SOLD: $10,692,000, 1,994± Acres On Monday, June 23, 2014
INDIAN RIVER SOUTH GROVE – 1,994 ACRES | OFFERED IN 9 TRACTS
Indian River South Grove consists of approximately 1,944 contiguous acres in southern St. Lucie County, Florida. The grove is located on and west of Rangeline Road (SR 609). The property’s eastern border abuts the City of Port St. Lucie. The site is served by paved roads and utilities.
The farm includes approximately 850 acres of citrus,150 acres of sod, 100 acres of palm tree farm, a 212 acre lake site with 48 acres of road-frontage land available for development, and the balance of the property is a combination of irrigated fallow land, roads, and drainage/irrigation ditches. Of the 125,500 citrus trees, 46,400 are mature, 42,300 are adolescent, and 36,800 are less than three years old. The property includes sandy soil that is well drained and is suited for a wide variety of additional crops including sugar cane and produce. The property is also suitable for development into 388 residential units under the agricultural planned development regulations.
There is a permitted water management district that holds the permits and owns the equipment to pump from the C-23 canal in periods of water shortage or back into the C-23 canal in periods of heavy rainfall or storm. The farm is permitted for 1.892 billion gallons annually through 2025. The 212 acre lake provides tremendous value to all of the property as a dependable secondary irrigation water source. It is up to 50 feet deep and recharges from the water table. If the property is sold to more than one buyer, the water rights to the lake will continue to serve the entire property and will be owned by a property owners association. Each buyer will own a prorated share of the property owners association. If the grove is sold as a whole, the purchase will include the 212 acre lake site.