Disney-area land on International Drive hits the market priced at $87M

Roughly 172.5 acres of pristine lakefront property within a mile of Disney just hit the market for $87 million.

The Lake Bryan property consists of an 8-parcel assemblage at 13300 S. International Drive with two-thirds of a mile of frontage on the lake, and it's entitled for 2,100 hotel rooms or timeshare units and over 300,000 square feet of commercial uses.

Orange County approved the Lake Bryan Planned Development in 2016 while also rescinding the previous DRI Development Order. The land currently enjoys agricultural tax exemptions. 

Raj Goyal, who shares the exclusive listing with his wife, Viktoryia Goyal, called the property a bargain, given the location and entitlements. Both are Realtors in the Orlando office of Premier Sothebys International Realty.

"It's priced very low compared to other property on I-Drive," Goyal told GrowthSpotter.

There are multiple sellers involved, but they've agreed to divest of the entire PD at once, he said. "They want to do the entire thing. They're trying not to look at any JV partnerships. They'd rather sell it as one PD."

The land hits the market just days after a 37-acre parcel on S. I-Drive traded for $13 million. The buyer, Intram Investments, has assembled some 80 acres of land for a future master-planned development. 

"Overlooking Disney fireworks and a fully skiable lake, this property is zoned for hotel, time share or retail — which is in high demand as Orlando’s tourism industry, with 126 million visitors annually, continues to grow," Goyal said. "As the region experiences major development, with over $10 billion currently under construction, this land presents an exceptional opportunity in a desirable location."

Multifamily developer ContraVest will be carving off a portion of the property immediately south of the offering with plans to build a 266-unit Addison-branded apartment complex. President Steven Ogier said he met with Orange County's Development Review Committee on Wednesday and would be submitting a Development Plan in the near future. 

A listing this size -- and this close to the parks -- tends to attract global interest. But the site also faces competition from other large tracts in the Disney/Lake Buena Vista submarket. 

Azurra Development, which dropped plans last year for a Planet Hollywood-branded condominium hotel project across Lake Bryan, on S.R. 535, has also listed its 14+ acres for sale. That site is entitled total of 1,186 hotel rooms. 

In Osceola County, Xentury City is looking to sell hotel pads near its anchor Gaylord Palms Resort, at the Osceola Parkway - I-4 interchange -- the new entrance for Star Wars attraction at Hollywood Studios.

Meanwhile, Avison Young was retailed last year to market the 77-acre Orlando Sun property at the I-4 - W192 interchange.

Last September an affiliate of AIC Hotel Group, which is associated with Nobu and other hotel brands, paid $32.75 million for a 50-acre hotel-resort site just east of I-4 and Disney Springs. 

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.

Copyright © 2019, GrowthSpotter
70°