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ALTAMONTE SPRINGS, FL-Projecting a strong demand by office and retail tenants over the next five years, this Orlando suburban city has approved the sale of 80 prime acres to Charlotte, NC-based Crescent Resources LLC for $9 million or $112,500 per acre.

The city has approved the development of 1.5 million sf of office, 450,000 sf of retail and an undetermined amount of other commercial space along State Road 434 and Maitland Boulevard, the main artery in this suburb, seven miles north of Downtown Orlando. In buying the land for $2.58 per sf, Crescent beat out a half dozen other rivals, city planning department staffers confirm for GlobeSt.com.

The project is tentatively named Gateway Center and could also include a hotel and limited residential development, according to the city’s Community Redevelopment Agency. A groundbreaking date hasn’t been set.

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