Palm Beach County ever-so-slowly recoups rent on disastrous farm purchase

Miami /
Feb.February 29, 2012 04:30 PM

Palm Beach County is renting 1,900 acres it bought for $46 million to a farm for $150,000 per year, the South Florida Business Journal reported. But at least its finally generating some revenue on its unfortunate acquisition.

In 2004, the county bought the farmland west of Palm Beach Gardens, known as Mecca Farms, under the assumption that then-Governor Jeb Bush’s plans for a Scripps Research Institute campus and a massive commercial and residential development would come to fruition.

However, a judge overturned zoning approvals in 2005 and Scripps built its institute on Florida Atlantic University’s Jupiter campus.

Since then, the purchase has been maligned heavily in the press, as the county took out $175 million in bonds to purchase and start construction on the site, paid $250,000 per year in maintenance fees and did not generate a single dollar in revenue.

Now, Pope Farms will lease and maintain the land for $150,000 per year for five years to grow sugar cane. [SFBJ]


Related Articles

arrow_forward_ios
Laurent Morali and Charles Kushner (iStock)

Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects

Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
South Florida contracts increase through the end of 2020. (Getty)

Signed resi contracts up in South Florida in December

Signed resi contracts up in South Florida in December
Palm Beach (iStock)

South Florida resi contracts continue growing in November, with Palm Beach in the lead

South Florida resi contracts continue growing in November, with Palm Beach in the lead
(iStock)

South Florida October construction starts drop, year-over-year

South Florida October construction starts drop, year-over-year
Brent Baker and a  rendering of 5024 South State Road 7 (DiVosta, iStock)

Pulte buys 31 acres in Lake Worth, plans housing community

Pulte buys 31 acres in Lake Worth, plans housing community
Prospective buyers continued to sign contracts for both condos and houses throughout South Florida in October

Signed resi contracts rise again in South Florida in October

Signed resi contracts rise again in South Florida in October
Rob Thomson (Rob Thomson, Palm Beach County Sheriff's Office, iStock)

Jupiter agent Rob Thomson gets probation for domestic battery against ex-fiancée

Jupiter agent Rob Thomson gets probation for domestic battery against ex-fiancée
920-1934 Stirling Road in Broward and 510 Linton Boulevard in Delray Beach (Google Maps, iStock)

South Florida’s retail market weakens in Q3

South Florida’s retail market weakens in Q3
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...