Pricey Downtown Dirt Expected to Go for $1.96M per Acre

ORLANDO-Orlando city council votes June 3 on a Downtown apartment development deal that would make the value of the land involved the priciest of the year to date on a per-sf-basis in the central business district .

Longwood, FL developer Jay Royall needs a green light from elected officials to break ground on Remington Apartments, a planned 276-unit multifamily project with 17,770 sf of ground-floor retail; a six-story parking garage; swimming pool and spa on a 1.74-acre lot on the east side of north Orange Avenue near the Orlando Sentinel building at 633 N. Orange Ave.

Royall is buying the dirt from Orlando Sentinel Communications Inc., the Sentinel’s publisher, for a so-far undisclosed price. But brokers intimate with Downtown land prices tell GlobeSt.com on condition of anonymity the contracted price is about $3.4 million or $1.96 million per acre ($45 per sf).