Tavistock & GOAA agree on sale price for first half of Poitras Property

Tavistock Development Company has agreed to pay more than $63.745 million to the city of Orlando and Greater Orlando Aviation Authority (GOAA) for the first 1,162 acres of "Poitras Property" south of Orlando International Airport.

Orlando's City Council approved the deal with Tavistock back in January for a Phase 1 majority of the 1,800-acre Poitras Property that it owns, through GOAA. The two sides were granted an extension of up to four months in early June to complete appraisals, obtain and deliver surveys, provide title and complete a Phase 1 environmental study.

Located on the north side of Boggy Creek Road in southeast Orlando, GOAA bought the land in 1989 for soil borrow material in anticipation of its constructin of a third and fourth runway at the airport, and for related wetlands mitigation. 

The two sides finalized a real estate purchase, development and management agreement on March 7, under which Tavistock will purchase approximately 782 acres of Poitras land east of the Jim Branch River for residential development, and another 380 acres currently subject to a conservation easement. Tavistock will hold an option to buy another 686 acres west of the river for future commercial development.

Now they're putting forth a second amendment to City Council at Monday's meeting to establish the purchase price for the residential property at more than $60.789 million, and a price of the conservation easement property of $3,500 per acre for the wetlands portion and $30,000 per acre for the uplands, which totals $2.956 million.

And if any portion of the upland acreage is released from the conservation easement in the future, Tavistock will pay an additional $55,000 for each acre released. The price agreement was approved by GOAA's board on Aug. 16. 

More than 92 acres could be reclaimed as developable from the conservation area on the east and west sides of the entire 1,800-acre Poitras Property, according to updated maps provided to GOAA. 

GOAA chose Pinel & Carpenter, Inc., as its appraiser, and Tavistock hired Harry W. Collison, Jr., of The Real Estate Consortium

Development of the Poitras Property will ultimately be connected to the rest of Lake Nona to the north. Extensions are proposed for Medical City Drive southward into the property, as well as Hartwell Court.

After City Council's amendment approval, GOAA executive director Phil Brown and Tavistock will sign the updated agreement, allowing Tavistock to set a closing date within 90 days. GOAA also needs a deed of release from the Federal Aviation Administration to let the property be used for non-aviation purposes, said Carolyn Fennell, GOAA spokeswoman.

Tavistock has been pursuing regulatory permits and approvals in recent months necessary to start development.

The city's Municipal Planning Board should hear Tavistock's request in September to amend the Growth Management Plan (GMP) Future Land Use (FLU) map to remove multiple conservation FLU designations, and rezone the property as a Planned Development to allow 3,196 residential units, a neighborhood center and school. It was deferred from an original MPB hearing in July.

A preliminary development program projects 20.6 gross acres for the neighborhood center, 15 acres for a school, 8.5 acres for commercial, 32.2 acres for 568 apartments, and 640.9 acres for 2,628 single-family homes. A community park is allocated 20.2 acres and major roads 30.9 acres. 

The property is void of infrastructure, meaning Tavistock will have to negotiate deals for water and sewer service from the South Florida Water Management District and Orlando Utilities Commission. GOAA has one valid permit related to wetland impact with the Army Corp of Engineers. 

The developer must submit a proposed Master Development Plan to GOAA for its review and comment within 180 days of the closing, which must include a timeline for development, a marketing plan, and proposed budget for developing the project. Both parties intend for that DP to be consistent with the Poitras and Lake Nona PDs. 

If Tavistock doesn't exercise its option to purchase the other 686 acres meant for industrial and manufacturing, the agreement allows it to act as GOAA's development manager of that land over the next 50 years. 

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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