A little at a time, the City of Port St. Lucie is off-loading parcels within the jobs corridor known as Southern Grove south of Tradition proper.
Capital Brands LLC plans to buy three acres of land on the northeast corner of Discovery Way and Village Parkway for $450,000.
The company responded last year to a request for proposals from the Port St. Lucie Government Finance Corporation (which consists of the Port St. Lucie City Council).
Plans call for more than 35,000 square feet of retail space, though the proposed sales agreement would allow Capital Brands to convert some of that space into hotel units.
With the Government Finance Corporation’s blessing Monday night, the 60-day clock for inspection has started. When that window closes, Capital Brands and the city expect to close on the sale in 30 days.
If the sale goes through, Capital Brands would be saddled with the various assessments and taxes the city is currently covering. According to city records, two such assessments amount to $562 per acre.
The city found itself holding title to more than 1,200 undeveloped acres south of Tradition proper last summer when Tradition Land Co., the land management company that took on developing Tradition, walked away. The city is now responsible for covering the costs of taxes and special assessments on the property.
Members of the Government Finance Corporation did not discuss Capital Brands’ proposal when they voted unanimously to support the purchase and sale agreement.
A representative from Capital Brands did not make a presentation to the board and no details were provided regarding the scope of the retail project it envisions.