FOR IMMEDIATE RELEASE
- September 23, 2007
Auction Ordered for Master Planned Site
Two 31-acre tracts of land in Labelle, Florida are being offered for sale in a Sealed Bid Auction scheduled for November 1, 2007. The property is a portion of the Oxbow Golf Course and Country Club near the Port Labelle Marina located at SR80 and Birchwood Parkway. Developer, Michael J. Lafferty, originally acquired these parcels and other surrounding properties in 2005 to develop and carry out a master plan that would include residential and mixed uses on approximately 100 acres.
Preliminary site work including grubbing and utilities has been performed and necessary steps have been taken to change the zoning to PUD. All of these steps have served to enhance the opportunity for future development.
Development experts agree that it is rare to find a tract of land for sale that is this far along in the planning process. It presents a new buyer with a unique opportunity to take advantage of all the work performed to date and save a huge amount of time and money to finish the master plan. “No matter what the purchase price is you will be starting $5 mil. ahead” said Lafferty. Stewart Larsen, broker for Holmes Larsen Auction Marketing, the firm conducting the sale stated, “We are prepared to take any offer that the lender will accept”.
When asked why he has decided to sell, Mr. Lafferty stated that the demands of his other development projects in Arizona and California require his focus and that he feels strongly that the upside of the Oxbow Development will be easily recognized and understood by a new buyer. “My vision of the project hasn’t changed, but my circumstances have.” Lafferty said, “I know we are passing on a tremendous opportunity to the next owner and we feel we are in a position to pass this project on well below market value and much farther along in the process than normal. The fact is this property won’t be available at the price we are willing to take ever again”.
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