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COMMITMENTS AND CONTINGENCIES (Tables)
6 Months Ended
Jun. 30, 2018
COMMITMENTS AND CONTINGENCIES  
Schedule of potential land sales transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No. of Acres

 

Amount

 

Price

 

Estimated

 

    

Transaction (Buyer)

    

(Rounded)

    

($000's)

    

per Acre

 

Timing

1

 

Commercial/Retail - O'Connor - West of I-95

 

 850

 

$

 34,000

 

$

40,000

 

'19 - '20

2

 

Commercial/Retail - O'Connor - East of I-95 (1)

 

 123

 

 

 29,250

 

 

238,000

 

'19

3

 

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

 

 1,614

 

 

 26,500

 

 

16,000

 

Q4 '18

4

 

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

 

 1,016

 

 

 21,000

 

 

21,000

 

'19

5

 

Residential (MF) - East of I-95

 

 80

 

 

 16,000

 

 

200,000

 

'19

6

 

Mixed-Use Retail - North American - East of I-95 (2)

 

 35

 

 

 14,362

 

 

 409,000

 

Q4 '18

7

 

Commercial/Medical Office - East of I-95

 

 32

 

 

 8,089

 

 

253,000

 

'19 - '20

8

 

Residential (MF) - East of I-95 (3)

 

 45

 

 

 5,200

 

 

116,000

 

Q3 '18 & '20

9

 

Distribution/Warehouse - VanTrust - East of I-95

 

 71

 

 

 5,000

 

 

70,000

 

'19

10

 

Commercial/Retail - East of I-95

 

 20

 

 

 4,250

 

 

213,000

 

Q4 '18

11

 

Commercial/Retail - East of I-95

 

 9

 

 

 3,300

 

 

367,000

 

Q4 '18 - '19

12

 

Commercial/Distribution - VanTrust - East of I-95

 

 26

 

 

 3,215

 

 

124,000

 

'18 - '19

13

 

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

 

 200

 

 

 3,175

 

 

16,000

 

Q4 '18 & '20

14

 

Auto Dealership - West of I-95

 

 13

 

 

 2,000

 

 

154,000

 

Q4 '18

15

 

Commercial/Retail - East of I-95

 

 2

 

 

 1,500

 

 

682,000

 

'19 - '20

16

 

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

 

 146

 

 

 1,400

 

 

10,000

 

'19

17

 

Commercial/Medical Office - East of I-95

 

 4

 

 

 935

 

 

234,000

 

Q4 '18

 

 

Total (Average)

 

 4,286

 

$

 179,176

 

$

42,000

 

 


(1)Land sales transaction which requires 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.

(2)Pursuant to the contract, amount includes the reimbursement of infrastructure costs incurred by the Company for Tomoka Town Center plus interest accrued as of December 31, 2017.

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

(4)The acres and amount include the buyer’s option to acquire approximately 71 acres for $925,000, in addition to the base contract of approximately 129 acres for $2.25 million.