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.