The city of Pembroke Pines, FL. continues to find revenue sources. When the 27 acre U.S. postal facility on the city corner of Dykes Rd and Pines Blvd. was shuttered two years ago, many city residents wondered what would become of the site in such a desirable area. While there were many ideas for the site, one of the most controversial ones came from Broward county, which suggested that it be transformed into a county school bus depot, a plan that was widely rejected as incompatible with the surrounding neighborhood.
To control how the site would be developed, Pembroke Pines purchased it last October for $17.8 million. City officials recently announced that the property was sold to Terra World Developers, LLC for $23.5 million, resulting in a profit of approximately $5.7 million. Besides the healthy profit from the sale (which will be placed in the city’s Municipal Construction Fund for future capital needs), the site is expected to generate approximately $500,000 annually in tax revenues, once redeveloped.
Certainly, this is a win-win for the city but also for future home owners and area residents. The Terra Group is expected to build about 120 single family homes on the site; plus, it plans to add 85,555 square feet of retail space and 20,000 square feet of medical office space with parking. The U.S. postal service will continue to operate a much smaller office on the site.