Alico, Inc. Advances Development of Major Community Project
FORT MYERS, Fla. — Alico, Inc. (“Alico” or “the Company”) (Nasdaq: ALCO) is making important strides in its strategic transformation by filing a development application for the Corkscrew Grove East Village, part of a significant 3,000-acre master-planned community in Collier County. This initiative highlights Alico's commitment to both development and environmental stewardship, with an additional 6,000 acres reserved for conservation.
Vision for Corkscrew Grove Villages
The ambitious development plan outlines two distinct 1,500-acre mixed-use villages: Corkscrew Grove East Village and Corkscrew Grove West Village. The intention is to create a vibrant residential and commercial hub strategically located at the intersection of Collier, Lee, and Hendry counties. Initially, development will focus on the Corkscrew Grove East Village, with construction projected to begin after securing the necessary permits, anticipated around 2028 or 2029.
Unlocking Value from Land Holdings
Alico is keen on utilizing its substantial land holdings effectively. The company has outlined a strategy to monetize four strategic assets across different counties, amounting to approximately 5,500 acres, representing about 10% of its total land. This plan aims to leverage higher-value development opportunities over the next five years. Management estimates that this land could yield a total value between $335 million to $380 million.
The strategic assets involved in this endeavor include:
- Corkscrew Grove Villages in Collier County
- Bonnet Lake in Highlands County
- Saddlebag Grove in Polk County
- Plant World (LaBelle) in Hendry County
A Transformative Initiative
John Kiernan, Alico's President and Chief Executive Officer, remarked on the significance of this filing, stating, “This marks a transformative moment for Alico. Our strategic transformation initiated earlier involved repositioning our extensive land holdings to enhance shareholder value. Today's filing showcases our commitment to this vision through extensive planning and community engagement.” The project is designed to address the rising demand for housing and commercial spaces in Southwest Florida while prioritizing environmental responsibility.
Adhering to Environmental Goals
The Corkscrew Grove Villages are developed in alignment with the goals of Collier County's Rural Land Stewardship Area (RLSA) program. This program fosters responsible development by preserving environmental resources. Established in 2002, the RLSA encompasses approximately 185,000 acres in eastern Collier County, providing a framework for well-planned communities while protecting agricultural lands and critical natural resources.
Streamlined Development Process
Alico’s applications for development will undergo a thorough review process by local, state, and federal agencies. To facilitate this, a local bill has been proposed to establish the Corkscrew Grove Stewardship District. This district is poised to enhance the management of the development and conservation projects, offering better coordination among stakeholders and financial partners, signifying Alico's dedication to transparency in governance and fiscal management.
Conference Call and Webcast Information
Alico will conduct a conference call and webcast to discuss these developments. This event is scheduled soon, aiming to engage with investors and answer questions about the strategic progress.
About AlicoAlico, Inc. operates primarily in citrus production, recognized as one of the largest citrus producers in the country. However, as Alico Citrus is set to cease operations after the current harvest cycle, the company is transitioning towards a diversified strategy, focusing on land usage and real estate development. Interested parties can learn more about Alico (Nasdaq: “ALCO”) via their corporate website.
Frequently Asked Questions
What is the Corkscrew Grove Villages project?
The Corkscrew Grove Villages project involves developing a master-planned community consisting of two villages in Collier County, aimed at creating residential and commercial spaces while conserving the environment.
When is construction expected to start?
Construction for the Corkscrew Grove East Village is anticipated to begin after the necessary permits are acquired, likely around 2028 or 2029.
What are the anticipated benefits of this project?
The project aims to meet the growing demand for housing and commercial spaces in the region, while also ensuring responsible environmental management through conservation efforts.
How does Alico plan to utilize its land holdings?
Alico intends to monetize approximately 5,500 acres of its land by engaging in higher-value development opportunities over the next five years.
What is the role of the Corkscrew Grove Stewardship District?
The Corkscrew Grove Stewardship District will facilitate better management and coordination of the development and conservation efforts associated with the Corkscrew Grove Villages.
