The price equates to $19,728 per acre or 45 cents psf. Orlando's Heidrich family has owned Magnolia Creek since 1952.
The tract is approved for 1.2 million sf of business/flex park; 500,000 sf office; 400,000 sf of retail; 1,152 multi-family units; 2,500 single-family residential units; and three 18-hole golf courses.
The residential first phase of 300 acres fronting on Interstate 4 and County Road 545 is scheduled to break ground by yearend. Ginn is acquiring the tract in three phases over 2 1/2 years. The first-phase takedown is 630 acres.
Ginn has also developed Grand Haven in Palm Coast, FL and Sea Pines Plantation at Hilton Head.
Realvest Partners Inc. and the Quantum Group co-brokered the transaction.
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