Summary:
In reference to a Council Agenda item for acquisition of apartment complexes from CAM DISPOSITION HOLDCO LLC, the City will sell three (3) of the apartment complexes (Orange Manor, Washington Shores, and Nichols) to LIFT ORLANDO, INC., a Florida non-profit, who will own and manage redevelopment of the properties. For the last two years, LIFT ORLANDO, INC. has been working with the Greater Washington Shores community to develop a comprehensive revitalization plan that focuses on housing, education, wellness and economic development. LIFT ORLANDO, INC. has partnered with The Village of Orlando led by Bishop Allen Wiggins and Columbia Residential to purchase these three apartment complexes in Washington Shores from the City of Orlando.
As part of the Development Agreement with LIFT ORLANDO, INC., the City is requiring that building permits for demolition are pulled within 9 months, with demolition beginning in 12 months and completed within 18 months. In addition, the Development Agreement outlines other things such as construction milestones and restrictions on leasing to provide mixed income and affordable housing units. LIFT ORLANDO, INC. is purchasing the properties at the same price the City acquired them. The apartment locations are depicted on the attached Location Map.
The complexes are summarized below along with the recent appraised values and negotiated sale prices.
Apartment Name/Units Address Market Value Sale Price
Orange Manor/64 2205 Orange Center Blvd. $ 616,000.00 $ 637,411.52
Washington Shores/256 2021 Orange Center Blvd. $2,115,000.00 $2,188,515.19
Nichols/58 541 S. Cottage Hill Rd. $ 387,000.00 $ 400,451.72
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$3,118,000.00 $3,226,378.43
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