Florida Investor Converting Hotel to Apartments

A national investor is asking Orange County for a rezoning, hoping to convert an extended-stay hotel across from the Florida Mall into apartments.

The Orlando Business Journal reports Sage Investment Group would transform the Stayable Suites at 8700 S. Orange Blossom Trail into 206 multifamily units, as well as add 5,000 square feet of retail space. Sage said it seeks to close the deal by the end of September and estimate 18 months from closing to complete renovations. The property was purchased in 2020 for $6.6 million.

Sage has converted more than 1,800 hotel units into apartments nationwide, with an emphasis on providing affordable housing.

A plan to convert a hotel at 9350 Turkey Lake Road to a 215-unit multifamily complex was approved by the county in December.

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