Land Auction Thursday Could Generate $10M

ORLANDO-Three privately owned prime land tracts next to commercially hot hubs go on the auction block Thursday in what could turn out to be one of the best buys local developers have been offered in years.

Independent appraisers not associated with the auction tell GlobeSt.com on condition of anonymity the parcels could command a total price of about $10 million in a period where trophy tract sales have been scarce.

As a starter, property owners Tony and Virginia Ballestero are selling their landmark 39-year-old, outdoor Plaza Theatre on 2.1 acres at 425 N. Bumby Ave., off DowntownOrlando, near the $500 million Colonial Plaza Marketplace. Appraisers tell GlobeSt.com the theatre dirt could easily go for $100,000 per acre or more ($2.30 per sf).