Emerson paid Carter Land Trust $10.1 million or $8,354 acre (19cents per sf) for the dirt off Narcoosee Road (County Road 15),south of Tyson Road near Orlando International Airport. Thedeveloper plans 200,000 sf of office/retail; 3,000 residences; andan 18-hole golf course. Construction is tentatively scheduled tostart in 2002. Permitting and bureaucratic paperwork will take twoyears.

The property overlooks Lake Hart near conservation areas. Nearbyis the affluent Lake Nona golf course community, an 8,150-acredevelopment planned for 9,000 homes, six million sf of commercialand 2,000 hotel rooms. Southwest of the Emerson land is a mixed-useventure that will encircle the 1,500-acre Campus Crusade for Christheadquarters. That project encompasses 2,650 homes, 100,000 sf ofretail and 300 hotel rooms.

Based in suburban Altamonte Springs, FL, Emerson has been anOrlando area developer for two decades. The developer's projectscomprise the 55-acre CenterPointe on the Park at Cranes Roost Lakein Altamonte Springs; the 126,000-sf CenterPointe Office Park; andtwo office buildings totaling 200,000 sf. Another 110,000-sf specoffice structure is expected to break ground in the firstquarter.