Updates regarding the Eminent Domain near Disney World:
The Crossroads of Lake Buena Vista, a plaza across the street from Walt Disney World on State Road 535, may be demolished thanks to the I-4 Beyond the Ultimate road work, which is a revamp of Interstate 4.
The I-4 Beyond the Ultimate will stretch the $2.3 billion, 21-mile, six-year I-4 Ultimate project by 40 miles and will need more land to do so.
The Florida Department of Transportation has offered roughly $146 million to buy the 155,597-square-foot Crossroads of Lake Buena Vista retail center, according to the appraisal.
The property is part of FDOT’s five-year work program and applies to the entire 5.6 mile section of this part of I-4. FDOT confirmed that negotiations are taking place, but declined to comment.
The 37.6-acre, fully-occupied shopping center is owned by TIAA-CREF, an affiliate of TH Real Estate, and has 23 tenants including a Gooding’s supermarket, Red Lobster, Uno Pizzeria & Grill, McDonald’s, Tom & Chee, TGI Fridays and other restaurants and tenants, which have been made aware of the appraisal for the eminent domain acquisition.
“They [FDOT] are going forward with that acquisition. This is going to displace a lot of businesses and jobs,” eminent domain attorney Prineet Sharma told Orlando Business Journal
He represents Dakshin Indian Restaurant, one of the restaurants in the center. “This is going to hurt a lot of the smaller and family-owned businesses, not so much the big chains. The smaller businesses will have to move or close their business. Even if they do find another space to lease, it may be more expensive and they may not have the same opportunities there,” Sharma said, adding that most of the compensation probably will go to the landlord.
Sharma also represents the 196-room Radisson Hotel, which is adjacent Crossroads on Apopka Vineland Road, and said FDOT may take a huge portion of that parking lot.
Justin Greider vice president at JLL and broker for the Crossroads of Lake Buena Vista, previously said he suspected the center would be affected by the massive road project. He also previously said the I-4 Beyond the Ultimate project has caused three restaurants to back out of going in the shopping center due to eminent domain. “They decided it’s not worth the effort to invest.”
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