News / Events

Miami Corp. subsidiary buys parcel

By CECIL G. BRUMLEY, Business Writer

June 17, 2010

A subsidiary of Miami Corp. bought a large parcel of land at the Edgewater interchange of Interstate 95, possibly giving the company interstate access for its Farmton project.

Swallowtail LLC paid about $6.13 million to Larry and Kathleen McCaskill for 745 acres at Possum Camp Road and I-95, Volusia County records show.

The deal was separate from the Farmton project, a proposed community of 25,000 residences and 4 million square feet of nonresidential space, said Glenn Storch, a Daytona Beach attorney representing Miami Corp.

"It's a potential long-term investment," Storch said. "The fact Swallowtail was willing to invest in Volusia County was promising."

Swallowtail has been buying up land in Southeast Volusia County for the past several years, but this is its largest purchase, county records show.

Though any development would be separate from Farmton, Miami Corp. likely could count on getting access to I-95 through the Swallowtail property.

"It doesn't hurt to have a friendly landowner next to us," Storch said.

But the land will be difficult to develop, especially since Mercedes Homes owns a parcel in the middle of it for its Reflections development, he said. Also, the land is in two parcels, with one sold by the McCaskills and the other by an entity they created called Silkco.

The purchase was definitely a plus for the McCaskills with vacant land hard to sell in the down economy, said Marsha Barnett, the broker for Edgewater's largest real estate agency, the Barnett Group.

"I can't hardly give away vacant land," Barnett said.

Determining whether Swallowtail's price of about $8,200 an acre is a good price also is difficult to know, she said. "Unless people are going to use vacant land for something, the price is so arbitrary."

For example, she said, Dollar General recently paid $400,000 for two acres along U.S. 1 in Edgewater.

It's difficult to find a family-owned company like the Miami Corp. that is looking years into the future, Barnett said. "These people are visionaries."