Long-awaited Development Ready to Roll

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.