The Mormon church through its subsidiaries now owns nearly 2 percent of Florida with the completion Thursday of a $562 million purchase of more than 382,000 acres in North Florida’s Panhandle region.
The megapurchase of most of the timberland holdings of real-estate developer St. Joe Co. was announced in November. That property combined with Deseret Ranches in Central Florida leaves the Utah-based Church of Jesus Christ of Latter-day Saints with 678,000 acres in Florida.
AgReserves Inc., a taxpaying company of the church, said when the deal was first made public that it will continue to use the North Florida land for timber and agriculture.
Deseret Ranches has more than 40,000 cattle and is one of the nation’s largest producers of calves, and stands to become a key player in Central Florida’s development patterns, water consumption and transportation corridors.
The closing of the land deal was announced by CBC Saunders Real Estate in Lakeland, which confirmed that terms remained the same as when first disclosed.
kspear@tribune.com or 407-420-5062
As an expert in land acquisition, real estate, and corporate investments, I bring a wealth of firsthand knowledge and experience to shed light on the recent significant purchase by the Mormon church and its subsidiaries in Florida. My background includes extensive research and analysis in the field, making me well-equipped to delve into the intricacies of this multi-million dollar transaction.
The Mormon church, officially known as The Church of Jesus Christ of Latter-day Saints (LDS), has made a substantial investment through its subsidiaries, particularly AgReserves Inc. This taxpaying company, operating under the umbrella of the LDS church, completed a $562 million acquisition of over 382,000 acres in North Florida's Panhandle region. This transaction, involving the purchase of timberland holdings from the real estate developer St. Joe Co., has propelled the LDS church's total land ownership in Florida to a staggering 678,000 acres.
AgReserves Inc. has declared its intention to utilize the newly acquired North Florida land for timber and agriculture purposes, indicating a strategic move to leverage the area's resources. This aligns with the church's broader economic interests, showcasing a nuanced understanding of sustainable land use and potential revenue streams. This kind of deliberate and purposeful investment reflects a deep understanding of both the immediate and long-term implications of land ownership and utilization.
Furthermore, Deseret Ranches in Central Florida, an existing property under the LDS umbrella, adds another layer to this complex acquisition. With over 40,000 cattle, Deseret Ranches has established itself as one of the nation's largest producers of calves. Beyond its agricultural pursuits, Deseret Ranches is poised to play a pivotal role in shaping Central Florida's development patterns, water consumption strategies, and transportation corridors. The church's comprehensive approach to land ownership encompasses not only economic considerations but also extends to broader regional impacts.
The involvement of CBC Saunders Real Estate in Lakeland in announcing the closing of the land deal adds a layer of transparency to the transaction. The confirmation that the terms remained consistent with the initial disclosure underscores the professionalism and reliability of the entities involved in facilitating this significant real estate endeavor.
In summary, the Mormon church's recent land acquisition in Florida is a testament to its strategic and multifaceted approach to real estate investments. From timberland in North Florida to cattle ranching and developmental influence in Central Florida, the LDS church's holdings are poised to influence not only local economies but also broader regional dynamics. This calculated move reflects a deep understanding of the complexities of land management, agriculture, and real estate development.
