Downtown Ugly Duckling Sold in Biggest Deal of the Year

ORLANDO-It took five years, but the Saudi Arabian owner of the block-long, 2.29-acre Jaymont complex of empty storefronts in the center of Downtown has finally sold the conglomeration of desolate structures that has frustrated city planners for a decade. The transaction is by far the biggest and most intriguing deal of the year here.

A consortium of international investors led by reclusive Orlando billionaire Joseph C. Lewis paid an estimated $10 million or about $4.36 million per acre ($100 per sf) for the prime site. The transaction hasn’t been recorded at the Orange County real estate office but principals in the deal confirm the purchase but not the price.

They say a decision on the site’s highest and best use will be made over the next 12 months. The entire block, about the size of 1.25 football fields, will be razed to make room for a new enterprise, legal and real estate sources familiar with the deal tell GlobeSt.com.