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Chase Plaza's top floors sold after property tax woes

Commercial real estate in Orlando has had its ebbs and flows. Properties that are sometimes well-known in the area for having large property tax bills can sometimes turn around and become destination addresses again. One such property in our area is the Chase Plaza complex. A company called Solar Blue once resided on the top three floors of the south tower until it sold the property in 2006 for $6.5 million.

However, the subsequent owners ended up with a property tax bill of more than $100,000 -- making it one of the biggest property tax delinquencies in all of Orange County. The Plaza has had more than its share of issues in the past, with ownership disputes and legal complications making the property damaged goods in the eyes of some.

Now, however, the top three floors of the south tower are in new hands. An investment company with ties to the Orlando area has purchased the top floors for $9.3 million. It isn't yet apparent what the space will be used for.

The complex as a whole has experienced something of a resurgance as of late. An Asian tapas restaurant as well as a French bakery have both opened in the complex, perhaps making the property a destination once again.

Commercial real estate transactions in Orlando can be complicated, particularly when tax obligations have not been resolved. An attorney with experience in comercial real estate can be a valuable asset when a business is considering expansion or relocation in the area.

Source: Orlando Sentinel, "Top 3 floors of Chase Plaza resold," Mary Shanklin, Aug. 11, 2013

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