Search
 

Homestead Selling 83 Acres for $2 Mil

HOMESTEAD, FL-Homestead-Miami Speedway will pay $24,264 per acre (56 cents per sf) for an undeveloped tract of wooded land in the eastern section of this city located 31 miles south of Miami.

By David R. Corder | Updated on September 11, 2001

HOMESTEAD, FL-Going by the appraised value, the city of Homestead is actually getting a good deal by selling about 83.4 acres of surplus land for slightly more than $2 million, or $24,264 per acre (56 cents per sf).

In recent competitive bidding, Homestead-Miami Speedway submitted the highest bid for this tract of land that lies between the racetrack and the city’s sports complex and just south of the existing parking lot. Appraisers valued the land at $1.7 million, or roughly $20,000 per acre (46 cents per sf).

The Homestead City Council approved the bid Sept. 10 in a 5-2 vote with certain conditions, following negotiations between the company and City Manager Curt Ivy.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.