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ransMontaigne Partners has entered into a sales agreement for its 9.6-acre fuel depot on Fisher Island, with the buyer set to pay $180 million. However, the site's environmental issues and lack of development rights will be the new owner's problem to solve. The Denver-based energy company, led by CEO Randy Maffett, has not disclosed the identity of the mystery buyer, who is reportedly based in Chicago and plans to redevelop the fuel depot into luxury homes.

    TransMontaigne will lease the terminal back from the buyer after the expected closing in May, allowing it to continue operating the facility until 2027. The energy firm acquired the Fisher Island property in 2003 for $156 million as part of a larger deal that included six other energy storage facilities.

    The sale is being made "as is," with the buyer responsible for evaluating any zoning or environmental constraints related to the site's use. This could be a challenge, given that Fisher Island has run out of developable land. The island's last remaining development site was sold in 2022 for $122.6 million to a partnership led by Related Group and BH Group.

    The new owner will face stiff competition from other luxury developers on the island, including Jean Madar, who is building six spec mansions as part of the Link Estates project, with prices ranging from $31 million to $55 million.