An Osceola, Arkansas-based investment hedge fund wants to buy most of Presidents Island from Memphis and Shelby County, the Commercial Appeal reports.
From the Commercial Appeal:
Steven E. Son, managing member of the Osceola-based Land & Timber Resources LLC, told the Port Commission on Wednesday that it wants to buy 5,000 acres of rural farm and timber land that is not part of the island’s existing industrial development.
The industrial land comprises another 2,000 acres.
The commission formed a subcommittee to study the proposal.
The Arkansas hedge fund would negotiate a sales price for the Presidents Island land, Son said. Its letter of intent dated Sept. 12 offered $4 million for all 7,000 acres, but Port of Memphis executive director Randy Richardson told commissioners that the 2,000 industrialized acres aren’t on the table.
Son has told Memphis officials he wants to use the land for hunting and farming purposes.
You can access the full story here, including activity regarding a manufacturer’s expansion related to a contract with Mitubishi.