On Alico's Land Development and the Florida Panther
Concerns over Florida Panther conservation and the impact on Alico's land development plans are likely overblown.
There have been a number of great write ups on Alico. The Value Road here on Substack has done a good job covering this. Nicholas Bodnar on Seeking Alpha as well. Essentially, the company is selling land assets worth $500mn+, while the company’s market cap is $240 million.
Within its extensive land holdings, Alico is looking to develop 5,500 acres of land in the near future across Florida. This land could be worth approximately $335-380 million. These four strategic assets are:
Corkscrew Grove Villages in Collier County
Bonnet Lake in Highlands County
Saddlebag Grove in Polk County
Plant World (LaBelle) in Hendry County
A major concern for development is that the Florida Panther has been seen on land considered for the development in Collier County: Corkscrew Grove Villages. So this write up is focused on that plot.
Concerns over endangered species can delay land development. However, I believe that Alico will be able to navigate that successfully and see its Corkscrew Village project through to completion
Why I believe the Corkscrew Grove Village project will be approved:
The Neighboring Kingston project was approved by State and local officials, is now soon to be approved by federal officials and that project was worse in terms of Panther conservation.
Florida most often allows development to proceed if there are significant land dedications for conservation. Alico Inc.’s pledge to dedicate primary panther habitats for conservation will enable its development plans to move forward.
Florida is friendly for developers.
Background
The Florida panther is a federally endangered species with only about 200 adults surviving in a limited range within Collier, Lee, Hendry and adjacent counties of Florida.
https://animalia.bio/florida-panther
Areas shown in Orange are roughly the areas that Alico owns in Collier county. Corkscrew village is located in the parcel on the left. It will be built in the area shown on the map as "secondary" panther habitat. The area on the right is primarily primary panther habitat and will be donated to conservation as a condition of development of Corkscrew Grove.
Property lines as shown on ALCO's website. https://www.alicoinc.com/interactive-map#county=Collier
A History of Development in Collier County.
Eastern Collier Habitat Conservation Plan (HCP):
The HCP covered a 150,000-acre area of rural land – much of it prime panther habitat. Under this plan developers sought a 50-year incidental take permit to allow development on 45,000 acres, while preserving 107,000 acres.
This plan faced significant opposition. Developers saw it as too burdensome, requiring a funded $150 million conservation trust fund. Conservationists saw it as too lenient. Developers withdrew the plan and proceeded independently. Each subdivision or development project is now reviewed individually, and no single entity considers the cumulative impact on the panther across the whole 150,000-acre landscape.
Sources:
Now the main framework governing development in the area is the Collier County’s Rural Lands Stewardship Area (RLSA), a zoning scheme encouraging preservation in exchange for development credits. Several developments have been approved under this scheme.
Ave Maria New Town
Ave Maria town was a town and university built in Collier County in the mid-2000s that covered 22,000 acres. Development was part of a broader regional planning effort known as the Eastern Collier Multiple Species Habitat Conservation Plan (ECMSHCP). As part of the conservation plan, the development dedicated 17,000 acres to permanent panther habitat.
Bellmar
https://conservancy.org/proposed-bellmar-development-puts-panthers-in-peril/
Bellmar development in eastern Collier proposed ~2,750 homes and commercial space on former farm fields while preserving 12,300 acres of primary panther habitat in the Camp Keais Strand as a conservation area. This was approved
Kingston
https://conservancy.org/take-action-fight-more-sprawl-in-the-western-everglades/
The Kingston Village development is a large-scale project proposed by Cameratta Companies in eastern Lee County, Florida. Envisioned as a master-planned community, Kingston aims to transform approximately 6,600 acres of land along Corkscrew Road into a development featuring 10,000 homes, a 240-unit hotel, and 700,000 square feet of commercial space.
To address environmental concerns, the developers of Kingston have proposed several mitigation measures. These include dedicating over 3,200 acres for conservation and restoration, constructing wildlife crossings to facilitate safe animal movement, and implementing water management systems to protect surrounding ecosystems.
Regulatory response to these projects
U.S. Fish and Wildlife Service did not block any of these projects, issuing the necessary wildlife approvals (“no jeopardy” biological opinions) for both Bellmar and Kingston
As one conservationist stated: “regulations have been completely eroded to the developer’s favor”
However, a federal court ruling in early 2024 halted a state-granted fast-track wetlands permit for the Kingston development – not directly over panthers, but over federal vs. state permitting authority.
The 2024 decision reversed a Trump administration policy, made in 2020, which had allowed the Florida Department of Environmental Protection to “oversee development permits in ecologically sensitive areas without adequate protections for endangered species like the Florida panther.”
The state appealed the 2024 ruling and that case is now pending.
In the meantime, "the U.S. Army Corps of Engineers — which in 2024 took over the 404 wetland permitting process from the state — is now in the process of reviewing these permitting applications, all of which are at different phases and could be decided at any time."
In March of 2025 Public Affairs Specialist Peggy Bebb with the Army Corps’ Jacksonville District office, provided updates on these projects:
"Bellmar, Rural Lands West and Kingston are all currently still under review, she said. “Kingston is approaching issuance of the [404] permit, while the others are still working through the process (internal coordinations and Endangered Species Act).”
"As for next steps and timing, “Kingston is set to be issued within a month, pending any major corrections from the supervisory chain or Office of Counsel. Bellmar and Rural Lands West have longer timelines, as consultation needs [to be] finalized and the decision documents will need to be carefully reviewed,” Bebb said in the written response."
https://www.gulfshorebusiness.com/florida-panthers-face-increasing-peril-from-development/
Corkscrew Grove
Like the Bellmar and Kingston projects listed above, Corkscrew Grove is waiting for regulatory approval. The development application still needs comprehensive reviews by local, state, and federal agencies.
Alico has filed a bill seeking approval for the establishment of the Corkscrew Grove Stewardship District, which would oversee the management of the development area. Final action on this bill by the Florida legislature and Governor is anticipated by the end of June 2025.
Notably, Corkscrew Village is far friendlier to panthers than the Kingston development. As a part of their permitting process, Kingston village disclosed the following telemetry data upon which I overlay the Alico land boundaries.
https://conservancy.org/take-action-fight-more-sprawl-in-the-western-everglades/
Orange is the land boundaries of the project. he development in the western parcel will include a panther habitat carveout (in pink)
A more detailed view of the panther carve-out.
https://www.alicoinc.com/interactive-map#county=Collier
Satellite view of Corkscrew Grove project boundaries.
Mitigation is Key
Regulators at FWS often conclude that with mitigation, a project is not likely to jeopardize the species, thereby permitting it, even if some additional deaths or habitat loss will occur. For example, FWS knew that the Bellmar and Kingston projects would likely lead to more panther road fatalities, yet they determined that the conservation measures and existing landscape of preserves were enough that the species would survive the impact.
Mitigation and compromise have been the typical resolution when endangered species and development collide. Fully denying a development is rare (though it has occurred in extreme cases). Most regulators concede that the key to their main role is in finding reasonable compromise between environmentalists and developers.
Alico has pledged that only 25% of its land will be developed with the rest dedicated for agriculture or conservation. By selling or easementing land to conservation programs (like Florida Forever), Alico hopes to mitigate any new development’s impact on the endangered Florida panther habitat.
Summary
I believe that the Corkscrew Grove project will be approved. The Kingston project will prove a key bellwether to test this. If it gets approved (with how Panther unfriendly it is) then Corkscrew Grove will be as well. If it gets denied, Corkscrew still has high chances of success.
Unlike other approved projects, Alico is building in peripheral panther land, not primary habitat, not in key corridors. It is conceding key panther lands to conservationists: a small parcel adjacent to Corkscrew Grove itself and a larger parcel in the heart of panther country.
Finally, Florida is a very pro-developer state. The federal government is also now run by a pro-development and pro-states rights Floridian.
Disclaimer:
The information provided in this publication is for informational and educational purposes only and should not be construed as investment advice, financial advice, or a recommendation to buy or sell any securities. I am not a licensed financial advisor, and the views expressed are solely my own. Any investment decisions you make are at your own risk. Always do your own due diligence or consult a licensed financial advisor before making any financial decisions. Past performance is not indicative of future results.
Update: The Kingston project has been approved by regulatory authorities and has broken ground: https://www.fox4now.com/news/local-news/lee-county/major-development-bringing-10-000-homes-to-east-lee-county#google_vignette