©2022 All Rights Reserved SVN | Saunders Ralston Dantzler Real Estate
All SVN® Offices Independently Owned and Operated
Please Contact an Agent for Pricing
2,146 ± AC
Property Type: Land, Land Investment, Mitigation
Location: 53rd Street, Fellsmere, Florida 32948
County: Indian River
The highest and best offers will be accepted until 5:00 pm EST on February 18, 2022.
The Basin 22 Mitigation Bank was established to meet the growing demand for mitigation credits in the service area roughly defined as the area from Melbourne to Fort Pierce, on the east coast of Florida. The Bank provides a means of offsetting the unavoidable impacts to aquatic resources within the basin as defined by federal, state, or local wetland regulations. As wetlands are impacted within the service area of the Bank, due to construction or other activities, those environmental impacts are offset, to the extent possible, by purchasing credits from the Basin 22 Mitigation Bank. The Bank has enhanced, preserved and created additional wetlands as a means of countering those offsite impacts and has been awarded substantial mitigations credits for their work which can be sold over time.
As wetlands are impacted within the service area, environmental consultants and regulators determine the required mitigation credits necessary to offset the impacts, based in part on acreage and the environmental importance of the wetland impacted. Those credits can be purchased from the Basin 22 Mitigation Bank with credits for starting at $160,000 per unit. A total of 297.32 State Credits and 257.91 Federal Credits have been released for sale with substantial additional credits available based on future enhancements to the Bank. An obligation of the Bank operators is to preserve, restore and maintain the bank properties in perpetuity to receive mitigation credits and are compensated through the sale of those credits.
SVN | Saunders Ralston Dantzler Real Estate has been retained by the “Owner” as the exclusive real-estate advisor and agent with respect to the sale of the Basin 22 Wetland Mitigation Bank.
Basin 22 Wetland Mitigation Bank was permitted by the St. Johns River Water Management District in May 2015 under Permit# 123323-2. The established Wetland Mitigation Bank on the property has the potential for up to 660 total credits including 237 ± herbaceous and 422 ± forested credits, as additional improvements are implemented in the bank. In addition, the Bank has approvals from the U.S. Army Corps of Engineers for 736.88 ± federal freshwater UMAM credits. There are currently no other Wetland Mitigation Banks permitted in Basin 22, but limited exceptions are allowed.
Conditions are set forth in the permit for the establishment of Basin 22 Wetland Mitigation Bank and releasing credits that can be sold over time. Those conditions include placing and recording a conservation easement over the property, establishing financial assurances for construction, monitoring, maintenance and reporting, perpetual management, as well as implementing a work schedule that includes restoration, enhancement, preservation, and a prescribed fire program. Much of this work has been accomplished and additional credits will be released as further improvements and enhancements are completed.
The highest and best offers will be accepted until 5:00 pm EST on February 18, 2022. However, the sellers reserve the right to enter into an agreement for the sale of the property prior to or after this date. Any modification to this date, terms, and conditions are subject to change. Please refer to this listing webpage for any modifications.
To download more detailed information on this property, please register at properties.svn.com/1010048-sale or contact the listing brokers directly.
Driving Directions: From the intersection of SR60 and I-95 in Vero Beach, travel west on SR60 6/10 mile to 98th Ave. Turn right (north) on 98th Ave and travel north ½ mile to the entrance of the property. The property is gated and locked, visits can be arranged by appointment only through the listing agent.