It’s less than a month before the deadline for water park developer Lost Lagoon LLLP to buy its piece of Murdock Village from Charlotte County.
In preparation, commissioners Tuesday authorized county staff to sign closing documents, should the event take place.
So far, it is still scheduled to take place before July 23, Redevelopment Manager Joshua Hudson confirmed.
Lost Lagoon is expected to take the first step in paying $6.7 million for 153 acres between U.S. 41 and State Road 776 to the east of Toledo Blade Boulevard. This land has lain mostly dormant. Lost Lagoon signed a purchase deal in 2017. The county has agreed to return the purchase money as the developer completes investments in infrastructure such as rebuilding Toledo Blade.
Unlike the other Murdock Village developer Kolter Land Partners to the west, Lost Lagoon is buying the land in phases.
It is expected to buy most of the land, however, in the first phase, which includes a hotel, a much- anticipated walkable downtown, and a water park. They plan to build the hotel and some commercial buildings before the downtown or water park.
This is the second piece out of 879 acres the county started buying in 2003 with plans of rezoning and reselling to private developers. Development was previously delayed by a recession. The coronavirus pandemic has caused some delay in this purchase, with New York City banks shutdown in March. Lost Lagoon, which plans to call the site Arrondondo Pointe, has delayed the closing on other occasions as well. Hudson said he is not aware of plans to postpone this closing.