Kahli, majority owner of Avalon Park Associates LP, has a major development presence in Orlando through his seven-year-old, 1,860-acre Avalon Park mixed-use community, 15 miles north of ICP.Kahli's latest investment, International Corporate Park, is slated to comprise an estimated 3,000 multifamily and single-family units, seven million sf of industrial, light manufacturing and retail--a reduction from the 20 million sf of commercial the park was initially approved for in 1986 when it was owned by Swiss Bank Corp. The preliminary master plans estimates a June date of completion.

Various developers have envisioned a Silicon Valley-like, high-tech ambience for the park, a vision that was once sparked by Lockheed Martin Corp. which purchased 200 acres in 1987 and still owns the undeveloped tract.

"Twenty-five years ago, during the Cold War, planners conceived massive industrial plants here that link the space programs in Brevard County with weapons production facilities in south Orlando," Kahli says in a statement. "In the 1990s, new developers envisioned a Silicon Valley, but that era has now changed as well."

But today, he says, "a mixed-use development that focuses on families, schools, places of worship and cultural centers, as well as employment centers, is a much better use of the land, and it benefits the Central Florida community so much more, as well."

Kahli says he has been studying the ICP property for the past 10 years. "High-tech employment is an essential element of our national economy and that will be included in our plan," the developer says. "But large-scale, single-use development is the worst cause of urban sprawl." He says, "We don't need to put another 10,000 cars on Central Florida roads for morning rush hour. What we need is more responsible planning, with a mixed-use approach that provides all the elements of a healthy community, not just one or two."

ICP Associates, a former park owner, invested $50 million in site infrastructure between 1985 and 1999 preparing a large portion of ICP for a technology office and research campus. Land parcels at the park in 2001 carried an asking price of $2 per sf or about $87,120 per acre.

Although the price Kahli is paying for International Corporate Park is more than Price Legacy Corp. bought the park for in 2001, the $13,289-per-acre tag is in line with prices the land was selling for in September 2000, according to Orange County real estate records. At that time, Excel Legacy Corp. sold 235 acres to an undisclosed buyer for $3.3 million or $14,043 per acre (32 cents per sf).

Price Legacy Corp. was previously known as Orlando Business Partners comprised of Oakridge Investments Inc. of Dallas, Excel Legacy Corp. of San Diego and David Roan of Austin, TX.

Instant Insights /

Swiss Banker to Buy International Corporate Park for $32M

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