X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Magnolia Creek, a planned 2,129-acre mixed use development next to Walt Disney World’s Celebration community, is finally coming alive. Ginn Co. of Hilton Head, S.C. is paying $42 million for the strategically-located dirt in Osceola County.

The price equates to $19,728 per acre or 45 cents psf. Orlando’s Heidrich family has owned Magnolia Creek since 1952.

The tract is approved for 1.2 million sf of business/flex park; 500,000 sf office; 400,000 sf of retail; 1,152 multi-family units; 2,500 single-family residential units; and three 18-hole golf courses.

The residential first phase of 300 acres fronting on Interstate 4 and County Road 545 is scheduled to break ground by yearend. Ginn is acquiring the tract in three phases over 2 1/2 years. The first-phase takedown is 630 acres.

Ginn has also developed Grand Haven in Palm Coast, FL and Sea Pines Plantation at Hilton Head.

Realvest Partners Inc. and the Quantum Group co-brokered the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.