Property owner and state agree to Wekiva Parkway land deal

Property owner Jim Palmer and state agencies agreed to a purchase price of $30.5 million to purchase a 385 acre tract of land critical to the construction of a beltway around Orlando to protect the nearby Wekiva River. The land deal paves the way for the 25-mile Wekiva Parkway, which will travel through Orange, Lake, and Seminole counties.

The parties originally brokered a deal to purchase the property for $37.5 million, but the current economic downturn in property values played a role in the reduced purchase price.

The settlement was a compromise in positions. The state had valued the property between $25 and $28 million. The settlement called for the expressway authority to pay $3 million towards the purchase price and $2.5 million for the owner's consultant and legal fees. The state will kick in the remaining $25 million.