Historic $620 Million Land Deal in Lee County Signals Future Growth

The record-breaking $620 million land sale in Lee County, Florida, closed on October 28, 2024, setting a new standard for major transactions in Southwest Florida’s history. The landmark sale involved approximately 2,000 acres, including an active rock mine, in an area that has long been synonymous with the Youngquist family. Alico Road LLC, led by the Youngquist family, finalized the sale of 23 combined properties to Martin Marietta North Texas Cement Inc., a subsidiary of the well-regarded materials company, Martin Marietta. This landmark deal is expected to catalyze future developments across Southwest Florida.

A Deal Years in the Making
The transfer of land along the Alico Road corridor, spanning both sides of Alico Road from Corkscrew Road north to where Alico bends west, was completed in an exceptionally smooth and efficient process. Brett Youngquist, who managed the sale on behalf of his father, Harvey Youngquist, expressed gratitude for the opportunity to work with Martin Marietta, emphasizing the company’s strong reputation as a steward of the land.

“We’re very grateful to be able to do business in Lee County, and we’re thankful to be handing over the reins to Martin Marietta,” said Brett. His family has been deeply rooted in the area for decades, developing the Alico Corkscrew corridor and operating the mining operations that now hold increased value due to Florida’s rapid expansion.

The Value of Limestone and Southwest Florida’s Growth
While the sale was limited to the land value, industry sources noted that additional assets, including valuable mining equipment, could bring the transaction's total closer to $1 billion. Among the mining machinery is the “Lady of the Lake,” a massive 300-foot mining machine capable of extracting 100,000 cubic yards of material daily.

The appeal of the land and quarry stemmed primarily from its abundant limestone, a vital resource for construction, infrastructure, and road development. Southwest Florida’s unprecedented growth has significantly boosted the demand for materials like limestone, essential for concrete production and road bases.

Broker Chase Mayhugh, who has previously collaborated with Youngquist on other projects, underscored the significance of this particular asset, saying, “They were really after what the material was in the mine—limestone. As Southwest Florida continues to expand, the demand for these building materials will only grow.”

A Groundbreaking Sale and Future Prospects
According to Mayhugh, who was not directly involved in the deal, the size and value of the transaction have drawn significant interest from institutional investors. With an increasing number of large-scale real estate investments pouring into the region, this sale may set the stage for more acquisitions or developments, particularly in Southwest Florida’s mining sector.

“This transaction could be just the beginning. We’re seeing more institutional money eyeing the region, from real estate assets to development projects,” Mayhugh remarked, predicting a surge in similar high-value transactions as the area continues to attract attention for its strategic resources and growth potential.

The sale not only marks a milestone for the Youngquist family, who have spent a quarter-century developing this area, but also for Southwest Florida, signaling a new chapter of expansion. As Southwest Florida becomes a focal point for industrial and real estate growth, the $620 million deal at Alico Road cements its position as one of the most desirable and lucrative regions in the state.