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Long-awaited Development Ready to Roll

ORLANDO-A South Carolina firm is investing $42 million in a 2,129-acre mixed-use venture near Walt Disney World. The project has been seeking a funding angel for the past 48 years.

By Alex Finkelstein | Updated on August 01, 2000

ORLANDO-Magnolia Creek, a planned 2,129-acre mixed use development next to Walt Disney World’s Celebration community, is finally coming alive. Ginn Co. of Hilton Head, S.C. is paying $42 million for the strategically-located dirt in Osceola County.

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.

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