Land Auction Thursday Could Generate $10M

Independent appraisers not associated with the auction tell GlobeSt.com on condition of anonymity the parcels could command a total price of about $10 million in a period where trophy tract sales have been scarce.

As a starter, property owners Tony and Virginia Ballestero are selling their landmark 39-year-old, outdoor Plaza Theatre on 2.1 acres at 425 N. Bumby Ave., off DowntownOrlando, near the $500 million Colonial Plaza Marketplace. Appraisers tell GlobeSt.com the theatre dirt could easily go for $100,000 per acre or more ($2.30 per sf).

In south Orange County, the Ballesteros are selling 4.3 acres of undeveloped land at 12323 Winter Garden Vineland Road, near the 1,500-acre, 750-room (74 suites), 18-story, Hyatt Regency Grand Cypress Resort, near Walt Disney World.

Appraisers tell GlobeSt.com that tract might bring in $1 million per acre ($23 per sf) or a total $4.3 million. Corner one-acre lots in nearby areas have sold to national oil companies over the years for $750,000 to $1 million per acre, according to Orange County real estate records.

Also near Walt Disney World, at State Road 535 and Lake Bryan Drive, the Ballesteros are selling a seven-acre tract that could generate $750,000 per acre or a total $5.25 million, appraisers tell GlobeSt.com.

"It's going to be interesting how the numbers line up on this auction," Dean Fritchen, senior associate, Coldwell Banker Commercial, Winter Park, FL, tells GlobeSt.com.

"Prime dirt near existing commercial development is tough to find these days in metro Orlando and when you find it, the asking price often stops a developer from going further because the project seldom becomes cost-effective when you overpay for the land," Fritchen says.

The Ballesteros couldn't be reached for comment at GlobeSt.com's publication deadline. Higginbotham Auctioneers International of Lakeland, FL is handling the auction.