There’s an awfully ambitious $800 million hotel and condo project underway on a stretch of 42 acres along the shores of Lake Bryan called Palazzo del Lago. It will encompass a mix of 1,260 hotel and hotel condo units ranging from 724 sq. ft. to 1,154 sq. ft priced in the $400’s. In addition, 994 condo units which will be comprised of 5 individual towers with individual units ranging from 829 sq. ft. to 2,145 sq. ft. and prices starting in the mid $300’s. It also will be the official resort of the Orlando Convention Center once it’s built. Construction has supposedly started already and who knows how long it will take to be built but the sales center is open on International Drive.
It’s a peculiar time to start such an interesting project. The real estate boom is done for sure, gas prices are affecting everyone here in the states and elsewhere, and numerous other projects in Orlando are facing financial problems. Why now? How’s it going to be the official resort of the Orlando Convention Center? It makes it sound like it’s definitely going to be built or is it?
Veranda Park in Metrowest faces $11.2 million in liens that hasn’t been paid. Tousa, Cameron Kuhn, and Levitt & Sons filed for bankruptcy this year affecting numerous residential projects including the Plaza downtown, Cascades at Groveland, and the community of Independence in Winter Garden.
It’s riskier than ever to plop down a healthy down payment for new construction these days. Just look at what’s happened around here. I’m not saying this one will flop for sure. I’m just saying I’d think twice before I gave them money. It’s just not a good time to buy new construction in my opinion.
related posts: TOUSA Files for Chapter 11 Leaving the Future for the Community of Independence in Jeopardy, Levitt and Sons Files for Bankruptcy and Suspends Building in Their Existing Communities, The Veranda Park Enigma