Tavistock pays $63.8M+ for eastern half of Poitras land south of Orlando airport

Tavistock Development Company paid more than $63.885 million last week for the first 1,147 acres of "Poitras Property" under contract south of Orlando International Airport, the culmination of more than a year of negotiations and planning with the city of Orlando.

The final draft of Tavistock's Planned Development zoning for the eastern half of the 1,800-acre Poitras Property went before Orlando's Municipal Planning Board on Tuesday. 

That includes a rezoning to PD to allow 2,734 residential units (down from 3,196 estimated last year), 100,000 square feet of non-residential uses, and an amendment to the Growth Management Plan and Future Land Use Map.  

The sale closed on May 10 and was recorded Thursday morning in Orange County. It includes portions of two land parcels in Orange County totaling 1,140.324 gross acres and one in Osceola of 6.431 acres, which sum 1,146.755 acres. 

Tavistock's PD for Poitras East must still go before City Council for approval. Specific Parcel Master Plans to develop phases of the property would follow.

That final acreage figure falls slightly below the 1,162 gross acres that Tavistock, the city of Orlando and Greater Orlando Aviation Authority (GOAA) had estimated last August would comprise this sale for the eastern half of the Poitras land. It's because 22 acres of wetlands will be retained by GOAA. 

A road impact fee credit was also executed on Wednesday between GOAA, the city and Tavistock totaling more than $2.967 million for the developer, to help compensate for public roads it will build or expand around a future master-planned community on the Poitras land.

In the two sides' real estate purchase, development and management agreement from last year, Tavistock will hold an option to buy another 686 acres west of the Jim Branch River for future commercial development. 

The updated Preliminary Development Program for the Poitras East PD shows of a gross 861 acres of non-conservation land in Poitras East, 777.9 gross acres are deemed developable, but only 606.8 net acres will be developed, with the balance to serve as water retention area. 

Now allocated for single-family residential are 584.1 gross acres, down from 640.9 acres last August. A neighborhood center is now at 15 acres (down from 20.6), a school site is provided 25 acres (up from 15), commercial is allocated 9.2 acres (up from 8.5), multifamily has 40.5 acres (up from 32.2), and a community park given 12.3 acres (down from 20.2). 

Another 5.6 acres are designated for a fire station, 24.3 acres for the east/west main road through the community, and 61.9 acres reserved for the Osceola Parkway Extension proposed alignment along the southern boundary of the Poitras land.

Orlando City Council's approval in January 2017 to sell a Phase 1 majority of the 1,800-acre Poitras Property that the city owns, through GOAA. The two sides were granted an extension of up to four months in June 2017 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 construction of a third and fourth runway at the airport, and for related wetlands mitigation. 

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

If Tavistock doesn't exercise its option to purchase the western 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. 

Attorneys with Shutts & Bowen prepared the sale deed, while Marchena and Graham, P.A. prepared notice and easement documents.

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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