Real Estate - December 3, 2020

Even with an uncertain future, developers are betting on the construction of a mixed-use building

With the new pandemic coronavirus, the future may be uncertain for the hotels chain in the Lake Nona region. A study by the American Hotel & Lodging Association (AHLA) predicts the closure for several local hotels. The president of the association said that the occupancy rates are much lower, if compared to the same period of the previous year.

“While hotels have seen an uptick in demand during the summer compared to where we were in April, occupancy rates are nowhere near where they were a year ago. Thousands of hotels can’t afford to pay their mortgages and are facing the possibility of foreclosure and closing their doors permanently,” said William “Chip” Rogers, association president American Hotel and Lodging Association.

Despite this, the family home properties on Narcoossee Road are seeking approval from the city of Orlando for the development of the North Nona Multiuse, the project to build a hotel, apartments, offices and commercial space. The 17.8-acre site near Orlando International Airport with 100 apartment units, 103 hotel rooms and roughly 28,000 square feet of commercial space and which can cost up to $ 29.7 million to build, according to Orlando Biz Journal.

Land property owners include the Geisler, Meeks, Strasberg and Panchal families. On the details Romesh Panchal explained to Biz Journals that there is still no construction schedule, despite having Maitland-based CivilCorp Engineering Inc. as the project planner. Panchal and the other homeowners are among the last to have residential properties facing Narcoossee Road. “Everything else is gone”, he said to Orlando Biz Journal. Most of the property along in the area Narcoossee Road has become a commercial district.

Lake Nona Golf & Country Club