The Ocoee City Commission plans to hear from city staff regarding the sale of city property during the commission’s meeting Tuesday, Aug. 4.
For the last few years, Ocoee has received numerous, unsolicited proposals to purchase land owned by the city, but Tuesday night’s meeting will see the city discuss two specific spots that have gained interest from developers.
The first property is a 16.19-acre parcel near Ocoee High School — east of Ocoee Crown Point Parkway, west of Ocoee-Apopka Road and north of the 429 — which would likely be developed as a residential townhouse project . The second property is a 17.96-acre parcel on the northeast corner of Ocoee-Apopka Road and Fullers Cross Road — south of 429 — that would be for commercial use.
With the interest into the two parcels, the city of Ocoee had each appraised, with the residential property coming in at just over $2.9 million and the community property being valued at just over $3.5 million.
Having an idea of value, the city proceeded to send a Request for Letters of Intent for both — receiving seven responses for the residential property and three for the commercial property. The offers for the residential property ranged from a low of $1 million to a high of $2 million, while the commercial property fetched offers from $2.7 million to $3.5 million.
When it came to the residential property, city staff made the suggestion to put off selling it at this time.
“City staff does not feel that apartments would be a good use for the property,” city officials stated. “City staff believes that the timing of the response coinciding with the height of the current pandemic and the corresponding uncertainty of the housing market played a role in the lower than expected offer. Given the low offers, a lack of urgency to sell the residential property and additional development coming over the next few years, which may increase the value of the land, city staff is recommending that the city not pursue the sale of the residential property at this time.”
Although city staff were not for the development of the residential property at this time, when it came to the commercial property, officials offered to keep things open.
The highest bidder — GPK OET LLC — is a developer that has worked with the city previously. GPK officials have revealed their development proposal for the site, which includes a gas station, a tractor dealership and an office.
Although there is no urgency, city staff’s suggestion for the commission is to allow the staff to continue to engage GPK OET LLC with further discussions to see about the potential for differing uses for the commercial property.