Local Magnate Purchases Crane Island

[JayBird]

Saad Wallan, chairman of the Wallan Group, paid $9.9 million for the island located just west of the Fernandina Airport, according to Nassau County property records. It includes 113 developable acres and 104 acres of marshlands as well as five acres of right-of-away that include the access road to the island.

The planned unit development submitted by the previous owner calls for up to 169 single family homes and no more than 90 boat slips.

"It's a great sign for land development," McGraw said. "You've seen a lot of transactions with national homebuilders, but to see private developer-investors taking down land deals to do development is a great sign."

Mobile link from email:
m.bizjournals.com/jacksonville/news/2014/02/25/international-aviation-magnate-buys.html?ana=e_jac_bn&r=full