University Club sells its property for 22-story high-rise.

Downtown Orlando’s University Club has sold its property for development of a 22-story high rise that will include a new club and hundreds of new apartments.

The plan to rebuild there has been on-again, off-again, for more than a decade. The new developer that just acquired the property is led by Mill Creek Residential.

The sale, at $6.85 million, was recorded on Friday. It comes with development agreements that allow the club, 150 E. Central Blvd., to build out again on the lower levels with more amenities. The club will also claim dedicated parking in the new building.

Plans for the tower, to be called Modera Central, were approved by the city in 2015, at 26 stories. Now, however, Mill Creek is saying it will be 22 stories.

Demolition of the current building is set to begin in August through October, with construction to begin late 2016. The new clubhouse is scheduled to open fall 2018.

Plans call for 350 “luxury apartment homes,” ground floor retail, and a new club on the first two floors of the building. The new Club will be situated at the southwest corner of the intersection of Central Boulevard and Rosalind Avenue, approximately in the same location that it has occupied since 1960.

The new University Club will be 25,000 square feet with a gym, spa, and various areas for eating, drinking, and socializing.

The dining areas will feature two bars and an outdoor terrace elevated 20 feet above street level – giving Club members one-of-a-kind views of downtown Orlando.

Troy Finnegan, club president said the construction will make the new facility a first-class building.

The University Club of Orlando was founded in 1926. In addition to providing professional networking, the club also offers scholarships for local colleges and universities and its The University Club Foundation.

–City Centre (Parc Center), at 28 stories, 205 E. Central Blvd., smack dab on the shores of Lake Eola. A development company that includes Marc Bortz of Chicago-based Bortz Group owns the property. Thomas Committe, of Naples, is also behind the project. According to the plans, the new building would replace the City Centre, built in 1925, and two neighboring buildings. The corner currently has a 7-Eleven store on it. The new proposal envisions 215 multifamily units and about 25,000 square feet of commercial uses, with 467-space parking garage.

–Orlando Central, at 31 stories at 110 W. Jefferson St., which includes 450 residential units and retail space, and 581 parking spaces in the garage. The property owner is HHH Reilly Fund, which includes South Florida businessmen Harry Hahamovitch and Joseph Schimmel. The architect is Miami-based Arquitectonical. Read more about Orlando Central here.

Source: University Club sells its property for 22-story high-rise – Orlando Sentinel