Tambone Companies will get the first crack at marketing and developing city-owned land in Tradition Commerce Center.
The Port St. Lucie City Council voted unanimously Monday to enter a letter of intent with the Palm Beach Gardens developer for 84 acres on the north side of the “jobs corridor” along Interstate 95.
The letter gives the city and developer 120 days to negotiate and execute a development and option agreement on the 84 acres between Discovery Way and the Somerset Career Academy site.
Tambone Companies will pay the city $763,966 for the exclusive right for two years to market and sell the 84 acres, the letter says. That amounts to $4,535 per acre each year, the city’s carrying costs for the land.
The deal calls for Tambone Companies and the city to share the proceeds from any land sales on a 50-50 basis, after each side recoups its upfront costs, the letter says. “Being developers and being 35 years in this industry and working on properties of this size – we believe we know what needs to be done,” company founder Richard Tambone told the council.