- To learn more about Gyrodyne's involvement with Callery-Judge Grove, Select a section below.
Gyrodyne has a limited partnership investment in a citrus grove located in Palm Beach County, Florida. The investment respresents a 10.93% ownership in a limited partnership that owns a 3,500 acre citrus grove. The property is the subject of a plan for a mixed use of residential, commercial, and industrial development which is under review by the local municipal authorities. The Company is accounting for the investment under the equity method. As of April 30, 2005 the carrying value of the Company’s investment was $0. Based upon the most recent independent third party appraisal, which was conducted by Pinel Appraisal Services, Inc. in June 2004, the Company’s investment has a current estimated fair value of approximately $8.3 million. In the latter part of 2003, the Scripps Research Institute headquartered in La Jolla, California, announced that it would be developing a major east coast center on property located 4.5 miles north of The Grove. Although the Company believes, based on press reports, that this announcement has been the catalyst behind the sale of thousands of acres of land to national developers in the general vicinity of the Grove, we have no current forecast of the likelihood of, or the timing required to achieve approvals for, the development of The Grove.