Winter Park set to approve sale of half-acre site to CRE appraiser, retail/office likely

A veteran Orlando-area real estate appraiser has a half acre of city-owned land in Winter Park nearing a contract, with redevelopment potential for retail, dining or office use. 

Winter Park's City Commission will give its second reading on Monday to approve finalizing a sale contract on the 0.54-acre parcel at 2600 Lee Road for $915,000 to 2600 Lee Road, LLC.

It's a newly-formed affiliate of Glen Spivey, a state-certified general real estate appraiser, broker and president of The Spivey Group, Inc. Spivey has also been developing and managing commercial real estate since 2001. 

Spivey has not submitted any development plans for the property as of Friday, according to a city spokeswoman. He did not respond to requests for comment on what his plans are for the site. 

The property had formerly been home to the Booby Trap adult nightclub, a breast-shaped building that had been leased at one point as Christie's Cabaret. City Commissioners voted in December 2014 to buy the property for $990,000 and demolish the business, in order to avoid getting embroiled in a protracted zoning dispute with the owner. 

The city had been unable to sell the property afterward through its own marketing efforts, and hired the Orlando office of CBRE in July 2016 to begin marketing it, among a handful of city-owned parcels. 

The broker commission due to CBRE on the sale will be $41,600, drawing a net $873,400 for the city before closing costs. The buyer will pay the commission to its broker. 

A second offer was received for $930,000, but required the city to pay the co-broker fee of $27,900 along with the city's broker commission of $42,200, bringing the net sale to a lower value of $859,900. 

Net proceeds from the sale will be added to the city's General Fund. 

The vacant parcel has been marketed for its retail, restaurant or office redevelopment potential, with CBRE promoting an Average Daily Trips (ADTs) count of 36,000 vehicles along Lee Road. 

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