Gulf Oil Spill Impact
Commercial Property Owners Brace For Economic Impact of Gulf Oil Spill
costar.com
"With estimates of the economic losses of the Deepwater Horizon oil spill already as much as $11 billion in counties along Florida’s Gulf Coast alone, owners of income-generating property throughout Florida, Alabama, and Mississippi face varying degrees of financial exposure to the crisis.
Perhaps no commercial property owner is more exposed to the spill across its portfolio as the St. Joe Co. (NYSE: JOE), one of Florida's largest real estate development companies and northwest Florida's largest private landowner. Jacksonville-based St. Joe, primarily engaged in real estate development and sales, owned about 577,000 acres as of March 31 -- primarily in Florida's northwest Panhandle, where the coast could be under siege by the oil slick for months.
About 70% of St. Joe’s property is within 15 miles of the Gulf of Mexico, where a BP plc drilling rig exploded April 20 roughly 175 miles to the southwest, killing 11 crew members and causing a massive deepwater oil leak. The company’s land-use entitlements in hand or in process totaled about 31,600 residential units and about 11.6 million square feet of commercial space as of March 31, as well as an additional 646 acres with land-use entitlements for commercial uses. So it’s hardly a surprise that St. Joe has been especially active in monitoring the spill."
Headlines
Annotated Bibliography (Link Library)
Comments
I knew right from the onset of this catastrophy that there was somehting very wrong. The nonchalant manner that this was reported was a signal that there was definitely more to come in a very bad way.
I agree with Lori, how difficult for all these gulf residents now and into the future remains to be seen.
It is just gut wrenching to know that the gulf area is suffering from yet another disaster and this time man-made. While BP aims to take on financial responsibility, I am not sure the the gulf residents and business owners have the time or patience to wait for resolution. Obama has to take charge of this situation as a national clean-up effort.
- Lori Burger | Flag this comment for review