A mixed-use building with retail and a historic hotel located on Winter Park’s most high-profile street recently sold in an off-market transaction.
University Park, FL-based Benderson Development purchased Park Plaza from an entity associated with Miami-based PMI Florida for $16.25 million in a sale that closed on September 25. The 25,000-square-foot building, located at 307 S Park Ave., consists of ground-floor retail and a 28-room boutique hotel on the second floor. Brian Grandstaff & Michael Curtis of Orlando-based Millenia Partners represented the seller and Alex Bisbee of Orlando-based Insite Commercial Real Estate represented the buyer.
Grandstaff told GrowthSpotter that this sale represents the largest single transaction in the history of Winter Park’s Park Avenue, both in terms of property size and sales value.
“I’ve been a commercial real estate broker and developer since the mid-90s here in Orlando, and have done a lot of deals on Park Ave. I’m unaware of a sale [on Park Avenue] in excess of 25,000 square feet or the quoted sales price,” he said.
The property was built in 1922 and was the first hotel to open in Winter Park. Originally named the Hamilton Hotel, the building was given its current name after it underwent a major renovation in the late 1970’s. Bisbee told GrowthSpotter that being involved in the sale of the historic building was extra special for him, as the property is located only a couple blocks from Rollins College.
“It’s extremely high profile, one of the most historic buildings in Central Florida,” he said. “I went to Rollins, so having done a deal a couple hundred feet away from the school was a very meaningful project for me.”
The hotel rooms on the second floor of the building have balconies that overlook Park Avenue and Central Park. (Photo provided by Insite Commercial Real Estate)
There are five retail spaces located on the ground floor, including Bovine Steakhouse, Pristine Nail & Dayspa, The Vintage Vault wine store, Tuni’s women’s clothing store, and Bebe Baby Boutique and Liz’s Fashion Experience, which also sells women’s clothing. The property is 100% leased.
“This particular building is one of the most iconic [on Park Avenue] because of its intersection right at the beginning of Central Park. That is what Park Avenue is named after,” Grandstaff explained. “Having this historic hotel…It’s just iconic. It’s irreplaceable.”
Park Plaza Hotel is just one of two hotels in Downtown Winter Park, along with The Alfond Inn. Other nearby hotels include large national chains such as SpringHill Suites and Hilton Garden Inn. Park Plaza’s rooms include balconies overlooking Park Avenue and Central Park, and the hotel also has a small yet elegant hotel lobby that features an old-fashioned design.
“It is specialty, it is boutique. It is definitely something that is unique compared to the commercial franchise brands out there. And it’s hard to compete with the Alfond. I mean, it is a remarkable hotel,” Grandstaff said. “But Park Plaza Hotel is iconic.”
Park Plaza is located off of Park Avenue, across the street from Central Park, and just a couple blocks north of Rollins College. (Orange County Property Appraiser)
Grandstaff also described Park Avenue as “recession-proof” and explained that there is always a lot of interest whenever a restaurant or retail space on the high-profile corridor becomes vacant. This was one of the main factors that made Park Plaza a compelling investment opportunity.
“You’ll rarely see signs on the property specifically. You’ll notice that if a property is vacant, before a sign is up it’s already got multiple LOIs on the property, specifically on Park Avenue,” he said.
Grandstaff pointed to Farm + Haus, a restaurant that operated at 526 S Park Ave for ten years. The establishment’s owners announced on September 5 that the business would close down. The owners of the building received immediate interest in the location.
“The owners, who I have spoken with, have multiple letters of intent for the property and there’s no sign on the window,” he explained.
Additionally, Financier Bistro & Bar a Vin closed down this summer, leaving a space at 212 Park Ave. vacant. The owners of that building also received interest quickly, and earlier this week The Glass Knife, a cafe with an existing location at 276 S Orlando Ave. in Winter Park, announced plans to open a second store there. Seattle-based Storyville Coffee also has plans to open its first location outside of Washington state upon completion of a planned, mixed-use, 11,280-square-foot building located just a block off Park Avenue at 111 S. Knowles Avenue.
