ORLANDO – GDC Orlando Hotel Owner, LLC, an affiliate of GDC Properties, LLC has closed on the purchase of the former Orlando Utilities Commission (OUC) Administration Building at 500 South Orange Avenue in downtown Orlando. The eight-story building was OUC’s headquarters from 1968 until 2008 when OUC built and moved into the adjacent Reliable Plaza.
The U.S. Department of Parks is in the process of listing the building on the National Register of Historic Places in recognition both of the OUC’s critical role in the development of central Florida, and as an example of the modernist movement’s influence on Orlando’s skyline.
“OUC played an integral role in Orlando’s smart and fast-paced growth since the mid-1960s and the former Admin Building was the epicenter of this planning effort,” said William Ingraham, GDC’s President. “Exciting urban places require diverse architecture styles and uses. We are pleased to be working with the City of Orlando, the State of Florida and OUC to preserve and reuse this important building.”
GDC Properties plans to renovate the 113,000 square foot building into a select service hotel. Current plans are to build 119 guest rooms and about 8,000 feet of meeting space within the existing building. The renovation is scheduled to start in January of 2012, and the hotel could open as early as February 2013. Historic and New Market Tax Credit financing is being provided by Urban Development Fund and US Bancorp Community Development Corporation, and construction financing is to be provided by City National Bank of Florida.
“This is wonderful news for OUC and our community to know that OUC’s landmark headquarters for 40 years will remain a part of the Orlando skyline,” said Ken Ksionek, OUC General Manager & CEO, “and that it will be reused in a way that complements Reliable Plaza, Orange Avenue and the upcoming Dr. Phillips Performing Arts Center.”
GDC Properties, LLC
GDC Properties, LLC, is based in Westchester County, NY, is an award-winning developer rooted in a foundation of design, service, quality and integrity. Founded in 1964, the company specializes in the development, management and acquisition of residential and commercial income properties. For more information, visit gdcproperties.com.
GDC Properties, LLC
Genevieve Sanchez, 914-747-4000