County, State Racing Developers to Buy Prime 5,200-Acre Tract to Block New Projects

ORLANDO-Blocking potential new commercial projects by buying up the land before the developer gets to the bargaining table with the owner isn’t a new scenario for most municipal and state governments. But this deal in Orange County may be a test on how far local government can run with limited funds, area brokers feel.

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.