Downtown restaurants receive City funding under new incentive program

Three downtown Orlando restaurants have had funding requests approved through the City’s Community Redevelopment Agency and its recently revised Downtown Orlando Restaurant Program.

In late October, City Council voted to split the CRA Retail Stimulus Program into two programs: one for retail, with a maximum funding amount of $200,000, and one for restaurants, with a maximum funding amount of $475,000.

At its Nov. 13 meeting, City Council approved three restaurants under these new guidelines.

Allure Orlando is a new fine dining restaurant that has signed a 10-year lease for a 4,950-square-foot space at 13 W. Pine St. The restaurant was approved for $125,000 in funding, including $75,000 for tenant improvements and $50,000 in rent assistance. Overall, the build-out cost of the restaurant is expected to be $350,000.

Allure Chief Financial Officer Laura Ortenzio said the restaurant will combine different cultures to create unique international dishes while offering a celebrity experience. Per Ortenzio, the restaurant is slated to open “in the next couple months.”

The Bao Spot has signed a 10-year lease for a 2,097-square-foot space with approximately 40 seats at 54 W. Church St., Suite 140. The quickservice restaurant has applied for $133,880 in funding, including $83,880 for tenant improvements and $50,000 in rent assistance. Funding for the Bao Spot will go toward buildout expenses, including electrical, plumbing, flooring and ceiling improvements as well as heating, ventilation and air-conditioning. The Bao Spot’s owner and the building’s owner are also contributing $269,770 and $83,880, respectively, for build-out costs. The restaurant’s website says it will open in early December.

Mango Verde Fresh has applied for $100,000 in funding, including $75,000 for tenant improvements and $25,000 in rent assistance. The funding will go toward build-out expenses, including electrical, plumbing, HVAC, flooring, framing, drywall, life safety, countertops, cabinets and doors. Overall, the build-out cost is expected to be $200,000, with $75,000 coming from the CRA. The new juice bar shop (which also has a similarly named location in Altamonte Springs) will be at 361 N. Rosalind Ave., Suite 4.