Parcel of South Florida Real Estate Hits Market With $80 Million Price Tag

It’s hardly news that land in South Florida is getting pricier by the day, but nothing quite prepares you for a number like $80 million.

That’s the seller’s suggested price in a record-setting online auction for a 200-acre parcel of South Florida real estate — a mixed-use property with the potential to attract a wide range of buyers both in the U.S. and internationally. It is believed to be the highest value online real estate auction of all time.

“In a traditional auction format you typically attract individuals or their representatives who must show up at a certain location and at a certain time to place their bid. The online auction format casts out the largest net possible allowing prospective buyers across the world to have access to documents, place bids and monitor the entire process in real time from anywhere in the world,” said Michael Nissley, Vice President of the Grubb & Ellis Company.

The auction is being conducted by LFC Online, a Grubb & Ellis’s associate. The property’s web page has generated over 300 visits so far, according to LFC President William Lange, and no formal advertising campaign has yet been launched. From the seller’s point of view, setting an auction deadline or end date creates a sense of buyer urgency and prevents procrastination — which would naturally play into a purchase of this magnitude. It allows everyone interested to get involved in the process, as it is easily accessible, fair and transparent, Lange says.

Due to its mixed-use zoning (commercial and residential), there are many different avenues for a potential buyer. The property’s location makes it a must see for major developers, and poses a real opportunity to various investment groups looking to get into a lucrative Florida housing market. Some facts about the property, as described on its online auction entry, are as follows:

• This vacant tract consists of 200-plus acres, situated in a 733-acre parcel zoned for mixed-use.
• The projected entitlements include approximately 2 million square feet of commercial space, 700 residential units, and a 350-room hotel and conference center.
• The property is located within the St. Lucie County Urban Services Boundary, and has already been granted the appropriate land use designation.
• Its address is listed as NW Quadrant of I-95 and Midway Road, at the approximate midpoint of St. Lucie County. it is 5.4 miles west of U.S. Highway 1 at the convergence of I-95 and the Florida Turnpike.

Like others, this segment of the Florida real estate market is expected to see rapid growth, to the tune of 165,000 new households in the next 10-15 years. LFC has served many companies, developers, investors, and municipalities with real estate auctions in recent years. As high as the $80M bar seems, experts expect that it, too, will soon fall as land becomes more precious and the demand for Florida home loans skyrockets.