Navy Federal Updates Offer To $4.2 Million, 300 New Jobs For OLF 8 Acreage

May 4, 2019

Navy Federal has submitted an updated offer of just under $4.2 million and is promising 300 new jobs for 96 acres of the OLF 8 property owned by Escambia County on Nine Mile Road.

The $4.192million  purchase offer is based upon $47,500 per acre for 88 acres and $1,500 per acre for eight acres of wetlands.  The $47,500 per acre is based upon the average of two recent appraisals.

Navy Federal’s non-binding offer expires on July 31.

In January Escambia County acquired the 636 acre OLF-8 in a land swap with the U.S. Navy for property in Santa Rosa County.

The land exchange provided Escambia County with property that can accommodate a wide variety of residential and light industrial development options, that will benefit the citizens and improve the county tax base. In return, the Navy gains a new, fully functional helicopter OLF, that meets current helicopter flight training requirements and is closer to NAS Whiting Field.

Escambia County has received an unsolicited offer of $18 million for about 530 acres of the property not being acquired by Navy Federal and $1.1 million for 15 acres with frontage on Nine Mile Road to construct a commercial center with a mix of retail, small offices and restaurants.

The county would legally required to declare excess acreage as surplus and sell to the highest bidder.

NorthEscambia.com file photo.

Comments

7 Responses to “Navy Federal Updates Offer To $4.2 Million, 300 New Jobs For OLF 8 Acreage”

  1. Mandy on May 6th, 2019 7:41 pm

    When will these jobs be available

  2. GH on May 5th, 2019 12:18 pm

    A real shame that the 9 mile road improvements will be obsolete by the time the road opens.

  3. Gene on May 4th, 2019 4:22 pm

    300 good paying jobs for our kids… Go for it.

  4. steve on May 4th, 2019 12:49 pm

    That is NOT a lot of money for commercial property.
    Also keep your affordable housing away from this area.
    Every time you see AH in a area that area starts DROPPING..

  5. John on May 4th, 2019 12:36 pm

    Why do bloggers on this website complain about jobs coming here. We need all the tax revenue that we can get. I don’t care what “No Jobs Underhill” thinks, all I know is that this county is hurting for more jobs. You whine, then they’ll go elsewhere.

  6. Bob C. on May 4th, 2019 10:22 am

    WOW, that’s a lot of money.
    How much did the BoCC invest of Our Taxes into buying the land over in Santa Rosa County for this “trade/swap”?
    Looks like a lot of property to be developed, Dollar Trees & Generals, Walgreens and CVS on opposite corners, maybe even some Real Affordable Housing for folks who earn less than $50,000 per year.
    As always, when politics dips into the real estate market there are some strange things that come to the surface.
    Please keep us updated as the tale unfolds.

  7. tg on May 4th, 2019 7:17 am

    Thars Gold in them thar hills.

Written by William Reynolds · Filed Under News