College, CNL Strike Deal in $9M Land Swap

The deal finally got done Wednesday when the 39-year-old, 54,150-student Valencia Community College, one of the largest junior colleges in the US, agreed to exchange 20 prime acres bordering its West Campus on South Kirkman Road for the same-sized parcel at Moss Park where it plans to develop a 100-acre, 800,000-sf campus by 2008, school officials and Seneff confirm.

The college and CNL value each parcel at about $9 million or $450,000 per acre and $10.33 per sf. Valencia is currently spending about $38 million to complete expansions and renovations at its existing seven area campuses to make room for 1,700 new students. The school projects its enrollment will swell to 85,000 students in 10 years.

"We anticipate this [new] campus will become a cornerstone, not only for our development, but for the entire southeast Orlando region," Seneff says. The planned campus will play a dominant role in Moss Park's new town center which will comprise an undetermined amount of retail, office and multifamily residences totaling about 2,600 homes, he adds.

Although the college hopes to have the new campus open to students in 2008, the entire deal is tied to the extension of Alafaya Trail from University Boulevard through Moss Park and eventually to Orlando International Airport. "Without approval of the road extension, the project will not go forward," Seneff says.

Valencia Community College is the second largest of Florida's 28 community colleges, teaching 60,000 students a year. In 2004, Valencia awarded 4,500 degrees and certificates. The college ranks second in the nation in total number of associate degrees awarded, according to college president Sanford Shugart.

"This parcel is a perfect location for expansion, putting Valencia's educational services squarely in an area where there is real demand for them," Shugart says.