2020 has been a year different to any other. Real estate hasn’t been unaffected by this, as many markets saw significant losses. However, to say that it was purely detrimental would be an exaggeration.
Many markets have overcome the crisis surprisingly well. We could even argue that many markets have grown quite noticeably during the pandemic. From a vibrant life to plenty of adventures, there is plenty to do in Orlando. The city seems to be home of one of these sectors: mainly, high rise development in Orlando.
High rise development Orlando is surprisingly booming
As detailed by Click Orlando, high rise real estate in the region has experienced a noticeable boom in residential high rises. With several projects undergoing development, there are still quite a few being planned.
There are about 18,000 downtown residents, and several thousands are promising relocation to the sector.
The main reason behind this movement is actually surprisingly simple. The city has been experiencing noticeable demand for housing units. It goes beyond residential space as well, and there seems to be five major projects as of the report, with 10 under planning.
Challenges to keep in mind
The report also details a few difficulties currently troubling developers, even before any of these projects see their completion. An important concern is the lack of grocery stores (only one available), especially with the number of upcoming residents.
Creating new convenience venues in the area should become a priority quite soon, especially with new residents.
Another issue is how cramming these high rises could impact quality of life in the area. Requests for the government to decline projects are starting to surface, so projects under planning phase are noticeably uncertain.
Most promising upcoming high rises
The mentioned article goes through a few noticeable high rise development Orlando projects, but the Orlando Sentinel offers better insight into the subject.
In the article, they go through 3 specific projects that could become game changers for the city. When we say “game changers” we don’t really mean they could change the lifestyle, but they could set significant precedents for future developments in terms of design, practicality, and more.
Vertical Medical City
This project promises to become the tallest structure in the area. It’s planned on Orange Av. near Interstate 4, and it would span 444 feet in height. As the name suggests, it’ll be a healthcare facility.
It’ll span both medical and research offices as well as assisted living quarters. It’s actually a 2-building project that strives to revolutionize health care installations.
Zoi House is another intriguing project, planned in the same height as Vertical Medical City. It’ll span 41 stories, located towards North Orange Av. Its space distribution is more diverse than the previous project.
It’s mainly a residential unit, with 300 spaces throughout 24 floors. However, it’ll also sport a retail ground floor and 6 floors for offices.
Finally, X-Orlando aims to become the biggest residential structure in the area. It’s made up by 3 towers, slightly shorter than our previous entries at 368 feet.
However, it’ll include 900 apartments with 1,500 parking spaces. Additionally, it’ll include 85,000 sq. ft for retail—besides the ground floor—and 35,000 for co-working amenities.