Orlando-based commercial real estate firm, Bishop Beale Duncan, has been selected by OUC to assist with determining the sales and marketing potential of its historic Ivanhoe Building, the site of the city’s original power plant.
The decision comes following a public request for proposals earlier in the summer which drew six qualified bids to assist the utility company in finding a potential buyer for the landmark building in Ivanhoe Village.
“Since we no longer need the site for our utility operations, we believe it is in the best interest of our ratepayers to determine if it makes financial sense to sell the property at this time. It is very possible the sale could help offset some costs of our planned renewable energy projects. At the same time, we are mindful of the building’s significance and that’s why we are bringing in the necessary expertise to help us decide how best to move forward.”– LINDA FERRONE, OUC’S CHIEF CUSTOMER AND MARKETING OFFICER
In a prepared statement, Bishop Beale Duncan wrote, “We feel it is integral to understand the potential cost liability attributed to further environmental remediation that needs to be done. This will be the first order of business upon listing the property for sale. In addition, we will work hand in hand with our strategic partners to gain a comprehensive understanding of what it will take to adaptively reuse this structure.”
Owned by OUC since the 1920s and taken offline in 1958, the plant was the city’s first municipal source of energy and water and was designated a historic landmark by the Orlando City Council in 1987. After renovations in the 1980s, it was converted to an arts center in partnership with the Orlando Ballet and other performing arts organizations as part of OUC’s strong commitment to the community. However, in 2013 the building was vacated due to the presence of black mold.
The historic Ivanhoe Building is located at 1111 N. Orange Avenue [GMap].