Orlando Office Property Trades For $47 PSF With Major Redevelopment Planned

Duvalla Investments and Epoch Residential have acquired Sea Harbor Office Center, a 359,514-square-foot Class A office building at 6277 Sea Harbor Drive in Orlando, for $17 million. The property sits on 14.23 acres directly across from SeaWorld Orlando in the Tourist Corridor submarket. Northridge Capital sold the eight-story building, while JLL represented the seller. The buyers have secured zoning approvals that clear the way for the office property to ultimately be demolished and replaced with a large multifamily development.

Sale Values Office Property at About $47 Per Square Foot

The $17 million purchase price equates to approximately $47.29 per square foot, representing a substantial decline from the property’s previous valuation.

Northridge Capital acquired Sea Harbor Office Center in 2015 for approximately $60.6 million, or nearly $180 per square foot. The latest transaction therefore reflects a roughly 74% reduction from that prior purchase price.

Built in 1984, the office building underwent a major renovation in 2014. The property includes a five-story structured parking garage with approximately 1,250 spaces as well as surface parking.

Multifamily Redevelopment Planned Across From SeaWorld

Epoch Residential has been pursuing plans to redevelop the Sea Harbor Drive property as part of the proposed SeaWorld Vacation Village development.

Plans submitted to Orange County call for demolition of the existing office building and construction of nearly 700 apartments in two five-story residential buildings. Earlier site plans showed approximately 679 units, with one building containing 360 apartments and the other containing 319.

The existing parking garage is expected to remain and be incorporated into the residential development.

Orange County commissioners approved a substantial change to the SeaWorld Vacation Village planned development on August 25, providing additional residential entitlements for the property and surrounding development area.

Orlando Tourist Corridor Continues to Attract Investment

The sale highlights the redevelopment potential of aging or underutilized office properties where land value and alternative uses can outweigh the economics of maintaining the existing building.

Sea Harbor Office Center occupies a particularly visible location near International Drive, SeaWorld Orlando and the Orange County Convention Center. The surrounding tourism corridor has also seen significant residential development, with more than 6,400 multifamily units delivered since 2021 and another 3,600 units under construction or planned, according to JLL.

For the buyers, the combination of a relatively low acquisition price, existing structured parking and residential entitlements creates an opportunity to reposition a sizable office site in an area that is increasingly supporting a broader mix of residential, hospitality and entertainment uses.

Key Facts

Property: Sea Harbor Office Center
Location: 6277 Sea Harbor Drive, Orlando, Florida
Asset Type: Class A Office / Redevelopment Site
Transaction Type: Sale
Buyer: Duvalla Investments and Epoch Residential
Seller: Northridge Capital
Developer: Epoch Residential
Size: 359,514 SF on 14.23 acres
Price: $17 million
Price Per SF: Approximately $47.29
Brokers: Robbie McEwan, Tucker Brooks and Jesse Jones of JLL
Other Notable Details: Buyers plan to demolish the office building and pursue a multifamily redevelopment of nearly 700 apartments; the existing structured parking garage is expected to remain.

Source: GrowthSpotter