Costco Wholesale Corporation could soon move closer to opening a store in Port St. Lucie as city officials prepare to consider a land sale that would allow the retailer to build a large warehouse store and gas station.
The Port St. Lucie Governmental Finance Corporation is scheduled to meet Monday at noon at City Hall to discuss a proposed purchase and sale agreement for about 22.8 acres in the Southern Grove area.
Under the proposal, the land at the southeast corner of Southwest Village Parkway and Marshall Parkway would be sold to Costco for $6 million, or about $6.04 per square foot, according to agenda documents.
If approved, Costco plans to construct a retail store of up to 170,000 square feet along with a fueling station on the site. The location sits adjacent to a distribution depot that is currently under construction.
The Governmental Finance Corporation is a nonprofit entity created by the city to finance and manage capital projects related to municipal real estate. Its board consists of all five members of the Port St. Lucie City Council.
The proposed agreement includes a $300,000 deposit and would allow the retailer a 90-day inspection period. After that, Costco would have 270 days to secure development approvals before closing on the property.
Plans for the store include space for typical warehouse retail operations and related services such as a pharmacy, bakery, deli, tire center and fueling facilities, according to the agenda item.
As part of the agreement, the city would be responsible for extending Marshall Parkway so it can serve the site before a certificate of occupancy could be issued. The city would also confirm that water, sewer and utilities are available nearby and provide fill material needed to prepare the land.
The city would retain two smaller outparcels from the larger property.
The agreement also contains restrictions preventing the city or its entities from selling nearby land within a one-mile radius for certain competing uses, including other wholesale warehouse retailers, large grocery retailers and similar fuel or tire service facilities.
If the agreement is approved, Costco would be able to move forward with its development plans in Southern Grove — a potential addition that city officials say has been a frequent request from residents.