Downtown Dirt Goes for Record $1M per Acre

ORLANDO-In the largest land deal of the year in Central Florida, North Orange Avenue Properties Inc., owned by Orlando Sentinel Communications Inc., has sold a 1.9-acre Downtown parcel to Sun Terra LLC of Longwood, FL for $2.05 million or $1.08 million per acre ($24.77) per sf.

Developer Jay Royall, whose Royall Construction of Central Florida Inc. controls Sun Terra, plans to erect a 276-unit multifamily project on the site with 17,770 sf of ground-floor retail, a six-story parking garage, swimming pool and spa, as GlobeSt.com reported on May 23 of this year.

Royall couldn’t be reached at GlobeSt.com’s publication deadline. But subcontractors who have worked with him in the past and are familiar with his new project tell GlobeSt.com on condition of anonymity that Royall plans to have the venture completed by January 2004.