Master Plan in Works for 6,300-Acre Florida Property
- Apr 24, 2008
Rayonier and Cousins Properties Inc. have joined forces to create a master plan and secure entitlement for a site spanning 6,300 acres in Flagler County, Fla., about 30 miles north of Daytona Beach.The sprawling chunk of what is currently timberland is located within close proximity to Palm Coast, and is owned by Rayonier subsidiary TerraPointe L.L.C. “We chose to ally with Cousins to help us master plan and come up with the best project for the community,” a Rayonier spokesperson told CPN today. While the planning is in the very earliest of stages, the fact that Flagler County is experiencing a growth spurt will likely play a large role in determining the property’s development components. “From 2000 to 2006, Flagler was the fastest growing county in the country, and it is still one of the top fastest growing counties.”Jacksonville, Fla.-based Rayonier is a leading international forest products company operating in the businesses of timber, real estate and performance fibers. The REIT owns, leases or manages 2.6 million acres of timber and land in the United States and New Zealand. Company stock opened today at $43.26. Cousins, headquartered in Atlanta, develops, acquires, finances, manages and leases properties across the country. Over the last 50 years, the REIT has developed 20 million square feet of office space, 20 million square feet of retail, 3,500 multi-family units and 60 single-family neighborhoods. Cousins’ stock opened at $26.30 today.