The bonds will pay for the roads, sewers and utilities that will be installed at Orlando's largest master-planned developments in the last 20 years. Pritzker Realty Group of Chicago, headed by Penny Pritzker, is the managing partner of Baldwin Park Development.
Orlando NTC Partners Inc., the developer's former name, and Pritzker Group bought the land from the city of Orlando in 1999 for $5.8 million or $5,273 per acre (12 cents per sf).
The site is behind the 900,000-sf Orlando Fashion Square Mall. Construction on the first of 3,000 planned single-family and multifamily units is tentatively set for spring 2002.
Besides the residential, initial plans for Baldwin Park call for a 350,000-sf retail town center; 1.5 million sf of office; 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.
Baldwin Park's architectural motif will be reminiscent of pre-1940s Central Florida, emphasizing pedestrian-friendly neighborhoods.
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