Ivanhoe Building Update: OUC Selects Vendor to Evaluate Potential Sales Options

ORLANDO, FL - Bishop Beale Duncan, an Orlando-based commercial real estate firm, has been selected to assist OUC with determining the sales and marketing potential of its historic Ivanhoe Building, the site of the city's original power plant. The move comes after OUC issued a request for proposals in June, drawing six qualified bids. OUC's finance committee affirmed a panel recommendation in its Thursday meeting.

'Since we no longer need the site for our utility operations, we believe it is in the best interest of our ratepayers to determine if it makes financial sense to sell the property at this time,' said Linda Ferrone, OUC's Chief Customer & Marketing Officer. 'It is very possible the sale could help offset some costs of our planned renewable energy projects. At the same time, we are mindful of the building's significance and that's why we are bringing in the necessary expertise to help us decide how best to move forward.'

Bishop Beale Duncan has extensive experience with Orlando commercial market valuations, brownfield development, adaptive reuse of historic and older facilities and representing municipal government clients. In its proposal, the firm wrote, 'We feel it is integral to understand the potential cost liability attributed to further environmental remediation that needs to be done. This will be the first order of business upon listing the property for sale. In addition, we will work hand in hand with our strategic partners to gain a comprehensive understanding of what it will take to adaptively reuse this structure.'

Owned by OUC since the 1920s and taken offline in 1958, the plant was the city's first municipal source of energy and water - providing the infrastructure that fueled Orlando's growth and setting the stage for generations of high-quality, reliable utility services. The building was designated a historic landmark by the Orlando City Council in 1987. After renovations in the 1980s, it was converted to an arts center in partnership with the Orlando Ballet and other performing arts organizations as part of OUC's strong commitment to the community. However, in 2013 the building was vacated.

OUC remains committed to keeping our community informed as the project progresses and will continue to provide updates of any important milestones.

About OUC-The Reliable One
Established in 1923 by a special act of the Florida Legislature, OUC-The Reliable One is the second largest municipal utility in Florida. OUC provides electric and water services to more than 400,000 accounts in Orlando, St. Cloud and parts of unincorporated Orange and Osceola counties. Visit www.ouc.com to learn more about our commitment to reliability, affordability and sustainability.