At a time when the nation’s real estate market is struggling and planned condo-hotel developments are stalled on the drawing board, Lake Buena Vista Resort Village & Spa (LBVRV&S) in Orlando, Fla. is flourishing.
Spanning more than 60 acres, it is one of the largest condo-hotel projects in the U.S. At build-out, plans for the condo-hotel resort call for a total of 1,875 condo-hotel units as well as 250,000 SF of designer outlet shopping, dining and spa facilities. The value at build out is expected to exceed $850 million.
Lake Buena Vista Resort Village & Spa (LBVRV&S) is a wholly owned condo-hotel development located minutes from Central Florida’s three major theme parks: Walt Disney World, Universal Studios and SeaWorld.
Opened in January 2006, the resort currently includes five new buildings with nearly 500 fully-furnished two-, three- and four-bedroom units; Reflections Spa-Salon; Frankie Farrell’s Irish Pub & Grille; the 25,000 SF Pirate’s Plunge Aquatic Center with its 7,500 SF zero-entry pool complete with pirate ship, water slide and cannons; a state-of-the-art-fitness center and other amenities.
Construction of the resort is ahead of schedule and on budget thanks in part to the general contractor, WELBRO Building Corporation, whose value engineering in the design-build process enabled the resort developer to maintain its pre-construction pricing.
“Lake Buena Vista Resort Village & Spa is unique among Central Florida’s multitude of vacation accommodations, offering something for everyone,” according to Senior Vice President Larry Cohen.
It features all the amenities of a premier Orlando resort, including furnished accommodations, dining, a health spa, aquatic center and designer outlet shopping. As a condo-hotel, unit owners have the option of placing their condo in the resort’s rental and management program and receiving two-thirds of any rental income that is generated. The resort management team provides security, reservations, check-in/out services, housekeeping and maintenance, manages financial duties on behalf of unit owners such as rent collection and owner distributions, and promotes and markets the resort.
Updated December 10, 2008