X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Orange County commissioners are expected to vote this month on a unique $20 million land-buying proposal advanced by county chairman Rich Crotty. A former county property appraiser, Crotty wants to save thousands of acres of pristine land from commercial development, staffers in his office tell GlobeSt.com.

Crotty’s Green Place project would be funded from the public services tax, a 10% charge on electric, water and natural gas levied in unincorporated areas. The tax money would be used to issue $20 million in new revenue bonds.

Crotty couldn’t be reached at GlobeSt.com’s deadline to learn how many acres Green Place plans to buy. But metro Orlando industrial real estate brokers who have handled similar environmental-oriented land transactions tell GlobeSt.com $20 million won’t go too far in building a land bank.

“Even if the county could get some of the dirt for as low as $2,500 per acre or about six cents per sf, that would only purchase about 8,000 acres,” a broker who has advised the county in the past tells GlobeSt.com.

But it would be a start, local environmental groups tell GlobeSt.com. Staffers in Crotty’s office confirm the chairman plans to have various environmental groups select the land sites for acquisition. “That would also be a first for this type of program,” a staffer in the county’s planning department tells GlobeSt.com.

As an initial purchase, environmental groups already have identified 9,000 acres in the Wekiva River Protection Area. Other sites are the Shingle Creek drainage basin, Boggy Creek drainage basin, Lake Hart drainage basin, Econlockhatchee River drainage basin and the St. Johns River drainage basin.

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?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

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

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.