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Property Summary

110 W Jefferson Street

Orlando, Florida 32801

Located on the NE corner of Garland Ave and Washington St in Orlando, Orange County, Florida is a vacant land tract with great benefits due to its location in the Central Business District. The site contains 1.39 acres (60,607 SF) and is 100% usable. With an AC-3A/T (Downtown Metropolitan Activity Core Center District / Traditional City Overlay District) zoning, this property has a wide variety of uses, including both commercial and residential, while being up-zoned/re-entitled and master plan approved by the City of Orlando. This master plan allows for a 37-story mix-use development of 555 residential units with an amenities deck, 22,000 SF of retail space, 40,895 SF of office space, and a parking garage containing 300 parking spaces. Trinity Towers is pristinely placed in the heart of the Downtown Orlando Activity Core with many linkages to the market provided by I-4 (115,500 AADT) and the East and West Expressway (SR 408), and main arterial roads providing access to the subject property market area including E Colonial Dr, Orange Ave (9800 AADT) , Rosiland/Magnolia Ave, N Mills Ave (US Hwy 17-92), among others. Direct access to the subject area is provided by Washington St (6300 AADT), Gertrude Ave, and Garland Ave (9800 AADT). The site is also easily accessible via public transportation in the CBD from bus services provided by Lynx and Lymo and the SunRail commuter train service to Southern Volusia, Seminole, and Orange Counties, despite automobile being the primary mode of transport. Location benefits include a walking distance to the nearest fire and police stations, close proximity to parks, open spaces, and other possible recreation. Just three blocks from the property is Lake Eola Park, which features a walking trail, boat rides, a playground, amphitheater, and many outdoor events and activities. The subject property is 0.7 miles from Amway Center, 0.7 miles to the nearest I-4 onramp (off E South St), and 0.9 miles to the I-4 x SR 408 Intersection. The current population within a 3-mile radius is 97,000 with an average household size of 2.0 and a median household income of $72,719, which is above the average for Orange County. Residents within a 3â€mile radius have a considerably higher level of educational attainment than those of Orange County, while median owner occupied home values are considerably higher. Orange County is located in the central portion of Florida approximately 80 miles northeast of Tampa. It is 903 square miles in size and has a population density of 1,585 persons per square mile. Orange County has na estimated 2022 population of 1,432,002, which represents a average annual 1.9% increase, exceeding the State of Florida ratio of 1.3%. Orange Countyâ€™s population is projected to increase by 1.1% annually from 2022-2027, equivalent to an average of 16,575 residents per year while outperforming the growth rate of the State of Florida.

Employment:

Total employment in Orange County was estimated at 870,074 jobs at yearâ€end 2021. Between yearâ€ end 2011 and 2021, employment rose by 197,142 jobs, equivalent to a 29.3% increase over the entire period. There were gains in employment in nine out of the past ten years. Consistent with national trends, there were significant losses in 2020, with the onset of the COVIDâ€19 pandemic, followed by a return to positive growth in 2021. Orange County's rate of employment growth over the last decade surpassed that of Florida, which experienced an increase in employment of 25.4% or 1,873,117 jobs over this period.

A comparison of unemployment rates is another way of gauging an areaâ€™s economic health. Over the past decade, Orange County has had a 6.1% average unemployment rate, which is the same as the rate for Florida. The two areas are performing similarly according to this measure.

Recent data shows that the Orange County unemployment rate is 2.9% in comparison to a 2.8% rate for Florida, a negative sign that is consistent with the fact that Orange County has underperformed Florida in the rate of job growth over the past two years.

Access and Linkages:

The primary highway access to the market area is provided by Interstateâ€4 and the East / West Expressway (SR 408), which are major limited access highways that cross the area in a northeastern/southwestern and east/west direction, respectively. The main arterial roads providing access to the subjectâ€™s market area include East Colonial Drive, Orange Avenue, Rosalind / Magnolia Avenue, North Mills Avenue (U.S. Highway 17â€92), among others. Direct access to the subject is provided by Washington Street, Gertrude Avenue, and Garland Avenue. Overall, vehicular access is considered good.

Interstateâ€4 was just improved and expanded and runs from Kirkman Road to State Road 434 and passes directly in front of Downtown Orlando. This project was called â€œIâ€4 Ultimateâ€ and cost over $2 billion and impacted 21.11 miles of highway. The project added 4 toll lanes, which is expected to ease congestion and traffic backups. The project is expected to encourage more people to work/live in the CBD and surrounding market areas.

Public transportation is available in the CBD from bus service provided by Lynx and Lymo. Lynx Bus Service provides a means of access to persons that wish to commute to and from the CBD, while Lymo provides free bus service throughout the CBD area only. In addition, the SunRail (which began service in May 2014) provides commuter train service to Southern Volusia, Seminole and Orange Counties and generally parallels the Interstate 4 corridor. The SunRail has two stops in the downtown Orlando area. The local market perceives public transportation as good compared to other market areas in the region. However, the primary mode of transportation in this area is the automobile.

The Orlando International Airport is located approximately 13 miles southeast of the subject. The travel time is approximately 30 â€“ 40 minutes, depending on traffic conditions. The Orlando Executive Airport, the local commercial aviation airport, is 3.3 miles east of the subject. The subject is located within the Orlando CBD, the economic and cultural center of the region.

Demand Generators :

Demand generators are driven primarily by the trade area population and household income levels, as well as employment centers within the immediate area. The subject benefits from three major sources of employment in the area, the Orlando CBD, Orlando Health, and AdventHealth Orlando.

The Orlando Central Business District has historically been the legal, financial, service, and professional office district in the broader Orlando market. The CBD has historically been characterized by a few highâ€rise office towers, interspersed among older low and midâ€rise commercial structures. In the past 15 to 20 years, a number of these older buildings have been replaced by newer and larger multifamily and hotel developments or have undergone renovation or remodeling. The city is expected to double in office space size over the next 20 years, moving from 10Â± to 20Â± million square feet of commercial space. The downtown Orlando market has seen a considerable number of new developments in recent times and includes major venues such as the Amway Center, Dr. Phillips Center for the Performing Arts, Creative Village (EA Sports), the Florida Citrus Bowl/Camping World Stadium renovation, and several multifamily developments, amongst others.

Airports:

Demand Generators

Orlando Health is the regionâ€™s largest healthcare system with over 1,780 beds in twelve major medical facilities throughout central Florida. Orlando Health has five major medical facilities in the immediate market area. These facilities include Orlando Regional Medical Center (ORMC), Arnold Palmer Hospital for Children, Winnie Palmer Hospital for Women and Babies, M.D. Anderson Cancer Center Orlando, and Lucerne Hospital. The largest facility and Orlandoâ€™s sixth largest employer within the Orlando Health system is the Orlando Regional Medical Center (ORMC). ORMC is an 808â€bed facility located along the west side of Orange Avenue. This facility is Central Floridaâ€™s only level one trauma center and one of six major teaching hospitals in the Florida. ORMC is currently expanding portions of the hospital to include new medical office space and a surgery center. The ORMC expansion is part of Orlando Healthâ€™s fiveâ€year expansion plan which is the largest in history and is estimated at $750 million.

Advent Health Orlando Hospital is one of the countryâ€™s largest notâ€forâ€profit health care provider with 48 hospital campuses in nine states. AdventHealth Orlando is located along the north side of East Rollins Street, adjacent to Lake Estelle. This facility was founded in 1908 and has grown to a 1,368â€bed acuteâ€care facility with 2,454 physicians that serves 51,973 inpatients and 209,215 outpatients annually. In 2006â€2007, this location added a $255 million, 15â€story facility that is home to the Florida Hospital Cardiovascular Institute. Last year, Advent Health announced a 13,200â€squareâ€foot expansion to this facility. In March 2011 the Walt Disney Pavilion opened at Florida Hospital for Children. The childrenâ€™s hospital is a 198â€bed acuteâ€care facility and 16â€bed emergency room with 518 physicians and 828 employees. In January 2016, the $180 million Florida Hospital for Women opened. The new 12â€story hospital is 407,000 square feet and has 332 beds. There are 72 postâ€partum beds, an 88â€bed neonatal ICU, 72 post surgery beds for gynecology and oncology, 14 labor and delivery suites, and 13 operating rooms with robotic capabilities. Advent Health recently filed plans to expand its main downtown Orlando campus. The plans include a 45,000â€square foot emergency department expansion, including 21 new bays.

Retail and Public Services:

The streets of downtown Orlando are lined with a mix of commercial uses; many of the buildings have ground floor retail. They offer basic convenience goods and personal services. Downtown Orlandoâ€™s only Publix Supermarket is located approximately 0.8 miles southeast, along Central Boulevard. Since 1987, downtown Orlando has hosted a weekly farmers market along the Lake Eola walking trail. Hundreds of local growers and businesses come out to sell their products. Groceries and other convenience goods can be purchased here. Dr. Phillips Center for the performing arts is located approximately 0.9 miles southeast of the subject. This center hosts concerts, plays and more. Downtown Orlando is home to several other public events including Food Truck Friday at Dr. Philips Center, Thornton Parkâ€™s Wine and Art Walk, Yoga at the Park and much more, all within walking distance of the subject. Additional shopping facilities are located east of the subject at Colonial Plaza. The closest regional mall is The Fashion Square Mall, located about 3.1 miles northeast from the property. The closest lodging facility is The Bohemian, which is located six blocks south of the subject. New hotels near the subject in the area include Hilton Garden Inn, Aloft and the Marriott.

Development Activity and Trends:

Over the last several years, multiple developments have been recently completed. These include projects surrounding Creative Village, the Electronic Arts building, Dr. Phillips Center for the Performing Arts, AdventHealth, Orlando Health, among others. The most important to mention is the new Society Living building currently under construction. This building is located on northwest corner of North Orange Avenue and West Livingston Street. This project is expected to be completed by the Winter of 2023 and will consist of two towers that are 17 and 28 stories with a total of 707 apartment units and 120,000 square feet of office and retail space. The project is expected to exceed $170 million.