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COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2017
COMMITMENTS AND CONTINGENCIES  
Schedule of potential land sales transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No. of

 

Amount

 

Price

 

Estimated

 

    

Transaction (Buyer)

    

Acres

    

($000's)

    

per Acre

 

Timing

1

 

Commercial/Retail - East of I-95 (2)

 

 123

 

$

 29,250

 

$
238,000

 

'18 - '19

2

 

Residential (AR) - Minto II - West of I-95

 

 1,614

 

 

 26,500

 

 
16,000

 

'18

3

 

Residential (SF) - ICI Homes II - West of I-95

 

 1,016

 

 

 21,000

 

 
21,000

 

'19

4

 

Mixed-Use Retail - North American - East of I-95

 

 62

 

 

 16,963

 

 

 273,000

 

'17 - '18

5

 

Mitigation Bank - Term Sheet - West of I-95 (1)

 

 2,492

 

 

 15,000

 

 
6,000

 

'18

6

 

Commercial/Retail - Buc'ees - East of I-95(2)

 

 35

 

 

 14,000

 

 
400,000

 

'18

7

 

Commercial/Retail - East of I-95

 

 21

 

 

 5,777

 

 
275,000

 

'17 - '18

8

 

Distribution/Warehouse - East of I-95

 

 71

 

 

 5,000

 

 
70,000

 

'18 - '19

9

 

Residential (Multi-Family) - East of I-95 (3)

 

 45

 

 

 5,200

 

 
116,000

 

'18 - '19

10

 

Residential (SF) - West of I-95 (4)

 

 200

 

 

 3,324

 

 
17,000

 

'18

11

 

Commercial/Retail - Specialty Grocer - East of I-95

 

 9

 

 

 2,700

 

 
300,000

 

'18

12

 

Residential (SF) - ICI Homes - West of I-95

 

 146

 

 

 1,400

 

 
10,000

 

'19

 

 

Total (Average)

 

 5,834

 

$

 146,114

 

$
25,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)The amount for the Mitigation Bank represents the amount in the term sheet for buyer’s acquisition of approximately 70% of the joint venture that owns the Mitigation Bank, with the Company retaining 30%.

(2)Land sales transactions which require the Company to incur the cost to provide the requisite mitigation credits necessary for obtaining the applicable regulatory permits for the buyer, with such costs representing either our basis in the credits that we own, or potentially up to 5% - 10% of the contract amount noted.

(3)The acres and amount include the buyer’s option to acquire approximately 19 acres for approximately $2.0 million, in addition to the base contract of approximately 26 acres for approximately $3.2 million.

(4)The acres and amount include the buyer’s option to acquire approximately 71 acres for approximately $574,000, in addition to the base contract of approximately 129 acres for approximately $2.75 million.