Prime Downtown Land Site Goes for $2M

ORLANDO-In the second largest land deal of the year in metro Orlando, Park Lake Presbyterian Church Inc. has acquired a prime 1.9-acre Downtown parcel housing the 50-year-old, 75-room Knights Inn Motel and restaurant for $2 million or $1.05 million per acre ($24.17 per sf).

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.