The Real Deal Miami

U.S. Sugar sells $1.7B in farmland to state

June 23, 2008 03:25PM

The state is expected tomorrow to announce the purchase of more than 185,000 acres of sugar cane farmland from U.S. Sugar Corp. Florida and the South Florida Water Management District are expected to pay around $1.7 billion for the swath of land, located south of Lake Okeechobee. Preliminary plans call for using the land to help restore the Everglades’ headwaters and filter marshes. The news comes on the heels of rumors that the sugar company may soon go out of business in Florida.