Flagler Sells 117 Prime Acres for $22M

The land, at Interstate 95 and St. Augustine Road, is also across from the new Baptist Medical Center-South Hospital. Brooks Rehabilitation, a 35-year-old acute physical rehab hospital with 143 beds, is the only one of its kind in North Florida, says Flagler president G. John Carey.

"Our sale of land at Flagler Center to Baptist in 2003 created a demand for medical uses at this major intersection," Carey says. "This sale affords Flagler the opportunity to monetize this land at an attractive selling price far sooner than we would have put it into production."

Carey says Flagler still owns over 300 acres at Flagler Center for future development. Flagler Center also holds entitlements to build 2.7 million sf of office development, minimal industrial development, "a substantial amount of commercial development" and entitlements for a 130-room hotel, Carey adds.

Brooks Rehabilitation president and CEO Doug Baer says the land acquisition is "an investment in the long-term future expansion of our health system."

Flagler Development officials had foreseen the growth at I-95 and St. Augustine Road in August 2004 when the company built an interchange at the intersection to provide direct access to Flagler Center. "The strategic location allows businesses to conveniently serve southeast Duval County and north St. Johns County," Carey says. "The location also provides fast access to I-95, US 1, the rails of Florida East Coast Railway and the region's fastest growing housing market."

Flagler Development Co. is a wholly owned commercial real estate development subsidiary of Florida East Coast Industries which operates the Florida East Coast Railway.