225-Acre Posner Park Set For Auction

Susan Morris and Nick Jones of Colliers International Central Florida, along with Larry Stockton and Michael Fay of Colliers International South Florida, are facilitating the disposition. Pursuant to the bankruptcy sale procedures, final bids for prospective buyers are due by Aug. 4. The auction is scheduled for Aug. 12. “We expect Posner Park to see a high level of interest,” says 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.” The Posner Park property is about 10 miles south of Disney World. Entitlements allow for about 2 million square feet of commercial improvements, 2,000 residential units, and 2,600 hotel rooms. The asset offers 104 net buildable acres improved with infrastructure—including master retention, sewer, water lines, lighting, grading, and underground power—that took about $30 million to complete. Developments located between Disney World and Posner Park—which include Celebration, Reunion and Champion’s Gate—are currently undergoing final phases of development. That makes Posner Park one of the final major lender-owned development opportunities in that area. 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.   Source:  GlobeSt.]]>