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Colonial Properties Trust in No Hurry to Build $200 Mil., 175-Acre Mixed-Use Project

ORLANDO-The Birmingham, AL-REIT figures it will take about 10 years to complete Colonial TownPark, its 1.1 million-sf office, retail, hotel and multifamily venture just north of Downtown Orlando.

By Alex Finkelstein | Updated on August 25, 2000

Alabama-based Colonial Properties Trust, a major Orlando development player since the mid-1980s, is pushing full-speed ahead on its most ambitious venture to date in Florida–the $200 million, 175-acre Colonial TownPark about 15 miles north of Downtown Orlando.

The Birmingham REIT estimates it will take about 10 years to build out the entire undertaking. Under construction and expected to surface by June 2001 are the first of several office buildings, a five-story, 155,000-sf structure, and the first of 456 apartment units.

On the drawing boards are plans for 1.1 million sf of office; 225,000 sf of retail; and 420 hotel rooms. The site is on the northwest corner of Interstate 4 and County Road 46A in Seminole County.

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