COX & MOORE
and the
TERRAPOINTE ACQUISITION

Last updated February 02, 2009  

1. Background Statement.

The Cox & Moore tract is a 460-acre timber and hunting LLC located N.E. of Gainesville in Alachua County , FL. The tract consists of two parcels; the east parcel containing 220 acres, and the west parcel containing 240 acres. The 220-acre east parcel has 118 acres designated as light industrial land use and zoned for manufacturing processing. It contains almost one-half mile of paved road frontage on CR 225. The balance of the east parcel is zoned rural agriculture as well as the 240-acre west parcel. The light industrial land use designation is very hard to find, especially one of this size.

Directly south of the Cox-Moore tract is the Terrapointe LLC property. This property also contains two parcels; the east parcel containing 169 acres and the west parcel containing 62 acres. Similar to the Cox & Moore tract, Terrapointe’s 169-acre east parcel has 85 acres designated as light industrial land use and zoned for manufacturing processing. It contains road frontage on both CR225 and SR222 ( NW 53 rd Avenue ). The balance of the 169-acre parcel (84 acres) and the west 62-acre parcel is zoned rural agriculture. Terrapointe is selling the light industrial property separate from the agriculture property.

The Cox & Moore tract may be purchased in whole or in part. Owner financing is available for a qualified buyer with a reasonable down payment.

2. Ownership by Section Number, Parcel Number, and Acreage.

Table 1. Ownership by Section, Parcel Number, and Acreage.

OWNER

SECTION

PARCEL NUMBER

ACERAGE ¹

Cox & Moore

14

7872-016-000

220

Cox & Moore

15

7873-000-000

240

Terrapointe, LLC

14

7872-008-000

168

Terrapointe, LLC

15

7874-001-000

62

GRU easement ²

14 /15

10

Total

700

¹ Per Alachua County Property Appraiser www.acpafl.org.

² GRU has granted permission for two 60-foot wide entrances.

The location of the two tracts is shown on Map 1 - General Location Map, and Map 2 - Plat Book Location Map. Map 3 is an aerial photograph of the larger surrounding landscape, and Map 4 is a detailed aerial photograph of the two tracts.

3.Asking Price.

Table 2. Asking Price by Owner, Acres, and Zoning.

OWNER

ACRES

ZONING

$/ACRE ¹

TOTAL PRICE

Cox & Moore

118

Light Industrial

$15,000.00

$1,770,000

Cox & Moore

342

Agriculture

5,250.00

1,795,500

Totals

460

 

 

$3,565,500

Weighted Average

 

 

 

$7,751

 

 

 

 

 

Terrapointe, LLC

85

Light Industrial

20,000.00

1,700,000

Terrapointe, LLC

145

Agriculture

6,250.00

906,250

Totals

230

 

 

$2,606,250

Weighted Average

 

 

 

$11,332

 

 

 

 

 

GRU ²

10

 

0

0

 

 

 

 

 

Grand Total

700

 

 

$6,171,750

Weighted Average

 

 

 

$8,817

¹ Both Terrapointe and the Cox tract will decrease their asking price if a quick and clean contract is presented; the longer the due diligence time and the more complicated the contract, the higher the final selling price.

² The GRU easement runs parallel to 53 rd Street ; no building is allowed; however two 60-foot easements allowing access to the Terrapointe property and landscaping is permitted.


4.
Zoning.

The east half of both owner’s eastern parcels is zoned light industrial, the west half of the eastern parcels is zoned agricultural. The Alachua County GIS staff computed the zoning acreage in Table 3 and that acreage is shown in Map 9, Land Use Zoning Map. (The zoning acreage in Table 3 does not exactly match Table 1, but it is close).

Table 3. Zoning by Owner, Parcel Number, Class and Total Acers.

OWNER

PARCEL

AGR ¹

LIGHT IND ²

TOTALS

Cox & Moore

7872-016-000

100.1

118.2

218.3

Cox & Moore

7873-000-000

240.0

 

240.0

Terrapointe LLC

7872-008-000

51.0

121.5

172.5

Terrapointe LLC

7874-001-000

72.0

 

72.0

Totals

 

463.1

239.7

702.8

¹ Agriculture

² Light Industrial

5. Building Density and a Possible Worse Case Gross Revenue Scenario.

Assuming the properties are annexed into the City of Gainesville , the minimum residential zoning density would be 3.5 units per acre, and the maximum zoning density would be seven units per acre. If a PUD land use is applied for, a higher building density can be requested. Additional density will be granted for meeting certain requirements such as clustering. Clustering and density transfer is permitted.

A worst-case “back of the envelope” scenario suggests that the potential gross revenue would exceed $100,000,000. This worst-case scenario assumes a minimum density of 3.5 units per acre (2,418 total units), an average selling price of $42,000 per lot, the light industrial zoning is not utilized, and no additional density credits are issued.

6. Environmental issues.

 6.1 Wetlands

Wetlands are the single most important driving force behind any development. Wetlands are protected and, in the absence of mitigation, cannot be built upon. Should a man-made structure (such as a road) need to be placed through a wetland, and if there is no real alternative to the structure’s placement, then the structure (i.e. the road) can be built through the wetland.

In return for impacting a wetland, some form of mitigation will be required, preferably on-site. Possible mitigation might be to enhance existing wetlands on the property and hence increase the property’s overall aesthetics. All wetlands are subject to buffer zones (see section 6.3 below).

Table 4. Wetland Acreage and Percentage by Owner.

OWNER

TOTAL ACRES

WETLAND ACRES

% WETLAND

Cox & Moore

460

67

15

Terrapointe

231

46

20

GRU

10

0

0

Totals (less GRU)

691

113

16

¹ Estimate only, this is not an official wetland delineation.

² Wetland acreage does not include buffer zones.

There are two levels of wetland delineation accuracy; a desktop delineation with spot field checking and an actual on-the-ground surveyed delineation. The desktop delineation relies upon aerial photographs and spot fieldwork to verify some of the more questionable wetland delineation lines. It is not as reliable as an actual surveyed delineation, but it gives a rough estimate of a reasonably probable wetland boundary.

A wetland delineation that is acceptable to a regulatory agency requires an on-the-ground delineation where every wetland line is individually inspected and surveyed. A desktop delineation is a preliminary estimate as it is significantly less time consuming. An actual on-the-ground delineation produces an exact location and size, however, it is more time consuming and hence more expensive. Regardless, an on-the-ground delineation is required for all planning, zoning, and permitting. Map 7 shows the desktop wetlands delineation.

6.2 Hatchet Creek.

Hatchet Creek flows through the northwest corner of the Cox-Moore parcel number 7873. Hatchet Creek is a City of Gainesville regulated creek that requires a 35-foot buffer from the break in the slope at the top of the bank. Alachua County requires a 75 foot buffer zone.

6.3. Buffers.

The City of Gainesville requires a minimum buffer distance of 35 feet and an average minimum buffer distance of 50 feet between the developed area and a wetland other than a regulated creek. Hatchet Creek is a regulated creek, which requires a 35-foot buffer (see section 6.2 above). The City of Gainesville will exclude any development or impacts within a wetland and its associated buffer unless there is an unavoidable reason for the impact.

If the buffer distance is less than 50 feet from a wetland, the amount of the encroachment must be mitigated along an equal length of buffer line contiguous to the encroachment so that the average minimum 50 foot buffer is maintained. Should an impact to either the wetland or buffer occur, there is a mitigation procedure to allow the impact. A mitigation plan is prepared and it must receive approval prior to allowing an impact.

Any development activities along a regulated creek that fall between the 35 foot buffer and within 150 feet from the break in the slope landward (i.e. 115 feet from the 35 foot buffer), are presumed to be detrimental to the creek. Development plans for lots within 150 feet of any regulated creek must comply with certain environmental constraints. The constraints are reasonable and compliance is straightforward.

In summary, the City of Gainesville will not allow “any platted lots or blocks for lots or blocks of any subdivision (not including lot splits and minor subdivisions)” to be included in a wetland or in a required wetland buffer without mitigation. City of Gainesville code §30-302(a).

6.4 Murphree Wellfield.

All four parcels lie on top of the Murphree Well field protection zone. The Murphree Well field is the sole source of public drinking water for Alachua County . A well field protection permit will be required (see Exhibit 1). For obvious reasons, the City of Gainesville , Gainesville Regional Utilities (GRU), and Alachua County want to be sure that no adverse impacts occur to the well field that might endanger the water supply. Staff has made it very clear that residential construction is not only compatible with the well field, but that it is desirable as it can help protect the well field.

GRU’s main considerations are:

  • Herbicide and pesticide use
  • Water plant security
  • Noise consideration from the wells (the wells don’t make any noise)
  • Increased traffic on 53 rd Avenue

All of their concerns can be dealt with. It is clear that septic tanks, personal or individual wells, and deep digging will not be allowed. Map 10 shows a general map of the wellfield protection zones and Map 11 shows a more detailed map.

6.5 Threatened and Endangered species.

There are no known listed species, including species of special concern, threatened, or endangered species, on the Cox & Moore property. A formal survey has not been conducted, however Columbia Timber Company reports that in over twenty years of managing the Cox & Moore tract (off and on), no known threatened or endangered species exist. A cursory examination of the Terrapointe property indicates the same environmental status as the Cox & Moor tract. It is suggested that a prospective buyer conduct a formal survey for threatened and endangered species.

6.6 Invasive and exotic plant species.

There are no known invasive or exotic plant species on the Cox & Moore tract. Cursory examination of the Terrapointe property indicates the same environmental status as the Cox & Moore tract; however the Terrapointe property’s environmental status needs to be verified. It is suggested that a prospective buyer conduct a formal survey for invasive and exotic plant species.

6.7 Significant ecological overlay district.

If the property is classified as a significant ecological overlay district, then the City of Gainesville requires a developer to set aside an additional ten percent of the property, over and above the wetlands and buffers, for green space and recreation. If the property is not classified as a significant ecological overlay district, then no such set aside requirement exists. No one at the City of Gainesville will verify if the property qualifies or not. For planning purposes, it is suggested that a prospective developer assume that the property does qualify.

6.8 General statement of environmental conditions.

There are no known environmental problems other than those discussed in this section on the Cox-Moore tract. The property has been in the Cox-Moore family for two generations and has been used exclusively for forestry and hunting.

The Terrapointe property has also been used for forestry and hunting for decades. There is an old borrow pit on the property that needs investigation. There are no other known environmental problems.

7. Developments of Regional Impact (DRI).

In 1972, the Florida Legislature adopted Chapter 380, Section 380.06, F.S., to regulate developments of regional impact through regional and state oversight by means of an appeal process. A DRI is a state level review of all developments over a certain threshold for compliance with state laws and to assess the regional and state impact of developments. The state will make recommendations suggesting mitigation conditions and will approve or disapprove the development.

DRI thresholds are based on countywide population. Alachua County ’s population, as of April 2005, was 240,474. After the population reaches 250,000 people, the threshold for residential units increases from 1,000 to 2,000 units.

Current thresholds:

Residential: 1,000 units
Commercial: 400,000 square feet
Office: 3000,000 square feet

  • For two or more uses, the development may be built at 145% of the thresholds.
  • For three or more uses, the development may be built at 160% of the thresholds.
  • If all of the DRI lies in a Regional Activity Center , the thresholds may be increased by 50%.

An excellent alternative to a DRI is a Florida Quality Development (FQD) designation. The Florida legislature enacted Section 380.061, F.S., “to encourage development that has been thoughtfully planned, protects natural resources, and pays for its infrastructure. Developments that meet the FQD stands can expect an expeditious and timely review and are allowed to use the FQD certification mark for promotional, informational or advertising purpose.” (Division of Community Planning http://www.dca.state.fl.us)

In essence, to qualify for a FQD, the developer must protect wetlands and creeks, prohibit business that generate hazardous or toxic substances, participate in a redevelopment program, provide open space and recreation opportunities, and provide impermeable surfaces in the project design. All FQD requirements are also required by the City of Gainesville . There are additional requirements; however, the FQD designation is worth investigating. Details can be found in the 2006 Florida Statutes, §380.061.

8. Suggested type of development.

The property is zoned for both residential and light industrial zoning. The residential component might include a mixture of medium priced housing and affordable housing. Perhaps the medium priced housing would be starter homes, maybe 1,500 to 2,000 square feet. An excellent example of this is located a few miles west on 53 rd Avenue .

Affordable housing is desperately needed in and around this area. Both Alachua County and the City of Gainesville are committed to affordable housing and the City of Gainesville has offered to wave any impact fees or connection fees for such a development.

Perhaps the residential component would tie into a central commuter location where the residents could park their cars, bicycles, or golf carts at a central parking lot and bus stop. The City bus would then take commuters to several major employment centers such as the new Super Wal-Mart, the University of Florida or downtown. This same parking lot would serve a recreation component in the evenings and weekends. The recreation component might be a basketball court or soccer field.

The light industrial area might be used for storage, small warehouses, and shopping. The closest supermarket is Publix, located on Main Street .

9.Utilities.

Water, sewer, electricity, and gas are all available. Both water and sewer is located on Monteocha Road . While an engineering study has not been conducted, preliminary discussions suggest that the property will need a lift station and a new forced main. Most of the on-site and off-site utility work will deal with waste disposal. The natural gas line runs on the south side of 53 rd Avenue , and is easily tapped into.

10. Concurrency.

There are no known concurrency issues.

Contact information.

Florida Timberlands & Columbia Timber and Environmental Services
4424 NW 13 th Street , Suite C-2
Gainesville , FL 32609
1-800-344-1473
352-375-1473

Jib A. Davidson, C.F.
Cell: 352-538-2266

Norman I. McRae, C.F.
Cell: 352-318-4310

1. Summary.

The City of Gainesville has made it very clear that they would welcome this project. The City Manager, Russ Blackburn, said the City wants to expand into this area and that the opportunity to have a large-scale development such as this one is highly encouraged. Future growth in this area includes a new fairground with plans on expanding the industrial area adjacent to the airport.

The housing market, as of July 2007, is soft. This development will probably take about three years to design and permit. At the end of the three years, if the housing market rebounds, then this development will be ready to capitalize on the resurgence. The opportunity to build an outstanding well-placed development rarely presents itself. This is such an opportunity.

Maps:

Map 1.

General Location Map

Map 2.

Plat Book Location Map

Map 3.

Landscape Aerial Photograph

Map 4.

Tract Aerial Photograph

Map 5.

Topography Photograph

Map 6.

Soils Photograph

Map 7.

Desktop Wetlands Photograph

Map 8.

Infrared Aerial Photograph

Map 9.

Land Use Zoning Map

Map 10.

Wellfield Protection Zones General Map (.pdf)

Map 11.

Wellfield Protection Zones Detailed Map (.pdf)

Exhibits:

Exhibit 1. Wellfield Protection Permit COG

 

Written by Florida Timberlands in conjunction with Columbia Environmental Services

4424 NW 13 St, Gainesville , FL., 32609 · 352-375-1473 · jib@columbiatimber.com

 

© 2006 Florida Timberlands