As Miami tries to sell-off its four-year backlog of high-end condos, some developers are looking to Orlando.
Yesterday, Kevin Maloney’s Property Markets Group (PMG) filed plans for a three tower complex near Orlando’s Orange County Courthouse which will hold 867 units and 1,374 parking spaces, according to the Orlando Sentinel. The project will be called either X Orlando or Golden Sparrow, and will be developed in three stages. PMG’s proposal for a currently empty 3.57-acre plot is now pending city approval.
Whether the developer will find success remains to be seen, as the project is part of a spate of development seeking to introduce more residential buildings into Orlando; the city has had about 1,200 new housing units added to its downtown core, but only one new office complex by way of comparison.
Meanwhile, in New York, where the majority of PMG’s estimated $3 billion portfolio is located, Maloney is embroiled in two lawsuits related to the contentious project 111 West 57th Street, of which Maloney holds an ownership stake as The Real Deal reported. [Orlando Sentinel] — Erin Hudson