For several years, the conversation about downtown Orlando has centered on what it needs.

More residents. More activity. More reasons for people to stay after work. More investment in buildings that have been sitting vacant or underused.

Now, the conversation is beginning to shift from what downtown needs to what is actually happening.

Construction is underway on the first phase of the Church Street Festival Street project. The Canopy is expected to transform approximately 10 acres beneath Interstate 4 into a new urban gathering place. Westcourt is planned as a major mixed-use development near the Kia Center. North Orange Avenue is eventually expected to become a two-way street.

Another recent policy change temporarily redirects downtown historic district projects away from the Historic Preservation Board and through the city’s Appearance Review Board. This may provide greater flexibility when older buildings are adapted for new uses.

And now the city is considering a financial incentive intended to help historic redevelopment projects move from concept to reality.

Individually, each development is meaningful. Together, they are beginning to change the outlook for downtown Orlando commercial real estate.

A Potential New Incentive for Historic Buildings

As Ryan Lynch recently reported in the Orlando Business Journal, Orlando is considering another tool to encourage investment in historic downtown properties.

The proposed program could return a portion of the additional property taxes generated after a qualifying building is substantially improved. The benefit could continue for as long as 10 years, with the amount determined by the project.

According to the proposal detailed by OBJ, eligibility would be limited to significant redevelopment projects. Owners would need to invest at least $5 million, retain important elements of the building’s public-facing historic character and place the completed property into active use. Additional timing and occupancy requirements would also apply.

The program has not yet received final approval. It is scheduled for consideration by the Orlando Community Redevelopment Agency Advisory Board on July 22, 2026, and could advance to the Community Redevelopment Agency in August.

Ryan’s complete reporting includes the proposed rebate structure, eligibility requirements and an example of how the benefit could work. Read the Orlando Business Journal here.

Why Historic Redevelopment Is Difficult

There is a reason many historic buildings remain vacant even when they are in prominent locations.

The vision may be compelling, but the economics can be difficult.

Older buildings can require substantial investment in structural systems, accessibility, fire protection, mechanical equipment and code compliance. Developers also have to determine whether the building can support a modern office, residential, hospitality, retail or entertainment concept while retaining the character that makes it special.

Construction costs have made those decisions even harder.

A tax rebate will not make every project feasible. However, it could provide developers with greater flexibility to pursue projects that are close to working but cannot quite overcome the cost of redevelopment.

The proposed program also attempts to balance investment with preservation. Developers would have more financial flexibility, but qualifying projects would still be required to protect historically significant street-facing features.

That balance matters. Downtown Orlando should not have to choose between preserving its identity and putting its buildings back into productive use.

19 E. Central Boulevard Shows the Opportunity

I am currently marketing 19 E. Central Boulevard on behalf of its owner, Cadabra Realty Corp.

Built in 1903, the three-story, approximately 6,930-square-foot property is positioned near the intersection of Orange Avenue and Central Boulevard. Its existing approvals create possibilities for residential, office and retail uses, subject to the final plans and applicable requirements.

The building could accommodate a single user. It could also support professional or creative offices on the upper floors with an active retail concept at street level. Depending on the ultimate occupancy and approvals, there may also be an opportunity to add a rooftop deck.

It will take a buyer with vision, but that is also what makes historic properties interesting. The goal is not to force an old building into a conventional template. It is to find the use that takes advantage of its architecture, location and history.

As I recently told the Orlando Business Journal:

“There’s momentum I haven’t necessarily felt the last few years and much more optimism and energy about the future of downtown.”

J.C. Carnahan explored the building, its potential uses and the surrounding downtown improvements in this Orlando Business Journal article.

Downtown Momentum Is About More Than One Project

Real estate momentum rarely comes from a single announcement.

It happens when infrastructure, public policy, private capital and individual property owners begin moving in the same direction.

A more pedestrian-friendly Church Street can help restaurants, retailers and entertainment concepts. The Canopy can create another gathering place and improve connectivity. New residential and mixed-use development can bring more people downtown throughout the day. More flexible redevelopment standards and potential financial incentives can give investors additional tools to reactivate older properties.

One project creates activity. Several coordinated projects can begin changing how an entire district functions.

That does not mean every challenge downtown faces has been resolved. Investors still need to carefully evaluate construction costs, parking, access, demand, operating expenses and the feasibility of the intended use.

But the pieces are beginning to come together in a way they have not for some time.

What Could Be Next for Downtown Orlando?

The next chapter of downtown Orlando will not be written exclusively through new construction.

Some of its greatest opportunities are already standing.

They are the historic buildings with architecture that cannot be recreated, prominent locations and stories that connect Orlando’s past to its future… The right redevelopment can preserve those qualities while introducing the office, residential, hospitality, retail and experiential uses downtown needs.

The question is no longer whether downtown Orlando needs renewed investment.

The more interesting question is which owners, developers and users will recognize the momentum early enough to help shape what comes next.

If you are evaluating a downtown Orlando property or considering the acquisition or redevelopment of an urban commercial building, contact Amy Calandrino, SIOR, CCIM, Director with Cushman & Wakefield, at 407-492-0433.