Fairfield plans to develop 744 timeshare units by 2004. Construction is slated to start in 2003. Another 350 units are on the drawing board on a second adjoining 12-acre parcel on which Fairfield holds a purchase option.

The parties didn't disclose the contract price in a prepared statement. But area land brokers intimate with the Disney submarket in Lake Buena Vista, FL tell GlobeSt.com on condition of anonymity Fairfield is expected to pay at least $300,000 per acre ($6.89 per sf) or $13.8 million for the 46 acres.

If Fairfield goes through later on the 12-acre buy at about the same price, the company's total investment is estimated at $17.4 million. That would make the estimated development cost of the 1,094 timeshares $15,904 per unit. Area timeshare retail sales range from $10,000 to $25,000 per unit for a one-week annual ownership deed.