If your company owns its own commercial property or if you manage commercial properties and rent them out to others, you know how valuable those real estate holdings are. They may be the biggest assets you own.
While property ownership has strong protections under Florida law, it is still possible that you could lose your commercial properties through no fault of your own if the state of Florida forces the sale of the property for a public project.
Eminent domain claims could mean that you lose your property
Large projects that will benefit the public often require years of planning. Whether there is a new water treatment plant to be built or an expansion constructed for the local highway overpass, it will be in the public’s best interest to see the project through to its completion.
Individual property owners sometimes try to stonewall big projects by refusing to sell or demanding utterly inappropriate compensation for their property. When someone refuses to sell or to accept a fair price for their property, the state could initiate proceedings and forced sale under eminent domain. Eminent domain laws essentially force owners to sell their real estate for a fair market value when it is necessary for a public construction project.
In some cases, you may be able to fight the eminent domain claim against your property in court. Other times, you may be able to demand a more reasonable final price for the property. Understanding your commercial property rights in an eminent domain situation can help you appropriately respond to an offer on your property.