ORLANDO—A key property in Orlando's tourist corridor has traded hands. Eden Springs Development LLC sold a 64-acre plot of vacant land on Turkey Lake Road, fronting Interstate 4, just north of Dr. P. Phillips Hospital.
CBRE represented Eden in the sale. The new owners contracted with CBRE to market the outparcels and development parcels on the site. Financial terms of the deal were not disclosed.
The property, known as Eden Springs, is suitable for retail, restaurant, hotel, office, multifamily, and condominium development in one of Orlando's most popular tourist corridors. Eden Springs is located in an area that CBRE Research predicts will see a 7.24% percent population growth rate between 2010 and 2018.
“As the Orlando tourist corridor continues to regain momentum, this will make an attractive site for a mixed-use development project,” says CBRE first vice president Robbie McEwan. “Walt Disney World Resort's capital commitment to the new additions to the Magic Kingdom as well as new hotel and timeshare projects will be supported by millions of dollars in marketing.”
Eden Springs is a key infill development site and the only one in the market with frontage on two lakes, Big Sand Lake and Mirror Lake. The property is about 2.5 miles north of Walt Disney World Resort and 1.9 miles south of Universal Orlando Resort.
“This will be positive for the entire area,” McEwan says. “Universal's success with Harry Potter and Sea World's expansion will also add to the expected boom in real estate development in the area.”
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