Nason, Yeager, Gerson, Harris & Fumero, P.A. represented Southern States Land & Timber LLC (SSLT) in the successful acquisition of two state and federally permitted wetland mitigation banks located in Florida’s Panhandle: the Garcon Peninsula Mitigation Bank, L.L.C., and the Pensacola Bay Mitigation Bank.
Both transactions were handled by firm shareholder John J. Fumero, who is Board Certified as a specialist in State and Federal Government and Administrative Practice by The Florida Bar, and senior associate Kyle Horth.
SSLT purchased the Garcon Peninsula Mitigation Bank, which operates a 337-acre mitigation bank in Santa Rosa County. The Garcon bank restores and enhances degraded wet prairie habitats and is authorized to market and sell mitigation credits within portions of Okaloosa, Santa Rosa, and Escambia Counties.
In a separate transaction, SSLT also acquired the Pensacola Bay Mitigation Bank, a 1,205-acre site also located in Santa Rosa County. This bank is authorized to market and sell wetland mitigation credits throughout the Pensacola Bay watershed, which includes parts of Escambia, Santa Rosa, and Okaloosa Counties.
“These transactions reflect the continued importance of permitted mitigation banks in Florida,” said John J. Fumero. “We are honored to assist Southern States Land & Timber, an industry leader in mitigation banking in Florida and Louisiana, in navigating the complex state and federal regulatory process to close on these important assets, which expand their ability to deliver efficient wetland mitigation solutions across Florida’s Panhandle.”
A mitigation bank is a designated site where ecological restoration, enhancement, or preservation efforts are undertaken to compensate for environmental impacts caused by permitted development projects. Under Section 404 of the federal Clean Water Act and Chapter 373 of the Florida Statutes, developers may offset impacts to wetlands by purchasing credits from a permitted mitigation bank like Garcon or Pensacola Bay.
Fumero manages the firm’s Environmental, Governmental, and Land Use Practice Group. The firm’s attorneys are highly experienced in all aspects of environmental, land-use, administrative, governmental, and real estate law, as well as governmental affairs representation and litigation related to those practice areas.