Orlando Equity Partners sold a 20.4-acre portion of its Universal Boulevard land to Ripley Entertainment. OEP keeps the back 30 acres (hashmarked pattern) most of which is under contract to Tramell Crow for a Class A apartment complex.
Orlando Equity Partners sold a 20.4-acre portion of its Universal Boulevard land to Ripley Entertainment. OEP keeps the back 30 acres (hashmarked pattern) most of which is under contract to Tramell Crow for a Class A apartment complex. (Orange County)

Ripley Entertainment Inc. paid $23 million Tuesday for 20.4 acres in Orlando's tourism corridor, but company officials are not disclosing their plans for the site.

The parcel is located on Universal Boulevard, next door to the new TopgolfAndretti Indoor Karting & Games and the bulk of Universal Orlando's 474 undeveloped acres.

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A subsidiary of the Jim Pattison Group, Ripley Entertainment operates 95 attractions under a dozen brands around the world, which include Believe It or Not! Odditoriums, aquariums and Guinness World Records museums.

Ripley bought the land from Orlando Equity Partners LLC (OEP), an affiliate of Southwood Development Company in Atlanta. It was part of a 55-acre parent tract, but the deed filed Wednesday in Orange County specifies that the sale is only for the property fronting on Universal.

OEP also filed a supplement to the reciprocal easement and cost-sharing agreement for the parent tract reiterating that Ripley is to receive 20.4 acres, while OEP would retain 30.3 acres.

The sale appears to keep the northern half of the tract in play for a future Class A apartment complex. Atlanta-based developer Trammell Crow Residential filed plans in August for 656 apartments on the OEP property.

Orange County Senior Planner Sean Bailey said OEP has applied to split the lot into two tracts with a shared easement road. He said both the development plan and lot split are still under review.

GrowthSpotter first reported in early July that Trammell Crow had a contract on the property, with an expectation to close by end of the year.

Dubbed Alexan at Universal, the Development Plan filed with Orange County calls for 11 four-story buildings and 12 two-story carriage houses built in two phases, with two swimming pools.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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