Florida Town Sets Precedent as Land Developer

OCOEE, FL-Municipalities frequently get into the redevelopment business on sites they own within city confines. But this town—with a population of 30,000–is setting a precedent in Florida by developing Ocoee Crown Point itself as a new subdivision outside its borders, area brokers tell GlobeSt.com.

The Orlando bedroom community and the Orange County School Board jointly bought 360 acres from Coca-Cola Co. in 2000 for $3.75 million, or about $10,417 per acre (24 cents per sf). The land is on the southeastern bank of Lake Apopka, about seven miles from Downtown Orlando.

Mayor Scott Vandergrift, a licensed Florida real estate broker, couldn’t be reached by GlobeSt.com’s publication deadline; however, city staffers and area brokers following the unusual venture tell GlobeSt.com the town plans to rezone the agriculture-zoned property and sell the bulk of the developable land to private developers.