Ashley Capital secures annexation agreement for development in Fort Pierce

A significant development is on the horizon for Fort Pierce as the Planning Board discussed a proposed annexation agreement with Ashley Capital during their July 14 meeting. This agreement aims to facilitate the development of a commercial and industrial facility on Kings Highway, which is expected to create job opportunities and support local businesses.

Ashley Capital, a leading industrial real estate developer, emerged as the sole respondent to a 2022 request for proposals from St. Lucie County. The company plans to construct smaller industrial spaces tailored for growing businesses, contrasting with the larger warehouse facilities that have dominated the area. This strategic move is designed to meet the needs of local enterprises looking for room to expand.

During the meeting, Lee Dobins from the Dean Mead Law Firm outlined the timeline and conditions of the agreement. Following the county's approval of the necessary land use amendments and zoning changes, Ashley Capital will proceed with the development. A crucial aspect of the deal includes a reverter clause, allowing the county to reclaim the property if Ashley Capital fails to meet specified deadlines for construction.

The Planning Board unanimously approved the motion to move forward with the annexation agreement, signaling strong support for the project. This development is anticipated to not only enhance the local economy but also align with the county's vision for growth and job creation in the region. As the project progresses, further updates will be closely monitored by community stakeholders.