Flagler Development Company Acquires Land in Lakeland, Florida
biz.yahoo.com
Wednesday March 9, 3:59 pm ET
ST. AUGUSTINE, Fla., March 9 /PRNewswire-FirstCall/ -- Flagler Development Company ("Flagler"), the wholly owned commercial real estate development subsidiary of Florida East Coast Industries, Inc., has acquired 525 acres in Lakeland, Florida. Flagler also has an additional 140 contiguous acres under contract and expected to close in the near future. Flagler is paying a total of $9.3 million for the 665 acres (approximately 370 usable acres or $25,000 per usable acre). The property is located along Polk Parkway, south of Interstate 4 in Lakeland. The property is adjacent to Publix Super Markets, Inc.'s corporate headquarters and the Lakeland Linder Regional Airport. The property is primarily zoned for industrial development, but given the overall size of the project, regulatory approval of a comprehensive Development of Regional Impact (DRI) application is required. Subject to approvals and final planning, entitlements for approximately 5 million square feet of distribution and office space will be sought for this property.
Robert W. Anestis, Chairman, President and Chief Executive Officer, stated, "This strategic purchase of land along the I-4 corridor, between Tampa and Orlando, will add to Flagler's existing land bank and provides a renewable source for future industrial development. The purchase of the 665 acres, utilizing tax deferred proceeds, will provide scale in a new market that we believe is clearly well positioned as the industrial warehouse and distribution business along I-4 grows. Raw land is one of the building blocks for value creation at Flagler. Along the continuum, value is enhanced by the Flagler team by adding entitlements, infrastructure, buildings with quality tenants and opportunistic sales in Florida's growth markets."
"Flagler has been looking for an industrial opportunity in the fast growing I-4 corridor for some time," said G. John Carey, Flagler's president. "This parcel along I-4 between Tampa and Orlando is ideal. We have already begun the planning process and expect to deliver Class-A, institutional quality distribution buildings similar to those Flagler has developed in South Florida. This initiative represents a major economic development opportunity for the City of Lakeland and Polk County and Flagler appreciates the cooperation received to date and looks forward to working closely with City and County officials as we move forward on this project." |
