Land Swap and Purchase
In 2015, the owners of a well-known Central Florida landmark approached SC Advisors with a challenge.
Their property in Thornton Park was comprised of approximately 2 acres of lush green space, the centerpiece of which is a magnificent 175-year-old live oak tree. For many years, the Caruso Family had generously leased the land to the City of Orlando for use as a park, known as Constitution Green, for one dollar per year. The family retained all of its ownership rights to sell or otherwise dispose of the property at any time in the future.
Dramatically increasing property values in the area led the Caruso family to consider an offer of over $7 million in late 2014 from a developer proposing multi-family housing on the site. As the possible sale became public knowledge during the zoning process, an outcry arose from the surrounding community to preserve the land as a park. Both the City of Orlando and the Caruso family were seeking a way to preserve the park while allowing the family to realize the proceeds from a sale to which they were entitled.
The Caruso family engaged SC Advisors to seek a solution and to represent them in any resulting negotiations regarding the parcel. The solution was a property exchange between the Caruso family and the City. The City took possession of the Constitution Green Park and the Caruso family received marketable property and monetary compensation from the City. SC Advisors helped orchestrate this win/win solution which was finalized in September of 2015 and closed in January 2016.