According to local sources, the 32 story high rise in the heart of downtown Orlando will be on the auction block Friday as a part of a court-ordered foreclosure auction. The developers are said to owe more than $239 Million in construction costs for he project.
55 West has been through many phases of uncertainty since it’s initial groundbreaking back in 2005. It was originally built to compete in the, at-the-time, condo boom. Since then, it was most recently announced in early 2009 that the project would become a mixed use facility that would lease out 50-70% of it’s 360+ units(for at least for the short term).
Formal details of the auction have not been released but check back for more updates.
According to local sources, the 32 story high rise in the heart of downtown Orlando will be on the auction block Friday as a part of a court-ordered foreclosure auction. The developers are said to owe more than $239 Million in construction costs for he project.
55 West has been through many phases of uncertainty since it’s initial groundbreaking back in 2005. It was originally built to compete in the, at-the-time, condo boom. Since then, it was most recently announced in early 2009 that the project would become a mixed use facility that would lease out 50-70% of it’s 360+ units(for at least for the short term).
Formal details of the auction have not been released but check back for more updates.
