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High-rise developer buys slice of downtown skyline

Mark Schlueb
Sentinel Staff Writer

October 4, 2005

Can you put a price on a sunset over downtown Orlando?

The philosophers among us may disagree, but developers and city officials think so. With a $300,000 contribution, the folks who plan to build Traditions Tower -- a distinctive H-shaped condo high-rise on Central Boulevard downtown -- persuaded the City Council to promise that the western view from their building will be forever unobstructed.

The project's distinctive twin towers -- connected by a sky bridge housing the new University Club -- will sit next to the parking garage for the downtown public library. Commissioners on Monday gave the Traditions Tower developers "air rights" to the garage, guaranteeing that neither the city nor a future builder will put up anything tall enough to ruin the view and undercut the "ooh-ahh" value of their condos.

"It protects those people who buy homes in the tower with a western view," said Stephen R. Walsh, managing partner of Broad Street Partners LLC, the project's developer. "It was important to us to be able to tell buyers with absolute certainty that their investment is protected."

Broad Street Partners will contribute the $300,000 to the Nap Ford Community School, a public charter school a few blocks away on the edge of Parramore. In exchange, the air rights were added to a $3.7 million incentive package given the developer.

The school is named for the late city commissioner who fought to bring a school back to Parramore after two closed following a 1972 desegregation order. It opened in 2001 with seed money from the city, housed in modular buildings on city-owned land.

Supporters of the school, including Commissioner Daisy Lynum, said the current location is only a temporary one. The money from Broad Street Partners will go toward the purchase of a new site for the school, a project worth far more to Parramore, Lynum said.

But critics said that sunset view is worth more than $300,000 to taxpayers, too.

"I have a concern about selling a valuable city asset for a fraction of what it's worth. These are assets for our kids and our grandkids, and we shouldn't have a fire sale for them," said Commissioner Phil Diamond, who suggested offering the developer a yearly lease instead.

The city's real-estate manager initially estimated the air rights to be worth $1 million to $1.5 million. But some -- including Mayor Buddy Dyer and the developer -- said the air rights have little real value because the small size of the parcel would prevent high-rise construction.

"I don't think we had a whole lot of buyers lining up for the air rights over that parking garage," Dyer said.

In the end, commissioners were swayed by the scope of Traditions Tower. The project, at the corner of Central Boulevard and Rosalind Avenue, will cost an estimated $170 million and include 276 condominium units, ground-floor shops and restaurants, 50,000 square feet of office space and a 900-space garage.

The building's north, south and east sides face streets, so the view isn't threatened. Condos facing north and east will have views of nearby Lake Eola Park.

The two towers will be connected by a two-story sky bridge that will house the University Club, a restaurant and private club that now occupies the site. The condos will start in the high $300,000s or low $400,000s -- among the priciest downtown. Walsh said there are "a couple thousand" buyers on a waiting list.

"I'm a little concerned about the air-rights price, but I'm not going to let that stand in the way of my support," Commissioner Betty Wyman said.

"This is a beautiful building."

Mark Schlueb can be reached at mschlueb@orlandosentinel.com or 407-420-5417.

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