LAKE CITY, FL-Plum Creek Timber Co. Inc. and the Rockefeller Group said Thursday afternoon they will pursue joint venture development on 4,722 acres of land in the Southeast owned by Plum Creek, including a 2,600-acre tract near this city in Columbia County, FL. The JV will pursue commercial development, to include manufacturing and distribution facilities as well as inland ports and office buildings, according to a release.
The initial agreement between the New York City-based Rockefeller Group and Seattle-based Plum Creek also covers 2,122 acres in Laurens County, GA, near the municipality of Dublin. The companies have also agreed to review other land parcels owned by Plum Creek for consideration of future development opportunities.
No timetable for evaluating potential developments was announced. In the release, Kevin Hackett, the Rockefeller Group’s president and CEO, cites the JV’s potential “to enhance the value of these parcels to the benefit of the joint venture, its investors and the local communities.”
For his part, Rick Holley, president and CEO at Plum Creek, says in the release, “As a large landowner, we recognize that a portion of our lands are well suited for commercial development. During this important stage of economic recovery, the time is right to collaborate with the Rockefeller Group on this forward-looking venture. Given their experience and expertise, we are confident in their ability to pursue development of these select parcels and identify other potential opportunities.”