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.

Downtown Darryl can be your best resource(along with this website of course!) in getting information on any of the pre-existing or new condo developments in the downtown area. I had the pleasure in meeting him a few weekends ago and took a look at some Solaire units. He is very knowledgeable, down to earth, and he will work hard to get you where you want to be. If you’re looking to buy or sell in the downtown area, this is the guy to go to…the name says it all!

You can view his website here: www.downtowndarryl.com

Here is a picture I snapped last evening and it’s looking good. The theater will feature 1,100+ leather rocker seats, 12 screens, 2 wine bars, and a full menu.

The escalators now work so you can go up and take a look at the ticket booths and the main lobby area.

6 more days until the Grand Opening!

For more information on showtimes call 407-982-5444

The ghost-town building with the “55 W on it” downtown looks like it will finally see some life. Zom Residential Services announced this week that it will be leasing the condo units as apartments instead of selling them in a dried up market as condos. SNS, the bank that recently foreclosed on the building says that it will “temporarily” lease about 60-70% of the units until the market picks back up and analysis is done(on converting them back to condos). Read the rest of this entry »

More on this story on the Orlando Sentinel…

A new survey of 16 downtown Orlando condominium towers, with a combined 3,236 units brought to market since 2001, shows that about one-third of the units remain unsold — with most of those in four relatively recent projects caught in the ongoing real-estate slump.

Nearly 40 percent of the 1,054 vacant units are in one building, the 55 West tower on Church Street, said Paul Sexton, president of Sexton Realty Advisors Inc. in Winter Garden. Read the rest of this entry »

Parking for local Church street attractions just got closer. The 55 West Parking garage(located on 60 West Pine | between Garland and Orange Ave.) is now open and accessible 24 hours a day.

Here is what it will cost you:

Standard Rates*(as of 2/18/09)

$1.00 for the first 30 minutes.

Per Hour: $2 hour / $15 max.

Evening: $10.00 Cash only. Pay at entrance.

Event: $10.00 flat fee. Cash only. Pay at entrance.

Monthly: Call the Parking Division at 407-246-2155 for monthly parking. The monthly limited rate is $110 + tax, unlimited $165 + tax.

Diner’s Special (enter between 6pm & 10pm). $6.00

Evening Rate $10, Event Rate $10

Early Bird $8

* Rates and hours subject to change.

C/O CB Richard Ellis:

On MONDAY, DECEMBER 15^th

Orlando’s City Council will have a crucial vote on the Plaza.

On the agenda is the Community Redevelopment Agency’s presentation to complete the first Downtown Orlando Movie Theater!

We are introducing a one-of-a-kind, entertainment concept within the Orlando/CentralFlorida Region…and a new destination for Downtown!

Please come and show your support!

2:00 MONDAY, DECEMBER 15^th

Council Chambers on the 2nd floor of City Hall, 400 South Orange Avenue

The new Plaza Owner is committed to making this project a success, but needs your help to show City Council that a Downtown Movie Theater is good for business.

Projections for the Plaza Theater are that it will attract approximately 600,000 people to Downtown Orlando each year. The indirect spending and jobs which flow from these visitors is significant…over $12 million annually by one conservative estimate. This could result in the infusion of millions of dollars to other businesses in downtown Orlando and the surrounding community.

For more information, on this unique theater, please download the attachments below.

The Plaza Theater will help to further define the downtown area and connect people to the heart of this up and coming city. Please show your support.

2:00 MONDAY, DECEMBER 15^th

Council Chambers on the 2nd floor of City Hall, 400 South Orange Avenue

We look forward to seeing you there.

Please contact Bobby Palta or Wood Belcher if you have any questions:

Bobby.palta@cbre.com

407 839 3124

Wood.belcher@cbre.com

407 839 3110

Thank You.

Smooth Jazz 103.1 WLOQ, Orlando Home & Leisure magazine, Orlando CEO, and The Florida Restaurant and Lodging Association will join forces to produce a festival that will celebrate great food, great wine, and great entertainment, The Orlando Food & Wine Fest.

Most major cities can boast large food festivals held in their downtown and our goal is to create a world class annual destination event. The Orlando Food & Wine Fest will be a “Treat for the Senses” with some of Orlando’s finest and most diverse restaurants showcased along with wines of the world, and first class entertainment.

Elements:

• Wine tasting featuring dozens of international and domestic wines
• An outdoor sports pub
• A large Performance Stage featuring national recording artists
• A Chef’s Stage with seminars and cooking demonstrations
• Vendors, beverage stations, samples and more Read the rest of this entry »

According to local reports, there were some well known structural problems that are coming into play with the completion of the Paramount on Lake Eola.

The developer of the 16 Story, 300+ unit condo complex located just south of Lake Eola stated that it spent more than $16 million to add extra bracing to the building. The general contractor noticed cracks on concrete columns caused by insufficient rebar within the beams. The building received a certificate of occupancy after government inspection earlier this year.

Read the rest of this entry »