Park Plaza Hotel in downtown Winter Park sells

A historic downtown Winter Park hotel built in 1922 has sold.

Benderson Development bought the 25,000-square-foot building at 307 S. Park Avenue for $16.25 million in an off-market deal that closed Sept. 25. The sale includes the 28-room boutique Park Plaza Hotel on the second floor and 12,000 square feet of retail space.

The seller, Park Avenue Plaza of Winter Park Ltd., was represented by Brian Grandstaff and Michael Curtis of Orlando-based Millenia Partners, while Benderson was represented by Alex Bisbee of Orlando-based Insite Commercial Real Estate.

Bisbee told Orlando Business Journal the deal was about four months in the making, with the University Park-based developer wanting to search for a high-profile Winter Park asset. Bisbee connected with Grandstaff, who spoke with the owner of the property and got the deal started.

“This is among the most historic properties in Winter Park,” Bisbee said.

Benderson confirmed the purchase in a statement.

“We are thrilled to add such a prominent Park Avenue property to the Benderson portfolio,” Evan Benderson, executive director of leasing for Benderson Development, said in a press release. “We look forward to enhancing the Park Plaza experience and ensuring that it remains a beloved destination for years to come.”

Grandstaff said the sale represents the largest property transaction and highest sales price on Park Avenue in years.

The seller was not immediately available for comment.

The sale comes as other buildings nearby have sold in recent months.

For instance, the 5,546-square-foot retail building at 339 S. Park Ave. sold for $6.4 million in February.