(Crystal Proenza is associate editor of Real Estate Florida.)

JACKSONVILLE, FL-In May, GlobeSt.com reported that after two years of legal battle, Fort Myers-based Keystone Coal Co. won the battle against the Jacksonville Port Authority in a highly publicized eminent domain case. While JaxPort had valued a desired 70-acre tract along the St. Johns River at $17 million, the jury valued the property at $67.4 million. Now, more than two months after the verdict, the port has decided to abandon the taking of the land.

Keystone had secured the land through a letter of commitment to buy for $8 million in 2005 to develop a deep-water coal and bulk cargo terminal. Shortly after, JaxPort began to take eminent domain proceedings. In May, Keystone lawyers told GlobeSt.com the port had previously declined on open-market opportunities to buy the site, but showed more interest after plans for the widening of the Panama Canal increased demand and value of such property.

"From day one, Keystone Coal President Tom Scholl only wanted to keep his property," said eminent domain attorney Andrew Brigham of Brigham Moore LLP, in a released statement. "This is a great day for Mr. Scholl, and a great day for property rights. It goes to show how a jury can level the playing field between an individual citizen and government."