A company called Upshot 1101 South Orange, LLC bought the SODO property at 1101 South Orange Avenue (MAP) which currently houses Mama B's Giant Subs restaurant. The company anticipates the development of a new restaurant/cafe concept on the property.
The property is the site of a former gas station. This means the soil is contaminated. The property owners wish to clean up the soil prior to development of the new restaurant.
When the clean up is complete, the owners' redevelopment plan will result in the creation of at least 5 new, permanent jobs.
The owners want to participate in what's known as the State Brownfields Program, an incentive program that aids property owners in the cost of cleaning up contaminated property, or brownfields. Before they can apply to the program, they must get the City of Orlando to designate the property as a brownfield. A decision will be made at the next City Council meeting on October 9th.
Below are the incentives given to developers who qualify for the program:
- Job creation bonus with no requirements ($2500 under the State of Florida Brownfield Program);
- Tax credit of 35% on voluntary cleanup costs; 10% additional credit during the final year of cleanup;
- Low interest loans for the purchase of liens, tax certificates, or other claims;
- Risk-Based Corrective Action principles apply;
- Sales tax credit on building materials used for the construction of a redevelopment project (residential or mixed use);
- Up to 5 years of state loan guarantees of loan loss reserves;
- Grants/loans available for cleanup (if applicable); and
- Technical assistance from state university system.