ORLANDO, Fla. – The historic Metcalf Building in downtown Orlando has new owners — and plans for a new chapter.
Located at the corner of Orange Avenue and Pine Street, the 10-story building has been a downtown fixture for more than a century. Built in 1923, the property includes more than 38,000 square feet and blends historic character with modern office space.
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First Capital Property Group recently purchased the building. Jere Matheny, the company’s vice president of brokerage services, said the group hopes the project will help spark more redevelopment in downtown Orlando.
“We’re hoping that this is kind of a first step in what we hope will be a wave of rehab and redevelopment and adaptive reuse of our existing stock,” Matheny said.
The company plans to convert the building into modern office suites for small and mid-sized businesses.
Matheny said each floor includes more than 3,500 square feet of space, giving companies the opportunity to occupy an entire floor rather than share hallways and restrooms with other tenants.
“This gives an opportunity for small and midsize firms to have their own fourth floor in the city,” he said.
The building also has a connection to Central Florida history. Walt Disney and his company occupied space in the Metcalf Building in the 1960s, while Disney was acquiring land for what would eventually become Walt Disney World.
The redevelopment comes as downtown businesses continue to face challenges. Several longtime businesses have closed in recent years, including the bar Tanqueray, which shut down in December after 37 years in the Metcalf Building.
Matheny said the building remains fully operational, with several tenants already in place. The new owners are looking to bring in additional businesses while making capital improvements to the property.
“We believe that this is going to be a positive impact,” Matheny said. “We’re hoping that it’s going to show folks that Orlando is open for business, and we’re doubling down.”