Lockheed Martin Sells Undeveloped Land at Lake Underhill Road and Alafaya Trail
ORLANDO, FL, 10-NOV-00 -- Lockheed Martin (NYSE: LMT) and PTC Land Holding, Inc. recently completed the sale of 55 acres, valued at $8 million, of undeveloped land adjacent to Lockheed Martin's Information Systems Center (ISC) facility on Lake Underhill Road. The property, in excess to the Corporation's needs, will be developed as a retail center including major stores, restaurants and other businesses. This is the first sale of Lockheed Martin's east Orlando land holdings, approximately 1,200 acres at the corner of Lake Underhill Road and Alafaya Trail. More than one-half of the property will be retained as conservation wetlands, lakes and ponds.
The development of Woodland Lakes is a separate enterprise from the successful operation of the ISC facility, said Lockheed Martin Information Systems President John Hallal. Our businesses continue to thrive amidst a growing Orlando landscape.
Under the Woodland Lakes land use plan, 350 acres are slated for development. Lockheed Martin will donate 15 acres to Orange County for use as a new elementary school, and an additional 10 acres for use as a new Orange County Park.
Lockheed Martin, under a joint agreement with Orange County, will improve the intersections of Lake Underhill Road at Rouse Road and at Alafaya Trail. Improvements also will be made to the connecting stretch of Lake Underhill Road from the current two-lane rural status to a four-lane divided urban roadway. The current ISC facility access road will be redesigned for all traffic to enter and exit the property at the signaled intersection of Rouse Road and Lake Underhill Road.
The 300-acre ISC accommodates three Lockheed Martin companies: Lockheed Martin Information Systems, Lockheed Martin Enterprise Information Systems, and Lockheed Martin Integrated Business Solutions.
Lockheed Martin employs approximately 6,500 employees at facilities in Central Florida.