A property rights law firm pursued a key environmental permit this week for future mixed-use development of 248 acres on the southern end of International Drive, and hired a local real estate brokerage to market the land at $86.8 million, or $350,000 per developable acre.
Sarasota-based Moore Bowman & Rix, PA (MBR) has been working with 103 clients for the past decade to assemble more than 600 acres of one- to five-acre parcels, which lie southeast of the International Drive-Westwood Boulevard intersection.
It is arguably the largest assemblage of undeveloped land off I-Drive that can offer hotel, resort, timeshare, residential, office and commercial development options.
MBR filed applications with Orange County for a Conservation Area Impact Permit in January, and with the U.S. Army Corps of Engineers for a Dredge and Fill Permit earlier this week. It should also file a site plan in the coming months with the South Florida Water Management District.
GrowthSpotter first reported in July 2016 how the group completed a $1 million land swap with SFWMD that helped further its assemblage efforts for private development.
The focus is now on preparing the infrastructure for 586 assembled acres, 248 of which are considered developable and the other 338 acres planned for mitigation.
The developable land includes about 67 acres of wetlands. The 338 acres will be deeded to SFWMD to meet the project's mitigation requirements, but also to further the District's environmental goals for its Shingle Creek restoration project.
The property was marketed for a period last year by Marc Sirkin, senior advisor for Engel & Voelkers out of South Florida.
Turchi and Rad's list price of $350,000 per developable acre was arrived at via comparable sales throughout the state, including a 50-acre sale in December along the future Daryl Carter Parkway extension to Orange County Public Schools.
"We would absolutely like to sell it all together, but realistically may have to split it up because of the retail, resort and multifamily components," said Rad, who noted single-family developer offers would also be considered for the eastern portion of the property.
The latest conceptual Master Plan put forth proposes the interior 207 acres as Phase 1 development for resort and hotel properties, followed by Phase 2 commercial and multifamily (25 acres) and Phase 3 retail-commercial (16 acres) closest to the main thoroughfare.
Necessary for development is a future Westwood Boulevard extension, and possible Lake Bryan Beach Boulevard extension. MBR and its clients don't plan at this time to front the cost of a Westwood extension, that would fall to the buyers and Orange County.
This land is part of the hundreds of acres of former Munger Land Company property subdivided in the early 20th century and sold to individual investors, often called "paper subdivisions." No roads, utility or sewage infrastructure were laid, and much of it in Orlando is in wetlands, making it a challenge to assemble and develop.
It's currently zoned Agricultural, and will require rezoning to Planned Development consistent with the Future Land Use Plan. But much of it is in areas designated Activity Center Mixed Use (ACMU) or Activity Center Residential (ACR) on the Future Land Use Map, categories that would allow high-density projects.