The parcel is one of the largest remaining undeveloped land tracts in central Palm Beach County. It is located next to the county's landfill between Beeline Highway and 45th St. in West Palm Beach. The purchase is funded by a $150 million bond issue approved by voters in 1998.
Under the deal, Communities Finance Company will remove up to 3.2 million cubic yards of fill from about 152 acres and restore that portion to wetlands. The Department of Environmental Resources Management will manage the property for its natural resource values.
The Nature Conservancy, a tax-exempt organization, received $69,000 or 1% of the purchase price, for brokering the deal. TNC is one of the largest landowners and real estate brokers in the United States. It has purchased more than one million acres of privately-owned land in Florida alone.
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