China Attraction Closing Puts Land in Play

ORLANDO-Splendid China, a 10-year-old, 74-acre attraction in the area’s main tourist corridor, has closed, marking the second demise of a well-known entertainment park in the metro area in the past eight months. The 67-year-old, 150-acre Cypress Gardens in Winter Haven, FL closed its doors in April 2003.

After losing money and attendance almost since it opened amid controversy in December 1993 in the US 192 tourist corridor, the Chinese Travel Service of Hong Kong locked the doors on the property near Walt Disney World at the close of business Dec. 31 and is considering offers on the prime acreage, industrial brokers in a position to know tell GlobeSt.com. At an estimated current market value of about $500,000 per acre, brokers tell GlobeSt.com the 74 acres could generate a sale price of $38 million.

Splendid China officials couldn’t be reached by GlobeSt.com’s publication deadline; however, in a Web site announcement, the company says “the determination (to close the attraction) was reached primarily due to the continued downturn in the tourism economy, as evidence by the closing of other tourism-dependent businesses in the area.”