The Real Deal Miami

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
July 29, 2018 09:00AM

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