Florida Acquires Crossroads Shopping Center For $198 Million, Will Bulldoze to Build New Road to Walt Disney World
In an eminent domain settlement, Florida has agreed to pay $198 million to acquire the Crossroads shopping center near Walt Disney World. Florida will be knocking down Crossroads in order to build a new road leading to Walt Disney World as part of the ongoing I-4 Ultimate project.
According to The Orlando Sentinel, attorneys for the Florida Department of Transportation and Crossroad’s owner U.S. Cities Fund signed an agreement late last year outlining payments for each of the twenty-five tenants of Crossroads. The largest payment of $15.7 million is going to Gooding’s Supermarkets. U.S. Cities Fund received about $149.4 million and an additional $10 million to cover attorney fees and other expenses.
The twenty-five tenants have until August to vacate Crossroads.
The $198 million settlement is now the highest known eminent domain settlement, the previous record being around $70 million.
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