The deal between seller Consolidated-Tomoka Land Co. of Daytona Beach and West Palm Beach housing developer MSKP Volusia Partners LLC was initially set to close this month. The tract is going for $14,783 per acre or 34 cents per sf.
"The closing on the option is still at MSKP's discretion," says Bill McMunn, president and CEO of Con-Tomoka. "The complexity of the transaction has unfortunately taken more time than the respective parties initially anticipated." The transaction includes the remaining unsold acreage around the Legends golf course and several parcels on International Speedway Boulevard and LPGA Boulevard.
MSKP has held the option to buy Con-Tomoka's remaining land since Aug. 23, 2002 when it acquired 261 acres of residential-zoned land within the LPGA mixed-use development. The price was $6.3 million or about $24,131 per acre (55 cents) per sf.
Local land brokers tell GlobeSt.com that was a prudent purchase for MSKP because earlier this month the Palm Beach county builder sold off 96 acres in southern part of the LPGA golf course to Chicago-based Jupiter Partners LLC and its principal, Harold Kay. The price was $3.1 million or about $32,292 per acre (74 cents per sf).
The same local land brokers tell GlobeSt.com MSKP's pending purchase of Con-Tomoka's 1,150 acres at 34 cents per sf will be another "sound investment." Sydney Kitson is president of MSKP which is an affiliate of West Palm Beach-based Kitson Partners Inc.
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