Sales of the hotel's condo units should start closing in May, generating a cash return on the investment so far. "We'll start feeling better then," Greer said.
The Holiday Inn was severely damaged by the 2004 hurricanes. Kalivretenos said he looked at the property then as an investment but passed on the opportunity. Later, after talking with Greer -- the two have been partners in other ventures -- he decided to take a second look.
"When we considered the full development possibilities, we decided it was a great opportunity," Kalivretenos said.
Both men said their goal is to produce affordable condos and apartments, though no prices have been set yet. They are talking to the city about possible incentives to help make that happen, because the property is part of the Parramore District, an economically disadvantaged neighborhood whose redevelopment is a high priority at Orlando City Hall.
Kalivretenos said he met Greer through a friend while looking for a partner in another project. In addition to Orlando City Place, the two are developing Savona, a 37-lot luxury-home project in the Dr. Phillips area of southwest Orange County.