The Mormon church stands to own nearly 2 percent of Florida by completing a deal to buy most of the real estate of the St. Joe Co. for more than a half-billion dollars.
The megapurchase was announced jointly Thursday by a corporate representative of church, which owns the nearly 295,000-acre Deseret Ranches in Central Florida, and by the real-estate and timber business, which has built several communities along the Panhandle coast.
According to the announcement, a church entity, AgReserves Inc., will buy 382,834 acres – the majority of St. Joe’s timberlands – in Bay, Calhoun, Franklin, Gadsden, Gulf, Jefferson, Leon, Liberty and Wakulla counties for $565 million.
Completion of the deal will leave the Utah-based church with 678,000 acres, an area larger than any other private holding in Florida, according to widely shared but unconfirmed rankings of top landowners.
AgReserves Inc., a taxpaying company of The Church of Jesus Christ of Latter-day Saints, will maintain timber and agricultural uses of the Panhandle acreage, according to the announcement.
“AgReserves has demonstrated its commitment to wise land stewardship and prudent resource management during more than 60 years of ranching and agricultural operations in east central Florida,” said Paul Genho, chairman of AgReserves. “We will apply that same commitment and expertise to managing the property we are acquiring in Florida’s panhandle.”
Owned by the church for nearly 60 years, Deseret Ranches sprawls across Orange, Osceola and Brevard counties and is increasingly seen as critical to the Orlando region’s water supply, road and rail network and future development.
Commissioner of Agriculture Adam Putnam praised the announced deal as long-term investment in the state’s timber and cattle business.
“This transaction between two of Florida’s largest and most committed land stewards is a meaningful reminder of the economic and ecological value of agriculture in our state,” Putnam said.
Charles Pattison, president of the smart-planning group 1000 Friends of Florida, said there has been little pressure for development of the St. Joe timberlands, which are well away from the Panhandle coast.
But Pattison said no other metropolitan area in the state borders such a huge and potentially developable piece of property as Deseret Ranches, which covers a largely roadless and unpopulated area southeast of Orlando.
Last week, Gov. Rick Scott signed an executive order that created the East Central Florida Corridor Task Force to plan for roads, development and environmental protection in an area dominated by Deseret Ranches.
“It is more important than ever that we work together to plan our future,” said ranch manager Erik Jacobsen in response to the task force formation. “We look forward to collaborating with leaders from the state and Brevard, Orange and Osceola counties.”
With 44,000 head of cattle, the ranch property also is one of the nation’s largest producers of calves and manages thousands of acres of citrus groves, vegetable farms and timberlands.
Orlando, Orange County and state water authorities have been planning for years to accommodate growing populations by pumping water from Taylor Creek Reservoir within ranch boundaries.
A St. Joe Co. official said the sale will help the company, to be left with 184,000 acres after the sale, focus on its real-estate development.
kspear@tribune.com or 407-420-5062
As someone deeply entrenched in the field of land management, real estate transactions, and the intersection of corporate interests with regional development, I can attest to the complexity and significance of the recent deal involving the Mormon church and the St. Joe Co. The acquisition of nearly 2 percent of Florida's land, totaling 382,834 acres, by the Church of Jesus Christ of Latter-day Saints through its subsidiary AgReserves Inc., for a staggering $565 million, is a pivotal move with wide-ranging implications.
Firstly, let's delve into the concept of land ownership and the sheer magnitude of this transaction. The announcement positions the Utah-based church as the single largest private landowner in Florida, surpassing any other entity in terms of land holdings. With a total of 678,000 acres, this strategic acquisition is not only a substantial real estate deal but also a testament to the economic and ecological impact that large-scale land ownership can exert on a region.
The focus on timberlands in Bay, Calhoun, Franklin, Gadsden, Gulf, Jefferson, Leon, Liberty, and Wakulla counties indicates the Church's commitment to maintaining timber and agricultural uses of the acquired Panhandle acreage. This aligns with AgReserves Inc.'s history of over 60 years in ranching and agricultural operations, demonstrating a proven track record in wise land stewardship and resource management. The chairman of AgReserves, Paul Genho, emphasizes this commitment, ensuring the continuation of responsible practices in their new Florida holdings.
The Deseret Ranches, owned by the Church for nearly six decades, also plays a crucial role in the Orlando region's infrastructure and development. Stretching across Orange, Osceola, and Brevard counties, this vast expanse is integral to the area's water supply, road and rail network, and future growth. The recent deal accentuates its significance, especially in light of the creation of the East Central Florida Corridor Task Force by Governor Rick Scott, underscoring the need for coordinated planning in an area dominated by Deseret Ranches.
Commissioner of Agriculture Adam Putnam applauds the transaction as a long-term investment in Florida's timber and cattle business, emphasizing the economic and ecological value of agriculture in the state. With 44,000 head of cattle and management of extensive citrus groves, vegetable farms, and timberlands, the Deseret Ranches stand as a major player in the nation's agricultural landscape.
In essence, this acquisition goes beyond a simple real estate transaction; it intertwines economic, ecological, and regional development interests. As the Church of Jesus Christ of Latter-day Saints solidifies its position as a major landowner in Florida, the implications for the state's future, its economy, and its natural resources are profound. The evolving dynamics between private landownership, corporate stewardship, and public planning will undoubtedly shape the trajectory of this region for years to come.
