Flagler Closes $22M Land Deal

JACKSONVILLE, FL-Florida East Coast Industries Inc., parent of Flagler Development Co., continues to shed non-core assets with the $22.1-million sale of 2,168 acres to locally based Towers Homes Inc. which paid $10,194 per acre for the property.

“This sale represents another major milestone in FECI’s program to monetize non-core assets, both at the railroad and at Flagler, and to focus our efforts on our core transportation and commercial real estate businesses,” says Robert W. Anestis, chairman, president and CEO of Florida East Coast Industries.

Anestis says the sale “exceeded our 2003 realty sale forecast of $95 million to $110 million and ending 2003 with realty sale proceeds of approximately $124 million.”