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Developers Make $16 Million Unsolicited Offer For OLF-8 Property
January 27, 2021
Developers have once again made an unsolicited offer for the county-owned property on Nine Mile Road in Beulah known as OLF-8.
Hemmer Consulting of Pensacola, and 68 Ventures of Spanish Fort, made the $16 million offer Tuesday to purchase about 400 acres for $40,000 cash per acre. Escambia County would retain about 130 of the 530 total acres for roads, government buildings, parks, schools and a dedicated commerce or business park.
The developers will, according to their proposal, follow design aspects guidelines set forth in a master plan once it is approved by the Escambia County Commission. DPZ Codesign has developed four master plan concepts for OLF-8 (click or tap here to see the plans in detail). The county commission has finalized a master plan.
If the sale were to take place, the Hemmer and 68 Ventures will construct a main boulevard from Nine Mile Road to the property retained by the county, and the county would be required to continue the roadway to Frank Reeder Road.
Hemmer Consulting and 68 Ventures also made an $18 million unsolicited offer for the full 530 acres in early 2019. At that time, County Attorney Alison Rogers told commissioners that they would be legally obligated to declare the property surplus and sell it to the highest bidder, rather than accepting an unsolicited offer.
In January 2019, Escambia County acquired the 636 acre OLF-8 helicopter field in a land swap with the U.S. Navy for property in Santa Rosa County at a total cost of about $18 million. A portion of the property was previously sold to Navy Federal to expand their campus.
NorthEscambia.com photo, click to enlarge.
Comments
17 Responses to “Developers Make $16 Million Unsolicited Offer For OLF-8 Property”
Frankly I could care less
I remember that ‘Smells fishy’….remember WD and Willie’s bring over a “pot of greens” deal. Same situation here.
@Scott G
NFCU went through on their purchase at least 6 months ago. Their land acquisition will not be used for new NFCU buildings or parking, but for NFCU employee recreation areas.
As a former employee in a state capitol, if you want to influence a government bureaucrat or elected official, you take them McDonalds and buy them a Big Mac, a large fry and a drink and they are putty in hands.
Just had a friend look at 2 1/2 acres of bare land in Cantonment at the price of 225,000. To begin with, the county will spend 10 times that in trying to build roads and infrastructure and another 10 or 12 years trying to get the roads built. Now, if the new land owners will pay for all of this as well as sign a date of completion, it could be considered.
$18 million for all in 2019 now $16 million for 400 acres… LOL! Maybe 20 years ago. This area’s growth makes this a low ball offer in today’s market.
What would be left is the wetlands that can’t be developed.
The acreage that fronts the highway is likely worth more than 40 an acre, but not all of the development would sit on prime frontage highways. That’s why it said average per acre. Not saying it’s a fair offer but the market will determine the value.
Above market value or not, that is chump change for those with deep pockets – the development of this prime acreage in an already booming part of the county will yield big dividends for developers. Do what is in the best interests for the people of Escambia county.
I am of the opinion this is another old boys network move. That land is worth more than offered. To bury an acre anywhere around there your paying 75,000. to 100,000.
!/4 Acre lots are going for $50,000 in this area and they are proposing $40,000 an acre. If the county even entertains this offer, it’s indicative of malfeasance and incompetence at best.
It would be a shame if Escambia County spent all that time and money developing a long term master plan only to sell it to developers who’ll do whatever they want for immediate gain.
Paul, $40,000 an acre is way above market value for vacant land, but I still don’t think that the county should sell it to just anyone. We don’t need any more houses, but we do need for the county to bring in more quality jobs!!!!! This land should stay commercial and never residential.
That’s a low ball offer, this company is gonna come in knock the sugar off the top and leave the 130 acres to the county to enhance their 400 acres they bought at tax payers expense, no way I’d make this deal.
In the last paragraph, it states NFCU already purchased a portion of the land?
When did this occur? I knew they had made an offer but not closed on the deal.
No lowball offers , that area out there is worth a lot more than they are offering. Developers are seeing $$$..
Starting to sound like another soccer complex deal. WD and Willie and would be proud of all the hard work the county put into this deal.