A developer of a 25-story skyscraper may receive more than $4 million in incentives for a downtown redevelopment project that includes a new SunRail station.
Lincoln Property Company plans to build a 180-room hotel, retail and office space, and a parking garage on 1.67 acres at the corner of South Garland Avenue and West South Street, which is now being used as a parking lot.
Lincoln Property is not new to downtown. It has developed three skyscrapers including the SunTrust Center, Lincoln Plaza and One Eleven.
Orlando’s Community Redevelopment Agency Advisory Board recommended approval Wednesday of the incentive package, which would give Lincoln Property a 35 percent rebate of up to $2.725 million in property taxes over five years.
The city also plans to pitch in up to $1.5 million from transportation impact fees, in exchange for the developer building a SunRail station into the Lincoln Tower project.
It will relocate the current SunRail station from south of South Street to a more pedestrian friendly and convenient area north of South Street.
The new station will be dedicated to the Florida Department of Transportation, the current operator of Sunrail.
“We saw this not as an incentive but as an opportunity to invest and upgrade our downtown,” Thomas C. Chatmon Jr., executive director of the Downtown Development Board/Community Redevelopment Agency. “Public transportation is huge, especially as we become more populated. The new station will be steps away from downtown amenities.”
The station will be within walking distance to the Amway Center, the Dr. Phillips Center for Performing Arts and the Church Street entertainment corridor.
The Orlando City Council will discuss the incentive package at their July 24th meeting.