In June 2018, Algon navigated Tradition Land Company through several complex transactions that included the sale of 3,028 acres to Mattamy Homes and the transfer of 1,222 acres to an entity associated with the City of Port St. Lucie, Florida. The 8,000+ acre “Tradition” property, which has five miles of prime Interstate 95 frontage and three interchanges, was initially designed in the early 2000s as the site of a large mixed-use community. Tradition was planned to have over 11,000 homes and a 300-acre regional mall site, as well as other commercial and retail uses.
In 2007, anticipating rapid commercial and residential development, $165 million in municipal bonds was raised for infrastructure expenditures in Tradition. Along with the new off-ramp, roads, and utilities came substantial annual bond payments. However, the impact of the residential real estate “bust” of 2008-12, followed by macro changes in the retail market, resulted in a significant portion of this project to remain undeveloped. Recently, the residential portion of the property is beginning to see new development vigor, but retail and commercial activity has been slow to follow.
After the owner turned to a national real estate broker, who was unsuccessful in finding a buyer for the retail and commercial acres, Tradition retained Algon to structure a solution that would bring relief from the onerous debt burden.
The Tradition assignment is the latest high profile, complex real estate situation that Algon has successfully completed. Algon has advised on more than $4 billion of real estate restructurings for clients such as Peninsula Papagayo Four Seasons Hotel and Resort, Costa Rica; The Related Group, Miami, FL; Mego Financial, Las Vegas, NV; Bluegreen Corporation, Ft. Lauderdale, FL; One Bal Harbour Resort (Ritz Carlton), Miami Beach, FL, and Agway, Inc., Syracuse, NY.
For additional information, contact Troy Taylor: 404.423.8086 or firstname.lastname@example.org.