The joint venture, referred to as Orlando Gateway LLC, plans to create development opportunities on the property for uses compatible with Orlando's AC-3 zoning. The zoning, which is the same as that of Orlando's central business district, permits a wide range of uses, including high- or mid-rise office space, dense residential dwellings, hotels, restaurants and other commercial uses. Plans call for building at least two hotels, up to 1,200 apartment units, 200,000 sf of office space and 140,000 sf of retail and restaurant space.

Atlanta-based Carter broker Bill Parke tells GlobeSt.com that the land is located on the only road that leads to the Orlando International Airport in an area referred to as the gateway to Orlando. "The acreage is one of the last significant developable parcels near a major airport in the United States," Parke says. Parke and fellow Carter broker Sher Tolan represented the seller.

After acquiring the 120 acres, Orlando Gateway Partners sold 12 acres for $8.3 million to McKibbon Hotel Group, of Gainesville, GA and another 17 acres for $11.75 million to Chavez Properties, of Cincinnati, which plans to develop off-site airport parking.