June 27, 2022
Dallas-based Lantower Residential paid $15.5 million late last week for a mixed-use development site at the gateway entrance to NeoCity.
The sale price breaks down to $944,546 per acre — the highest price per acre ever paid for land in Osceola County.
Lantower, a subsidiary of H&R REIT, already has a presence in Central Florida with three previously acquired multifamily assets and a fourth planned for construction in Kissimmee’s Sunrise City. The company purchased the 16.4-acre Valencia Village asset through its Lantower NeoCity LLC affiliate.
Osceola County Property Appraiser Katrina Scarborough said the county has seen unprecedented appreciation in property values over the last 18 months across all asset classes. Single-family home sale prices escalated at a rate of 30% year-over-year in 2021, and this year condo and townhouse sale prices are on track to rise nearly 40%. Despite that, she found the sale price for Valencia Village jaw-dropping.
“My initial reaction is shock,” she said. “However, with the market we’re in now, I think we get shocking numbers often.”
Daryl Carter has the listing for 12.2 acres adjacent to the Valencia Village property, which is on the market. Carter said they also chose to leave the offering unpriced so the market could determine the value. “I would like to give a note of thanks to the Schoolfields and Lantower for setting the bar very high,” he said. “That’s a really good number. I hope they’re very successful.”
NeoCity master planners Perkins+Will identified the Schoolfield site as having “the greatest potential to be a grand public entrance to the district, complete with public art, decorative lighting and a distinctive sign to spur commercial development in NeoCity and on privately owned land that fronts E192.”
Read the full article: https://www.growthspotter.com/2022/06/27/dallas-developer-pays-155m-for-e192-land-at-gateway-to-neocity/