"A distressed property in this location is going to be a terrific purchase for the right buyer," said Jones.
Orlando, FL (PRWEB) June 09, 2014
Posner Park is slated for a bankruptcy-court-ordered auction in August, with the minimum bid threshold set at $25.25 million. The 225-acre property is one of the last large development opportunities available in Central Florida’s expanding tourist corridor.
Susan Morris and Nick Jones of Colliers International Central Florida, and Larry Stockton and Michael Fay of Colliers International Miami have been retained as the exclusive brokerage team to facilitate the disposition.
The Posner Park property is approximately 10 miles south of Disney World. Entitlements allow for approximately 2 million square feet of commercial improvements, 2,000 residential units and 2,600 hotel rooms. There are 104 net buildable acres improved with infrastructure – including master retention, sewer, water lines, lighting, grading and underground power – that was done at a total estimated cost of $30 million.
Developments located between Disney World and Posner Park – which include Celebration, Reunion and Champion’s Gate – are currently undergoing final phases of development, making Posner Park one of the final major lender-owned development opportunities in that area.
“We expect Posner Park to see a high level of interest,” said Jones. “With recent record-setting tourism numbers, a strong job market and some of Central Florida’s leading theme parks in the process of launching their biggest expansions in history, a distressed property in this location is going to be a terrific purchase for the right buyer.”
Pursuant to the bankruptcy sale procedures, final bids for prospective buyers are due by August 4. The auction is scheduled for August 12.
Phase 1 of the Posner Park development, which includes a 580,000-square-foot power center anchored by Target, Dick’s Sporting Goods and other national tenants, is not included in this sale.
To learn more about Posner Park, please visit http://www.PosnerParkBankruptcySale.com.
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