For example, Resham Lally and his son, Raj paid Byron "Sonny" King III $5 million or $1.73 million per acre ($39.72 per sf) for the 73-year-old, 2.89-acre Orange Buick-GMC Truck Co. business at 3883 W. Colonial Dr. On a per-sf-basis, the deal is the largest of its kind in the last 10 years, county real estate records show.
Buyer and seller wouldn't disclose the price when the deal was done. The King family moved the dealership in 1968 to its current site from 530 N. Orange Ave., Downtown where some land prices are commanding $60-per-sf tags ($2.61 million per acre), according to property recordings in the past 12 months.
The Lallys also own Southside Dodge in Kissimmee, FL, 20 miles south of Downtown Orlando.
The last big land deal Downtown was in 1991 when Columbus, OH developer/art collector Ronald A. Pizzuti bought a prime 11-acre tract directly across from the 25-story, one million-sf Orange County Courthouse complex for $14 million or about $1.27 million per acre ($29.22 per sf).
Pizzuti has held off developing a planned $200 million, two-building, 29-story, 800,000-sf office complex and a 350-room four-star hotel on the site until economic conditions improve and solid anchors are signed for the projects.
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