The Ambassador Hotel at 929 W. Colonial Drive [GMap] could soon become an affordable housing project called “Palm Gardens” if approved by the City of Orlando.
The project, which is scheduled to be seen by the City next month, is being led by One Stop Housing (Website), which develops and operated affordable housing for the general public across Florida and Memphis, Tennessee. One Stop has converted many hotels into affordable housing through its 20 years of operations, including Colonial Gardens, just up the street.
According to its website, One Stop is currently renting apartments at Colonial Gardens for the following increments with water and electricity included:
- $750 – Studio Apartments
- $950 – One-Bedroom
Current plans will transform 143 of the 150 available units into studio apartments with just one two-bedroom unit and six one-bedroom units. Other improvements include a new playground and keeping all of the mature trees on the site.
There is no public timeline for this project yet as it is still under review.
What does that do for the property value of the homes nearby?