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GlobeSt.com UPDATE: Sugarloaf Asking Price Sends County Gasping

CLERMONT, FL-Environmentalists' hopes of barring commercial/residential development at the controversial 1,434-acre, 350-foot high natural recreation area, 25 miles west of Downtown Orlando, are all but gone today after elected Lake County officials flatly rejected a $25 million asking price ($18,000 per acre) from Tampa realtor/developer John Reaves.

By Alex Finkelstein | Updated on February 27, 2002

CLERMONT, FL-Tampa realtor/developer John Reaves plans to close by April 1 on the purchase of the controversial 1,434-acre, 350-foot high Sugarloaf Mountain tract, 25 miles west of Downtown Orlando. Orlando landowners Willoughby T. Cox and the Karick Price family are the lead sellers.

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.

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