ORLANDO-Pollack Partners purchased a 4.36-acre land parcel in downtown Orlando for $3.7 million. The price for the bank-owned property totaled about $850,000 per acre.
Susan Morris and Kane Morris-Webster of Colliers International Central Florida represented the seller, CRM Florida Properties. This is the duo’s second land sale in the past three months. The parcel is located at the northwest corner of West Colonial Drive and Orange Avenue.
“This is one of the first parcels of land to be bought for development since the downturn,” Morris tells GlobeSt.com. “The last property that sold in uptown, which is the north end of downtown, went for $3 million.”
Pollack Partners plans to move forward with a $40-million multifamily development project immediately. Morris-Webster says the project will make an estimated $63 million economic impact on downtown and bring a long-needed dynamic architecture and design to a key gateway location for downtown Orlando.
Charles Wayne Consulting shows multifamily occupancy rates rose from September to March in Orlando. Occupancy sits at about 91%. The research also reveals eight apartment complexes are under construction that will bring 1,536 new units online.
“This sale shows that there are opportunities out there that warrant new development, when the location is right,” Morris-Webster says. “Moving from speculators to selling to end-users and new development means we have a clear signal that things are improving. It is great to see land values approaching $1 million per acre in uptown again.”
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