Alico retains Lee property

Alico Inc. will retain ownership of a 4,157-acre parcel of land near Florida Gulf Coast University and the Southwest Florida Regional Airport after failing to sell the land at auction.

Alico previously sold the parcel to Ginn Development Co. But Ginn defaulted on the land, leaving an outstanding mortgage balance of $52.2 million on the property. The property was made available in auction last month, but no buyer was willing to pay Alico the owed balance.

Regardless, Alico CEO JD Alexander was undeterred by the outcome.

"We are pleased to regain ownership of this property,” Alexander says. “The parcel is strategically positioned in an area which has historically seen high growth due to its proximity to the Southwest Florida Regional Airport and Florida Gulf Coast University.”

Alico Inc., a land management company, is based in La Belle.