It is the biggest in-city development in 25 years.
The city of Orlando has given the property greenfield status which means the developer has successfully met the four conditions necessary for a construction start.
Those conditions entailed the demolition of 250 former dormitories and administrative quarters; the management and disposition of the asbestos and lead-based paint in the demolition areas; remediation and removal of the arsenic from the soil on the former golf course; and recycling the demolished buildings by using the crushed concrete aggregate for a filtration trench.
The greenfield status program took 16 months and included the removal of 4.5 million sf of buildings, 25 miles of roads and walls, and 200 miles of underground utilities.
"The land is (now) ready to be lived on," David G. Pace, the development's managing director says in a prepared statement. The developer is starting to sell land parcels to residential and commercial builders.
Baldwin Park will comprise a 350,000-sf retail town center; 1.5 million sf of office; 3,000 single and multifamily residential units; two schools; and three parks totaling 200 acres. An estimated 8,000 residents occupying 5,000 jobs will live at Baldwin Park at buildout in 10 years, the developer projects.
Construction on the first residential phase and the Village Center is scheduled to begin in spring 2002. Baldwin Park's architectural motif will be reminiscent of pre-1940s Central Florida, emphasizing pedestrian-friendly neighborhoods.
Baldwin Park Development Co. is the new name for Orlando NTC Partners Inc. Pritzker Realty Group of Chicago, headed by Penny Pritzker, is the managing partner. The development group bought the 1,100 acres from the city of Orlando in 1999 for $5.8 million or $5,273 per acre (12 cents per sf).
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
Already have an account? Sign In Now
*May exclude premium content© 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.
