Crescent will pay Altamonte Springs $6 million for the dirt. Theprice equates to $75,000 per acre or $1.72 psf. But the effectiveprice, after the deal is closed and all studies completed, willprobably be about $6 psf or $261,360 per acre. That would put theland price at a total $20 million.
"It's a homerun of a deal any way you look at it," Crescent vicepresident/development director Whit Duncan tells GlobeSt.com. "It'sthe missing part we needed to move ahead" on the mammothproject.
A ground-breaking date hasn't been set because Crescent'splanned five-month due diligence period is only beginning. "That'slightning fast in itself, considering due diligence periods onprojects of this size typically take eight to nine months orlonger," Duncan says. Still, he estimates infrastructure workshould begin in 12 to 18 months.
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