Lake County Offers Land for $1 at Industrial Park

The going price is $35,000 per acre or 80 cents per sf. Developers would have three years to sell their buildings and pay back the regular price of the land to the county. The county would initially limit the number of buildings constructed under the $1 concept to three.

What happens if the developer can't sell the buildings within three years is a question county manager William A. Neron and his staff will have to address before signing off on the unprecedented marketing ploy to attract new corporations to the county.

Neron's decision isn't expected until July. But if the concept is approved, the county would immediately send out conventional requests for proposals to local, regional and national developers. Comparable land in neighboring Orlando goes for $80,000 to $100,000 per acre ($1.84 per sf to $2.30 per sf), brokers specializing in land sales tell GlobeSt.com.

"I can tell you this much: the county isn't going to get itself in a position where it has to buy back the buildings and become a developer itself, leasing out the space to tenants," a Lake County staffer tells GlobeSt.com on condition of anonymity.

But that's the suggestion economic development director Greg Mihalic made before the Industrial Development Authority rejected the idea at its April 11 regular meeting. County commission chairman Bob Pool, who is also an IDA member, likes the $1 concept because it would generate new tax revenue for the county when the buildings are up and running.

Among the 20 owners of distribution centers at the industrial park are Circuit City, Goodyear Tire & Rubber, American Hotel Register, Carroll Fulmer Trucking Co., Marriott Distribution Services, Domino's Pizza, Ryder Truck and Robert Padillo Properties.

Waiting for the county's ruling, one way or another, is California-based Tamkin Development Corp. with plans for a 50,000-sf spec building.

Meanwhile, three miles south of the county's industrial park near Groveland, FL in south Lake County, a three-partnership group is proposing to develop a 283-acre, $1 billion mixed-use venture they say will complement the industrial park.

Golden Fleece Groves Inc., Land of Growth Investment Corp. and Orlando Realtor/developer Charles Hwang envision a 130-acre office park; 13 acres of commercial; and 71 acres of single-family housing, restaurants and a hotel on the site. Details on funding and ground-breaking haven't been disclosed.