Colonialtown South Opportunity Zone
Overview
The Opportunity Zone Program is a federal program that provides tax incentives, including temporary deferrals on capital gains taxes when investors reinvest those gains in qualified Opportunity Funds. These funds are in turn invested in communities from designated census tracts (Opportunity Zones).
The city's role in the Opportunity Zone Program is to connect funding with projects, develop an investable pipeline of projects and to leverage these projects to create new opportunities for residents and encourage upward mobility.
Vision
Colonial Drive is known as A Place of Beauty. The Colonialtown South vision plan engaged major property owners and the community on fulfilling a coordinated strategy that adds to the economic vibrancy of the corridor.
The Milk District, an Orlando Main Street Program, is a cultural hub with a progressive lifestyle, music and arts scene which encompasses a large part of Colonialtown South - with the vision of transforming an older neighborhood with urban blight by home makeovers, trendy shops, and unique restaurants.
A high intensity mixed-use “town center” supported by inter-connected street networks and a transit system is the long-term goal to encourage growth in the community by bringing in more shoppers, creating higher property values and ultimately resulting in restored neighborhoods.
Current activity
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Apartments and townhomes within the corridor have brought new customers and added pedestrian life.
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Envisioned public improvements include: relocation of Fire Training Facilities, Intersection Improvements, Sidewalk Reconstruction and a Park-to-Park Pedestrian Path.
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Redevelopment within the Milk District consists of rehabbing a building that has sat vacant for over a decade into Alchemy the Salon, or experimenting with unique food concepts such as their new restaurant MX Taco.
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Colonial Lanes, a bowling alley and dive bar staple within Orlando for the last 60 years will also be redeveloped into an “upscale entertainment complex” containing 16 wodden bowling lanes, bar, a potential stage in addition to the new four-story self-storage facility.
Anchor development
The Milk District comprises colorful murals, diverse culinary experiences, unique shopping centers and award winning bars and coffee shops.
The old T.G. Lee Dairy property and the Beefy King restaurant are known landmarks within Colonialtown South. The neighborhood surrounding the T.G. Lee, Hampton Park, has recently blossomed with new rental townhomes and brought in a more youthful community to the district.
This area is well-known for its live music venue, The Historic Plaza Life which makes for a perfect night out with friends. Or, feel free to check out Tasty Tuesdays at The Milk Bar, weekly trivia at Barley & Vine Biergarten, or late night dancing at Southern Nights. Follow up the night with breakfast at one of the district’s cozy brunch places, such as Dixie Dharma, Se7enBites, A La Cart and Valhalla Bakery.
For family fun, check out the Orlando Skate Park. Or, enjoy a stroll thorugh Fesitval Park Community Garden which has urban plots where you can grow and take home your own veggies.