During last year's building frenzy, scarcely a week passed without another major condominium development being announced for once-sleepy downtown Orlando. Sometimes, those same projects would announce quick sellouts as buyers swooped in to plunk down deposits. Now, reality has taken hold and the pace has slowed. Yet, despite a softening market, more than 30 projects are either planned, under construction or recently finished. That means roughly 7,000 condominium units are in the pipeline, along with more than 1 million square feet of office space. And on the fringes of downtown, huge expansions at Florida Hospital and Orlando Regional Medical Center are under way, while Florida A&M University's law school and a new federal courthouse were completed earlier this year. Along Central Boulevard, at the bustling mixed-use complex known as Thornton Park Central, the day begins when gourmet-trendy Central City Market opens for breakfast. Next door, Shari Sushi Lounge attracts a glittery lunch and evening crowd, while the spacious Urban Think! Bookstore offers in-the-know readers a gallery-bistro hangout. And at the corner, trendy Hue remains one of the hottest dining spots in town, especially during its monthly "Disco Brunches," when the restaurant's self-serve Bloody Mary bar draws long lines and the retro sounds of Donna Summer fill the street. And all that barely covers just one neighborhood in Orlando's dynamic downtown corridor. In addition to all the new shops and markets, and an ever-changing firmament of nightclubs and restaurants, the city's central core has become one of the liveliest real estate markets in the region, attracting not only youngish, career-seeking singles who like to congregate where the action is, but also middle-aged professional couples who appreciate the convenience of a daily routine that doesn't depend on the vagaries of Central Florida traffic. Of course, there are residential options downtown aside from new condominiums. The charming old neighborhoods ringing the city have been gentrifying since the late 1980s. While Thornton Park is perhaps the highest-profile example, property values are also soaring in the city's other designated historic districts, including Lake Eola Heights, Lake Lawsona, Lake Cherokee and Lake Copeland. As builders build and buyers buy, Mayor Buddy Dyer and others are looking for ways to boost downtown arts and entertainment options while enhancing pedestrian-friendly transportation systems and attracting a greater variety of businesses. Building a performing arts complex and replacing the TD Waterhouse Centre, home of the NBA's Orlando Magic, are on Dyer's to-do list, as is an overhaul of the Citrus Bowl, currently home to two annual college football bowl match-ups. But all these improvements are estimated to cost close to $1 billion. Who will foot the bill? Tourists will, if Dyer and Orange County Mayor Rich Crotty get their way. A 1 percent hike in the county's resort tax, from 5 percent to 6 percent, is expected to raise $25 million annually. The foundations for enormous change downtown are already in place, says City of Orlando economic development director Frank Billingsley. "There's a trend across America of more and more people moving into downtowns, and we have a very desirable and pleasant downtown infrastructure in place," says Billingsley, who points to the city's brick streets, urban lakes and architectural variety. "Our downtown is a neighborhood where you can feel very connected to friends, family and community. It's a much richer experience living in an urban environment where you can feel connected to the pulse of the community."

Source: "Orlando Homebuyer"