Downtown Land Deals Sizzle as Per-Acre Prices Hit Near Record

ORLANDO-The last wave of small Downtown area land parcels is generating near-record per-acre prices, as investors flip properties and buyers search intensely for developable dirt in the central business district.

In the most recent activity, Palm Beach Land Trust LLC principal David Barley made a $3-million profit for his associates in 90 days. Three months ago, Barley bought a prime parcel at Livingston Street and Garland Avenue from entrepreneur Bob Stine’s Star S Properties for $7.75 million or $2.62 million per acre ($60.10 per sf). The developer then sold the corner to Orlando Land Trust LLC Feb. 24 for $10.75 million or $3.63 million per acre ($83.37 per sf).

The $3.63-million-per-acre price is the second highest on record, according to Globest.com research. The highest recorded per-acre price is the $4.72 million ($108.26 per sf) that Orlando developer Cameron Kuhn paid in November 2003 to the locally based Tavistock Group for the 2.29-acre Jaymont Block Downtown, as GlobeSt.com previously reported.