Jerry W. Jackson | Sentinel Staff Writer
September 17, 2007
And why not? The community that the Walt Disney Co. built is maturing right along with the trees and landscaping.
Kelly and Smith note the professionally made campaign signs neatly lining the tree-shaded streets -- made for residents who are running for seats on the seven-member homeowner association's board.
"We like color, but it won't be that color," Kelly said with a smile. He and his colleagues at Disney have the final say on such things in Celebration.
Disney held a lottery for the first 300 home buyers in 1995, demand was so great. Now the community has 9,000 residents, and room for 3,000 more. Except for resales, though, all the single-family lots have been sold. Now the development, which opened its town center in November 1996, is marketing the last of its commercial land.
Disney has three parcels left, 30 acres in all, along Celebration Boulevard. It's mostly cleared and ready to go, surrounded by trees, creeks and wetlands in preservation land. Duke Realty Corp. also owns 8 acres of adjacent land that's vacant and developable.
Although technically not a town -- it's not legally incorporated -- the community is gradually being turned over to local, citizen control. All seven members of the homeowner association's board, for example, are now independent residents, not Disney representatives or Celebration employees, as in the past.
There's a hospital, school, shops, restaurants, offices, a water tower -- with no water. In all, a dozen buildings with 1.7 million square feet of commercial and office space are built or planned.
Sure, the "Town of Celebration" sign at the entrance is a marketing thing. But Celebration was never just a subdivision, Kelly said, and now it's evolving and growing into a full-blown community, just as Disney planned.
Leasing and sales
Greg Morrison, principal and founder of Morrison Commercial Real Estate in Orlando, completed three office-lease transactions totaling 34,141 square feet at two office buildings in downtown Orlando. In Landmark Center II, at 225 E. Robinson St., Morrison served as the tenant representative for law firm Mateer Harbert in the negotiation of an 18,275-square-foot renewal with landlord Highwoods Properties. In the Citrus Center, at 255 S. Orange Ave., Morrison negotiated two lease renewals for Parkway Properties. Custom Benefit Programs Inc. renewed its 11,633-square-foot office lease, with Dave Chapin of Grubb & Ellis representing the tenant. And NorthMarq Capital renewed its 4,233-square-foot Citrus Center lease. . . .
Cushman & Wakefield's Apartment Brokerage Services Group recently negotiated the sale of the Palatka Oaks Apartments in Palatka, for $2.06 million. Hal Warren, Jay Ballard and Enon Winkler, senior directors, and Ken Delvillar, associate director, negotiated for the seller, Palatka Oaks Apartments LLC, an affiliate of Montgomery, Ala.-based B&M Management Co. LLC. The buyer was SMG Cos., a Florida-based development and management group. . . .
Richard T. Davis Jr. and Nick Sands with the Orlando office of Grubb & Ellis/Commercial Florida, recently negotiated a sublease for 86,200 square feet of warehouse space in the Presidents Distribution Center in Orlando. Davis, a vice president with the industrial group, and Sands, an associate, negotiated on behalf of the sub-landlord, Illinois-based Eby-Brown Leasing LLC. Matt Sullivan of Colliers Arnold represented the sub-tenant, H&B Trading. Grubb & Ellis/Commercial Florida, with offices in Orlando, Melbourne, Tampa and Sarasota, also represented Florida Bearings in the $1.6 million purchase of a 24,576-square-foot warehouse at 2020 N. Rio Grande Ave. in Orlando. Sands represented Miami-based Florida Bearings, while David Murphy of CB Richard Ellis represented the seller. . . .
NAI Realvest recently negotiated the sale of a 242,000-square-foot industrial facility at 2000-2002 E. Lake Mary Blvd. in Sanford for $11.6 million. George Livingston, chairman of NAI Realvest and Christie Alexander, a principal, negotiated the transaction representing the buyer, Lake Mary Industrial Partners LLC of Columbus, Ohio. Dan Colachicco and Jim Murr of Marcus & Millichap represented the seller, Humphrey Realty Corp. of Sanford. Murr has since joined NAI Realvest. NAI Realvest is handling leasing and management of the property.
Overseas marketing
Mercedes Homes will showcase its Florida homes to British home buyers during a major real estate trade show in London this week. Mark Hyre, vice president of sales and marketing at Mercedes Homes in the Volusia-Flagler region, said more than 15,000 participants are expected to attend the event Tuesday and Wednesday. "With the currency exchange rate at better than two to one, American real estate is an attractive investment for British buyers," Hyre said.
Office work
Pertree Constructors Inc., with offices in Orlando and Jacksonville, has been selected to construct Orlando Southpark Center III near the intersection of Sand Lake Road and John Young Parkway in south Orlando. Upon completion, the three-story building will offer 30,000 square feet of offices divided into as many as 26 units. The construction value of the project will exceed $4 million; the project is scheduled for completion in March 2008.
Jerry W. Jackson can be reached at
jwjackson@orlandosentinel.com.
