State of Florida purchases Shopping Center near Disney World for $198 Million

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Shopping Center Disney World

The State of Florida has reached a $198 million agreement to acquire a popular shopping complex outside of Disney WorldThe Florida Department of Transportation’s plan is to build a new interchange for the Interstate 4 Beyond the Ultimate expansion project. According to the Orlando Sentinel, the location is at shopping center known as the Crossroads of Lake Buena Vista.

Shopping Center Disney World

Originally built by Disney in 1988, the Crossroads later passed hands several times over the years. The 36-acre property is prime real estate near Disney World.

The Crossroads of Lake Buena Vista was home to businesses including Gooding’s Supermarkets, Perkins Restaurant, TGI Fridays, Red Lobster, Buffalo Wild Wings and a pirate-themed miniature golf course.

The state acquired the complex in February 2019 as negotiations for the final price continued. The 25 business tenants won’t vacate until the end of August 2021. Some of the tenants left during the pandemic, but others will be there until August.

Attorneys for Florida Department of Transportation and Crossroad’s owner U.S. Cities Fund signed the final judgment in late 2020 that outlined payments of about $39 million for the 25 tenants — the largest going to Gooding’s Supermarkets for $15.7 million, according to Orange Circuit court documents.

Source: Orlando Sentinel

Kevin Koszola