The Golden Corral Restaurant near the University of Central Florida campus in Orlando is facing its final days. Recently, Progressive Capital Group purchased the 3.6-acre property for $7.2 million from a franchisee of Golden Corral.
The new owners have 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 on the intersection of East Colonial Drive and Alafaya Trail. 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 followed by a two-year construction timeline that could cost approximately $50 million.
Based on industry standards for construction costs, it can be seen through site plans that there will be five-story apartments spanning over an area measuring up to 203,862 square feet with adjoining parking garage providing ample space for up to 467 vehicles while also boasting amenities such as pool and courtyard at its center location.
Although no official announcement has been made regarding when exactly will this popular restaurant close down but it’s still operational at present time.
