Counseled by Hall, the trustee has sold the last parcel of 975 acres it has had on the market over the past 20 years for the Ontario, Canada owners.
Larry Godwin's Colony Communities of Winter Park, FL paid $925,000 or $14,231 per acre (33 cents per sf) for a 65-acre tract at 3701 Young Pine Road, Orlando.
The site, near Curry Ford and Dean Roads is a former fill dirt borrow pit that Orlando developer John Buttrey has been filling for the past seven years. Colony plans a 170-home community around a 30-acre man-made lake on the site.
"It was an innovative approach to a 265-acre piece of dirt that was just out there with no special use at the time," Hall tells GlobeSt.com.
The 200 acres behind the 65-acre tract are not suitable for development, Hall says. Probably 100 acres will be donated to the local YMCA for preservation.
Colony paid Orange County Public Schools upfront school impact fees of $750,000, according to a prepared statement from Colliers Arnold.
Broker Matt Sullivan of Colliers Arnold worked with Hall on the Colony transaction. Potomac Land Co.of Franklin, W.Va. represented Colony.
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