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School Board Says Land Price is Right--at 21 Cents PSF

ORLANDO-The county agency is buying 18 acres for $165,000 or $9,167 per acre (21 cents psf) across the road from a planned $1 billion, 1,200-acre mixed-use development. After three years of haggling, the developer is coming down from the original asking price of $1.8 million or about $100,000 per acre ($2.30 psf).

By Alex Finkelstein | Updated on September 05, 2000

Orlando Partners needs a school on a planned $1 billion, 1,200-acre mixed-use project, and the county needs an 18-acre site for a new middle school. But at $100,000 per acre, the developer’s asking price was in cyberspace for the Orange County School Board.

Now, after three years of negotiations, the developer is dropping the tag to $165,000 or $9,167 per acre (21 cents psf). Reason: the developer needs the school to accommodate families in the 8,000 new townhomes and single-family units planned on the former Orlando Naval Training Center site in east Orlando.

The deal isn’t in writing yet and hasn’t been approved by the school board. However, realtors familiar with the project tell GlobeSt.com the deal will be done by yearend. The property is at 801 Glenridge Way in Winter Park, an affluent Orlando suburb.

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