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.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.