South Florida firm to oversee development of 1,223 city-owned acres in Port St. Lucie

But the city rejected a bid by Tambone Companies to buy part of the property for $25,000 per acre

Miami /
Jul.July 29, 2018 09:00 AM

Tradition Commerce Park in Port St. Lucie

Port St. Lucie selected a South Florida company to oversee development of a 1,223-acre property but rejected the company’s bid to buy part of it.

The  city council unanimously voted to select Palm Beach Gardens-based Tambone Companies as master developer of the city-owned property in a joint venture with the city.

The city council separately approved an offer by Publix Super Markets to acquire 20 acres of the property for $3 million, or $150,000 per acre.

The council also rejected a bid by Tambone to buy 210 acres of the property for $5.2 million, or $25,000 per acre, and directed the city manager to negotiate a better offer.

But the council preferred Tambone’s master plan for developing the property over one proposed by Mark Gotz of St. Lucie West, who envisioned an educational campus on the property, which the city acquired in late June.

Tambone’s plan includes a 150,000-square-foot industrial building, a 65,000-square-foot office building and an assisted-living facility.

The city government of Port St. Lucie took ownership of the property from Tradition Land Co. on June 29.

Tradition Land Co. turned the property, called Tradition Commerce Park, over to the city rather than pay $22 million of special assessments.

Tradition sold land west of Tradition Commerce Park to Mattamy Homes, which triggered the special assessments under a 2013 agreement with the city. [TCPalm.com] – Mike Seemuth


Related Articles

arrow_forward_ios
Amir Korangy, Michael Shvo and Jeff Greene
Michael Shvo and Jeff Greene talk distress, opportunities in office
Michael Shvo and Jeff Greene talk distress, opportunities in office
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
arrow_forward_ios

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

Loading...