convention Center's 2 million-square-foot expansion.
Gregg Anderson, regional vice president of acquisitions for Intrawest Placemaking, says the first phase of the project will include between 120 to 250 condo hotel rooms in one structure, depending on how the units are configured, and about 40,000 square feet of restaurant and retail space, totaling 24 separate concepts.
Sales to existing Intrawest property owners will begin this summer, opening up to the public in the fall, with an 18-month buildout, says Gary Raymond, chief executive of Intrawest's Resort Development Group.
"Our approach is to pre-sell before the stakes are in the ground," Raymond says. "Last year, we did 94 percent pre-sales."
The news of the project is music to the ears of the convention center's Tom Ackert.
"We view this development as vital," says the executive director. "It will improve our customer perception of that area, which is kind of isolated at this point, and provide badly needed access to more hotel rooms, retail and restaurant space."
Themed hotels
At buildout, the village will include two distinctly themed hotels, one styled after the Biltmore in Coral Gables and the other designed like The Breakers Hotel in Palm Beach.
The first to be built, in the Biltmore style, features a central tower of up to 12 stories, flanked by town house and amenity structures. An adjacent old town retail area with architectural touches from St. Augustine and Key West makes up the village concept, eventually connecting the two hotels.
The second hotel, when built, will serve as a "gateway" to the village area. It will resemble the Breakers' twin-tower hotel, complete with an elaborate base. Further details about the second hotel have not yet been determined.
Raymond describes the village as a pedestrian-friendly area with wide streets and a mix of commercial space providing "a sense of discovery."
To Learn More About Our Programs, Please Click Here to Contact Us
You must have javascript enabled.
