FORT MYERS, Fla. — Alico, Inc. (“Alico” or “the Company”) (Nasdaq: ALCO) today announced a major milestone in its strategic transformation with the filing of a development application for the first of two villages (“Corkscrew Grove East Village”) in what will ultimately be a 3,000-acre-master-planned community in northwest Collier County. There will be an additional 6,000 acres of land in Collier County that Alico will set aside for permanent conservation, highlighting Alico’s commitment to balanced development and environmental stewardship. The application referred to as “Corkscrew Grove Villages”, represents a key component in the implementation of the Collier County Rural Land Stewardship Area (RLSA) and demonstrates meaningful progress in Alico’s strategy to unlock significant value from its land holdings.
The development plan envisions two distinct 1,500-acre mixed-use villages, known as “Corkscrew Grove East Village” and “Corkscrew Grove West Village”, that will create a new residential and commercial hub near the intersection of Collier, Lee and Hendry counties. Initial development is planned to begin with Corkscrew Grove East Village and construction is expected to commence following completion of all required permits by 2028 or 2029.
The Corkscrew Grove Villages represents a key component of Alico’s strategy to monetize four strategic assets in four separate counties totaling approximately 5,500 acres, or 10% of its land holdings, within the next five years through higher-value development opportunities. Management estimates the total value of these 5,500 acres of near-term developable land could be 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
John Kiernan, President and Chief Executive Officer of the Company, stated, “This filing marks a transformative moment for Alico. When we announced our strategic transformation in January 2025, we committed to repositioning Alico’s extensive land holdings to create greater shareholder value. Today’s application, following two years of careful planning and stakeholder engagement, demonstrates we are executing on that vision. This application is the result of extensive collaboration with community stakeholders, environmental experts, and local officials. The project is designed to help meet Southwest Florida’s growing need for housing and commercial space while ensuring responsible environmental management.”
The Corkscrew Grove Villages are designed to implement the goals of Collier County’s RLSA program by clustering development to maximize preservation of environmental resources. The RLSA is a planning and zoning overlay approved by Collier County in 2002 for approximately 185,000 acres of land in eastern Collier County. The RLSA provides a framework for well planned communities to be designed, while achieving long term protection and enhancement of agricultural lands and important natural resources. Alico has been a long-term partner with Collier County in this program and believes the Corkscrew Grove Villages will align with the program framework. The resulting local approvals will benefit both Alico and the public by creating a hometown for future Collier County residents while establishing a significant landscape scale-conservation plan. This plan will enhance water quality, water supply and connected open space, ensuring the permanent protection of Collier County’s “green infrastructure”.
The development applications will undergo comprehensive review by local, state and federal agencies. In anticipation of this process, a local bill was filed in February 2025 requesting approval of the Corkscrew Grove Stewardship District. The Company anticipates final action on this bill by the legislature and Governor of Florida by the end of June 2025. Stewardship Districts offer a single independent entity to oversee the management of an entire area to allow for a more thoughtful, coordinated, and long-term fiscal management of development and environmental conservation. The Corkscrew Grove Stewardship District is expected to allow for more effective and streamlined coordination with stakeholders, reviewing agencies, consulting teams, and future financial partners. It demonstrates Alico’s commitment to good governance and offers predictability and transparency to the Company’s plans.
For more information about the Corkscrew Grove Villages, visit www.corkscrewgrovecollier.com.
— provided by Alico