Tavistock Development Company, the city of Orlando and Greater Orlando Aviation Authority (GOAA) need up to four more months to appraise 1,162 acres south of Orlando International Airport for prospective sale to the developer.
Orlando's City Council approved the deal with Tavistock back in January for a majority of the 1,800-acre "Poitras Property" that it owns.
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 commercial development.
Due to what all parties say is a complex proposed sale, they want to extend the deadline for Tavistock to obtain and deliver surveys, and extend deadlines for both sides to generate their appraisal guidelines, complete appraisals, obtain title insurance, provide title and survey objections and complete a Phase 1 environmental study.
An amendment to extend the agreement's various deadlines should go before Orlando's City Council on June 5.
New amendments to the agreement would give Tavistock and GOAA another 90 days from the city council's signing to agree on appraisal guidelines, and another 120 days for their respective appraisers to prepare their independent reports and arrive at their own fair market values.
Tavistock must obtain a survey of the residential and conservation easement properties within 75 days of the amendment's effective date, and must provide an environmental study within 90 days that will serve as primary evidence of the Poitras property's condition.
GOAA will have to obtain and provide Tavistock a current title insurance commitment for the property from First American Title Insurance Company, issued by Marchena and Graham, P.A., as title agent, within 10 days of its receipt of Tavistock's survey.
Appraisals should come in by mid-July, said Carolyn M. Fennell, spokeswoman for GOAA.
A closing date has also not been set, with the date to be chosen by Tavistock within 90 days of the residential property appraisal being finalized.
Tavistock is already starting to obtain regulatory permits and approvals necessary to start development. The company has a request going before the city's Municipal Planning Board in July 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.
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.
The city's consent to the agreement is required under the terms of its operation and use agreement with GOAA for the land. However, liabilities and obligations will stand with GOAA and Tavistock. The city will retain regulatory authority over the property.