LEESBURG, FL-They’re still playing peekaboo on formally identifying the seller, but city commissioners, nevertheless, are signing a letter of intent this week to sell a 200-acre industrial parcel for $1.6 million or $8,000 per acre (18 cents per sf). Buyer and seller have 180 days to sign a formal contract.

The buyer is believed to be Wal-Mart Stores Inc., which plans to erect the second largest distribution center in Central Florida–a $50-million, 1.2-million sf complex at Country Road 470 and the Florida Turnpike in south Lake County. The site is 30 miles west of Downtown Orlando.

Comparable dirt at established Orlando area business parks offering full utility and fire protection services would be at least $100,000 per acre or $2.30 per sf, according to area land brokers.

Carter and Burgess, a Fort Worth, TX-based consulting firm, is also taking a $4.6 million economic incentive offer from the city to the buyer. The incentives include a $2.4 million property tax exemption on site improvements for ten years; and $1 million for a city-built well and tank for fire protection.

The city anticipates receiving a robust return for its money. Annual property taxes paid by the new landowner would total $247,500 to the city; $260,150 to the county; and $480,810 to the Lake County school district.

The city also anticipates the buyer will create 600 immediate jobs and another 600 positions over the next three years at an average wage of $11 per hour. Another 1,500 jobs are expected to open up from companies and expanding businesses servicing the center.

Additional funds or exemptions from the state could boost the value of the incentive package to $6.4 million. The earliest construction start for the distribution center is first quarter 2001 with completion in 2002.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2024 ALM Global, LLC. All Rights Reserved.