Ground-breaking is tentatively scheduled for 2003 with completion of the estimated $1.2 billion mixed-use project anticipated by 2015, a 12-year buildout. Reaves is under a state-mandated deadline to start the venture by 2006 or permanently lose the project's development order which was extended last year for the last time.

Reaves' plans follow a flat rejection by Lake County commissioners Feb. 26 to buy the entire property for $25.8 million or $18,000 per acre (41 cents per sf). Reaves hasn't disclosed what price he is paying for the dirt.

But area land brokers tell GlobeSt.com on condition of anonymity the contract with Cox and Price is probably for about $19.4 million ($13,500 per acre/31 cents per sf) or about 25% less than Reaves sought from Lake County.