Mother-Daughter Team Close Year-Long $7M Deal

ORLANDO-Twice rejected, the Colliers Arnold mother-daughter broker team of Susan Morris and Kane Morris-Webster today closed a $7 million, 74.5-acre deal they have been trying to complete in suburban Ocoee for the past 12 months. Strict local development guidelines killed the previous two contracts, the brokers tell GlobeSt.com.

Local developers Tom Ustler and Bill Fagan of Ustler/Fagan Inc. paid an average $93,960 per acre, or $2.16 per sf, for a total 74.5 prime, mixed-use-zoned acres in the center of Ocoee, a local bedroom community and a vibrant commercial-residential-retail development hub, seven miles west of Downtown.

The developers plan to break ground by December on 16 acres of commercial, retail and office space, with possibly a hotel. Later development phases will include 35 acres for single-family houses and 14.5 acres for multifamily development. The project already is 78% under-contract or pre-leased.