The Costco era is about to be realized in Port St. Lucie.
“At last. We are excited, our residents are very, very excited,” said Mayor Shannon Martin at a Government Finance Commission (GFC) meeting at Port St. Lucie Town Hall on Monday after the board approved the sale of 22.8 acres of land in the Southern Grove area of the city to Costco.
“Now we are actually getting that retail store we’ve all been wanting to have,” said Martin, noting that social media blew up the minute the agenda that included the sale was published.
The sale paves the way for an upscale 170,000-square-foot Costco retail store and gas station to be constructed on Village Parkway on property adjacent to the massive Costco Depot Distribution Center scheduled to open later this month.
The price of the land is $6 million, or $6.04 per square foot. A $300,000 deposit is required. There is a 270-day development approval period.
The seller is responsible for the cost and construction of the extension of Marshall Parkway, which is already underway. The seller must also provide confirmation that city water, sewer and utilities are located adjacent to the land, and must provide approximately 40,000 cubic yards of fill dirt “reasonably acceptable for grading.”
All the requirements are already underway or completed. Marshall Parkway should be completed by the end of March. Utilities are already on the site as is the fill.
A covenant of the sale restricts the GFC from selling land within a 1-mile radius of the property for development as a wholesale or retail general merchandise facility, retail grocery or delivery service, alcoholic beverage retailer, Walmart or Walmart Supercenter, car wash or motor fuel, service station, or tire sales and installation operation.
The GFC is a city-created and not-for-profit corporation responsible for financing and managing real estate-related capital assets, and the board consists of City Council members.
Board members expressed pleasure with the Costco outcome, even City Council member Stephanie Morgan, who confessed that she has never been one. “I am hoping that the time from now until closing happens a lot sooner than 390 days,” she said.
“It belonged in Port St. Lucie the whole entire time,” said Vice Mayor Jolien Caraballo, referring to conversations she had in the past with Costco officials trying to convince them that Port St. Lucie fit their demographics.
“We grew 54,000 in five years. We grew five average cities,” Caraballo said.
“Kudos to our staff. Thank you, Costco, for finally recognizing Port St. Lucie,” said City Council member David Pickett.
“It shows how far Port St. Lucie has come. We were fighting for Costco to come here and I’m glad you’re paying for the land,” said City Council member Anthony Bonna Sr.
“This new store represents more than just a shopping destination. It’s an investment in our local economy, creating jobs and providing residents with convenient access to quality products and services,” said City Manager Jesus Merejo. “We look forward to the opportunities this will bring for families and businesses across our city.”
Costco Wholesale retail store opened a 156,000-square-foot store in Stuart last spring.