The per-acre price almost equals the $1.08-million tag on another 1.9-acre Downtown tract sold last month by North Orange Avenue Properties Inc., a subsidiary of Orlando Sentinel Communications Inc., to apartment developer Jay Royall of suburban Longwood, FL. As GlobeSt.com previously reported, Royall's Sun Terra LLC paid $2.05 million ($24.77 per sf) for the property.
The 77-year-old Park Lake church, overlooking Park Lake, bought the hotel property and land from locally based Muniraj Enterprises which will continue to operate the eight-building, 75-room motel and 60-seat restaurant for at least two years. At that time, the church's land use and redevelopment plans are expected to be completed, Dr. Dan DeBevoise, Park Lake's minister, tells GlobeSt.com.
"This acquisition gives us room to grow and expand our ministries in ways that can make a positive impact on the community and our church future," he says.
The church plans to use the motel structures and land for future building expansion and additional parking. The property fronts three key Downtown arteries--Colonial Drive (State Road 50), Highland Avenue and Irma Street.
Corbin Sarchet of GT Commercial Inc. negotiated for the church. Muniraj represented itself.
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