Project Description

Private Equity Group purchased the Alico 2,507 acres in 2001 from a subsidiary of Alico, Inc. (NASDAQ-ALCO) a Florida-headquartered agribusiness. The transaction was personally negotiated with Alico Chairman Ben Hill Griffin III. The negotiation hinged on committing to Alico that the transaction could be contracted and closed in a very tight time frame. Once the agreement was reached, the transaction closed as scheduled in November 2001.

We then went about the task of creating entitlements and a development plan for the property. Since the proximity to the airport precluded residential development, we conducted an analysis of the possible prospective uses, which included a retail power center, highway commercial, airport commercial and light industrial.

The centerpiece of the property development was a 300-acre research and technology park to be developed and operated in conjunction with Florida Gulf Coast University. Within the park were designed a variety of academic, office and private sector lab and administrative buildings.

This property has been described as the premier commercial development parcel in Southwest Florida. Twenty-five hundred acres strategically located adjacent to Southwest Florida International Airport at the I-75/Alico Road interchange represented a unique opportunity that captured the attention of developers and investors around the world. Upon completion of the development concept for the site, various parcels were sold beginning in 2002. The largest single parcel was sold to Benderson Development in 2004. The last remaining 240 acres were sold in 2005.

This property is in the airport commerce overlay district located in Lee County, Florida at Exit 128 on I-75. This is a one-of-a-kind property situated immediately to the south of the Southwest Florida International Airport. It lies in the center of Lee County’s three economic engines: the airport to the north, I-75 to the west and the University to the south. The property is positioned to become the fourth economic engine and will provide Lee County with significant growth to its tax base. When fully developed it is expected to create over $1 billion in property values.