Casselberry Sells 16 Acres to Unicorp for $5M

CASSELBERRY, FL-Orlando-based Unicorp National Developments Inc. has acquired a prime 16-acre tract at US 17-92 and Triplet Lake Drive from the City of Casselberry where it plans to create Casselberry City Center. The $41-million community will include 108 townhomes and 13,500 sf of retail and restaurant space. Ground-breaking is slated for 2007.

A city Community Development Department specialist tells GlobeSt.com Unicorp paid $5 million, or $312,500 per acre ($7.17 per sf), for the three parcels that comprise the development site. The main 15-acre parcel is at the southeast intersection of US 17-92 and Triplet Lake Drive. The other two parcels are in the northwest quadrant of the intersection. Casselberry is six miles north of Downtown Orlando.

Unicorp National has several ongoing projects in its pipeline. The company is building the retail component at Solaire at the Plaza, a 21-story, 306-unit condominium structure. The project sits atop a $15-million, nine-story, 1,600-space parking garage at the $140-million Premiere Trade Plaza campus Downtown. Atlanta-based Wood Partners is developing Solaire at the Plaza.