EOLA PLACE PROJECT ON HOLD
01.24.2007
The Eola Place project has been put on hold. The residential condominium project was to consist of 2 phases of development located on Mariposa Street, in the currently exploding Eola Drive residential condo area.
A sluggish market has been identified as the reason for the developer (JLJ Properties LLC) to delay the project until the market makes a come back. The process of notifying and refunding deposits to buyers is said to have begun. The sales office is located next to The Waverly, and it has been learned that the majority of the staff was informed this week that their services were no longer required, for the time being. It is not known whether the sales office will remain, which itself is located on property being proposed for development of the 330 E. Central condo project.
The lot for the Eola Place project had been cleared last year, and Phase I was actually categorized as under construction by Orlando Skyscrapers. As of this latest news, the project will revert to Proposed status.
During this delay, it is speculated that the project will be re-evaluated. It has been rumored that Phase 2 of the project is being considered to be developed as rental apartments rather than condos to off-set the current apartment shortfall in the downtown area. The Zom company, developer of The Waverly (which it first built as apartments and later converted to condos) and The Paramount (currently under-construction and to house the much anticipated downtown Publix) is rumored to be involved in this apartment project.
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