The Real Deal Miami

Lawrence Group increases its U.S. Sugar bid

December 01, 2008 05:46PM

The Lawrence Group, an investment group that has been
competing with the state to purchase U.S. Sugar Corp. land, upped its
deal over
the weekend by submitting a formal proposal and a $27.5
million check. The Lawrence Group wants to purchase more than 180,000
acres of
the land the state plans to buy, and the $27.5 million is half of a
down payment U.S. Sugar can keep if it agrees to back out of its deal
with the state. U.S. Sugar and the state agreed to a $1.34
billion deal
last
week. The South Florida Water Management District, which is in charge of buying
the land for the state, has until December 16 to approve the deal.