The county wants the dirt for the first large recreation park in the sound end of Lake. At the same, developers are ogling the 410-acre closed sand mine for its pre-zoned value of allowing four homes to an acre, an open door to future profits.
Owner E.R. Jahna Industries of Lake Wales, FL is asking $2.2 million or $5,366 per acre (12 cents per sf) for the property located on the north side of busy State Road 50, between Clermont and Groveland, FL.
The county's property appraiser's office lists the taxable value of the tract at $1.18 million or $2,878 per acre (six cents per sf).
The mine shut down last year. A Jahna representative says offers from developers are coming in.
"Everything is just in the talking stage right now," the representative tells GlobeSt.com. "We'll know more in the coming months on what use the land will eventually have."
Comparable land in metro Orlando, near a major highway, would be at least $75,000 per acre or $1,72 per sf, area land brokers tell GlobeSt.com.
"The grandfathered zoning on that piece is what adds to its value," Dean Fritchen, a senior broker at Arvida Realty Services Commercial Division in suburban Winter Park, FL, tells GlobeSt.com.
The actual developable area of the property, however, is only 90 acres. The remaining 320 acres are under water. Based on 90 buildable acres, the asking price equates to $24,444 per acre or 56 cents per sf.
"There isn't anything much better than that around these days," Fritchen says.
The county figures it would have to invest $2 million to develop the site for a recreation park. That decision would mark the first time the county would be getting into the park management business. Until now, the county has allocated funds to cities to help run their separate park programs.
Tied in to the county's plans to bid on the sand mine land is a plan to invite Washington, D.C.-based Urban Land Institute to Lake County for a five-day review and report on how to control urban sprawl and develop a land acquisition program. The program would include properties such as the sand mine.
But the politicians aren't unanimous on the $110,000 fee the ULI is asking for its work.
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