By Jim Carchidi
July 8, 2026
Orlando’s Community Redevelopment Agency is asking for assistance in revitalizing the 102-year-old State Bank of Orlando and Trust Co. building at 1 N. Orange Ave. Through a partnership with First Capital Property Group and Atrium Commercial Real Estate, the effort would afford a developer the opportunity to “repurpose underutilized assets, activate street level experiences, and introduce uses that serve both residents and visitors throughout the day.”
Historic reuse
Information posted to First Capital’s website includes an offering memorandum and options for the reuse of the neo-classical, 56,568-square-foot building that feature:
- A ground-floor restaurant or café
- Rooftop bar
- Boutique hotel
According to the website, much of the original 1920s layout remains intact and includes a basement, the elevator and stair core, and consistent rectangular floor plates from the ground up.
Marketing renderings show possible designs for the rooftop bar and ground-floor restaurant.
Comparable adaptive reuse projects cited by the city include the Georgian Terrace hotel; built in 1911 and the subject of a major 1990s renovation that repositioned the property as a luxury hotel and mixed-use destination.
Another example is Charleston's Francis Marion hotel, which dates back to 1924 and underwent a 1996 restoration to preserve its historic character.
Partnership in the 1 N. Orange reuse would include a long-term lease that would equate to ownership through redevelopment financing. The city would ensure full development while maintaining operation during the revitalization process.
City intervention
The 10-story building is one of Orlando's original skyscrapers and served as a local bank headquarters following its 1924 construction. It later housed Orange County government offices, but has sat vacant for more than 15 years.
The building was purchased for $9.6 million by the Community Redevelopment Agency in 2025 with the intent of finding the right development partnership. Downtown Development Board and Community Redevelopment Agency Executive Director David Barilla previously told The Orlando Real the reuse is the type of historic building renovation the city wants to incentivize, but noted the economics of another city-led purchase could not be replicated.
"We can’t do that with every building," he said. "We need the private sector to be able to step in and do it as well."
Historic debate
The release of the offering memorandum comes three weeks after Orlando City Commission approved an ordinance for a three-year moratorium on required building protections in the Downtown Historic District. But the plan for a renovation partnership was in place before the moratorium was proposed. The 1 N. Orange Ave. building is among 80 constructed between the 1880s and early 1940s that lie within the eight-block Historic District zone, located between Washington and Church streets and bordered by Magnolia Avenue and the railroad tracks.
Historic preservationists fear even the temporary lifting of protections would open the door to the removal of character-defining structures. Developers contend that reuse is the best path to ensuring preservation while the city assures that commissioners will have final say over all renovation proposals.
What's next
The formal bidding process for 1 N. Orange is set to launch in the fall. Prospective applicants can schedule tours of the building through First Capital and Atrium from 9 a.m.- 12 p.m. on the following dates:
July 29th
August 12th
September 2nd
September 16th
September 30th
Additional information and contacts are available on the First Capital Property Group website.
Sponsor: The Orlando Real is sponsored by the Pozek Group — the #1 real estate team in Orlando and the Official Real Estate Team of the Orlando Magic.
About the Author
Jim Carchidi is an Orlando journalist and photographer with previous work at the Orlando Sentinel and Orlando Business Journal. He covers development, arts, culture, and local stories for The Orlando Real.
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