55 West Downtown Orlando Condos or Rental Apartments?
Upon Further review, 55 West on Church Street in Downtown Orlando, Fl has now become rental apartments. There were reports during the multi-year delay in constructions that Marriott was putting together a bid to buy a portion of the building to use as a luxury resort hotel. Now, ZOM, a developer of The Waverly on Lake Eola and The Paramount Condos with Publix on the 1st floor, has taken over the task of renting the units. The majority of the units still sit vacant because the rental rates are extremely high, and some floors of 55 West are still not built out. These shells could take up to a year to build out suitable for occupants, so you don't have to rush to rent Downtown Orlando's newest apartments. With the housing downtown, many buildings, including 101 Eola Condos in Thornton Park, have had to convert the majority of their unsold units to rentals. It now looks like 55 West has followed suit in a big way. The building was originally slated to be rental apartments, with the entire building being for lease. Then, during the condo boom in the late 2000's, they decided it was a good idea to convert the project to condos for sale, and started collecting deposits on units. Once the Downtown Orlando real estate market turned south, the entire building went in to bankruptcy, and when a buyer finally emerged to complete construction on the building, they ended up taking it back to its roots as an apartment building. Contact our Downtown Orlando rental specialists to find out how we can get a gift card at 55 West and The Paramount simply by bringing one of our Realtors with you on your first visit! Stay tuned for further updates on all of Downtown Orlando's breaking news!