The Golden Corral Restaurant near the University of Central Florida campus in Orlando is facing its final days. Recently, Progressive Capital Group acquired the 3.6-acre property for $7.2 million from a franchisee of Golden Corral.
The new owner plans to transform the site into a student housing community called 50 South Student Housing, featuring 166 apartment units and a total of 555 bedrooms. According to reports from Orlando Business Journal, this project has already been entitled and is currently undergoing permitting processes with an expected groundbreaking date in early-2024 and an estimated construction timeline of two years.
Based on industry standards, it is projected that this development will cost approximately $50 million to complete. The proposed site plan includes a five-story apartment building spanning over 203,862 square feet with an adjoining parking garage offering up to 467 spaces for residents’ vehicles. In addition, there will be various amenities such as a pool and courtyard within the complex’s central area.
While no official closing date has been announced yet for the current Golden Corral location at this address on East Colonial Drive and Alafaya Trail intersection; it remains open until further notice.
