UCF Incubator Project Stalled; Millennium Pointe Apartments Change Hands
- Jun 23, 2011
Governor Rick Scott’s recent veto of public-education capital-outlay projects seems to have had a disastrous effect on the University of Central Florida’s (UCF) plans to build a $45 million Interdisciplinary Research and Incubator facility.
The Incubator, planned on UCF’s main campus in Orlando, had previously received the Florida State Legislature’s approval of $6 million for design work, according to the Orlando Sentinel. Consequently, Charles Perry Partners Inc. was contracted by the university for pre-construction services, while Gainesville-based Ponikvar & Associates were in charge of the design. UCF officials have declared that the plans for the four-story, 120,000-sq. ft. building will not be dropped, but they are pending approval of construction funds. Unfortunately, this means it might take years for UCF to get its Interdisciplinary Research and Incubator facility.
On a much more positive note, Marcus & Millichap Real Estate Investment Services has announced the sale of Millennium Pointe at 4255 Barwood Drive in Orlando. Built in 1975, the Millennium Pointe Apartments traded for a sale price of $4,550,000—that’s $22,750 per unit. The apartment community, fully fenced and equipped with a card entry system, is comprised of 200 units.
The buyer, a limited liability company from Lafayette (whose name was not disclosed) and the Miami-based seller (who also wanted to remain anonymous) were both represented in the sale by Marcus & Millichap’s Senior Vice President Investments Evan P. Kristol and Still Hunter, III, of the firm’s Fort Lauderdale office, and Associate Michael Donaldson of the Tampa office.