Jax Port Authority decides against taking Keystone Coal property

The Jacksonville Port Authority has decided not to acquire the property owned by Keystone Coal following a recent jury trial. The 70 acre property is located along the St. Johns River. The jury concluded that the property was worth $67 million dollars. Based on Florida law, the Port Authority filed condemnation proceedings where it would have the option of deciding whether it wanted to acquire the property following the verdict. In the end, the property was just too expensive.