Orlando Developer Readies to Build 27-Story High-Rise

The Orlando City Council Monday will consider a recommendation to let Lincoln Property Co. and Dynetech Corp. replace a downtown parking lot with a 27-story tower.

If the deal goes through, Lincoln and Dynetech, a company already located downtown at Citrus Center, plan to build a tower with office, apartment and retail space. Located at Magnolia Avenue and Washington Street, it would be called Dynetech Centre.

The proposal by the two companies was one of three considered by the city.

In the end, a major factor was parking, said Laurie Botts-Wright, the city's real estate department manager.

The other two developers wanted the city to subsidize a garage, she said.

Lincoln, however, offered to pay for a 550-space parking garage and make 400 spaces available to the public at night and on weekends and holidays, Botts-Wright said.

The 27-story tower will feature up to 150,000 square feet of office space, 125 rental apartments and 50,000 square feet of ground floor restaurant and retail space.

The developers -- who will pay the city $2.2 million for the 0.68-acre site -- will receive no concessions from the city, said Scott Stahley, Lincoln Property Co. senior vice president.

Stahley said Lincoln has been searching for a downtown expansion location for Dynetech for three years. Construction is expected to start quickly after a developer's agreement is completed with the city, he said.

"We're looking to complete it by the end of 2006," Stahley said.

Dynetech, a company that develops and sells software products and training services, would occupy the office space. The company has 325 employees at Citrus Center and expects its downtown work force to expand to 600 within the next two years.

In June, Dynetech acquired GlobalTec Solutions, a Dallas-based company that makes securities trading software. Dynetech has offices in Dallas, Salt Lake City and Danbury, Conn. Dynetech founder Laurence J. Pino said company revenues last year totaled $113 million, and are expected to hit $180 million this year.

Lincoln is a major developer with a long-standing presence in Central Florida. The company developed SunTrust Center, Orlando City Hall and Lincoln Plaza in the city's core.

The two rejected proposals -- one from David Eichenblatt and Co., the other from Westminster Partners and Churchill Development Group -- focused on towers with residential and retail elements.

Botts-Wright said if a development agreement can't be reached with the Lincoln/Dynetech partnership, the city could open the redevelopment proposal again for new offers.

The city center's tallest building is the SunTrust Center, whose main tower is 35 stories, or 441 feet high.