Orange County has $5 million but needs another $10 million to close a potential deal with cattle rancher Steve Holland for his former TM Ranch east of Lake Hart, the area's newest hot commercial spot. The 5,200 acres have an estimated value of $16 million or $3,077 per acre (seven cents per sf).
More intriguing than the price is the dirt's location. About 25% of the land, or about 1,300 acres, is undevelopable because it is part of the Econlockhatchee swamp and Four Mile Creek, about 20 miles east of Downtown Orlando. That leaves 3,900 acres of potentially developable dirt.
Another governmental group, the St. Johns River Water Management District, is also looking to preserve and conserve the 5,200 acres before mega shopping centers, office campuses and industrial parks start dotting the perimeter. Orange County hopes to convince the water management agency to kick in $10 million to close the land purchase.
But the two groups may have to work out their priorities before the deal is done. Orange County wants to use a good part of the land for recreation uses such as camping areas and hiking trails. The water management district is interested only in preservation and conservation. Both groups are retaining independent appraisers to come up with a current market value of the tract.
The county thinks it can recoup its $5 million investment from mitigation fees charged to developers who destroy wetlands in other parts of the county.
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