Search
 

Jacksonville Apartment Developer Crashes Local Turf

ORLANDO-Woodland Lakes Apartments LLC, a wholly owned subsidiary of Group IV Properties Inc., paid Bethesda, MD-based Lockheed Martin Corp. $2.23 million or $98,455 per acre ($2.26 per sf) for a prime 22.65-acre parcel in the Woodland Lakes development, east Orange County.

By Alex Finkelstein | Updated on March 26, 2002

ORLANDO-Entering metro Orlando’s apartment development market for the first time, Woodland Lakes Apartments LLC of Jacksonville, FL plans to break ground in May on a $22.3 million, 272-unit community in the mixed-use Woodland Lakes venture at Lake Underhill, Curry Ford and Alafaya Trail in east Orange County.

That hub is one of the most sought-after commercial and retail locations in this submarket, area brokers tell GlobeSt.com. The wholly owned subsidiary of Group IV Properties Inc. paid Bethesda, MD-based Lockheed Martin Corp. $2.23 million or $98,455 per acre ($2.26 per sf) for the prime 22.65-acre parcel.

The sale opens up a new development corridor in east Orange County as Lockheed Martin plans to sell all 911 acres surrounding Woodland Lakes. “This property will clear the way for new residential and commercial development along the fast-growing south Alafaya Trail corridor,” Orlando Central Park executive vice president Jeff Troan tells GlobeSt.com.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.