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Company Increases Offer By $1 Million For Smaller Portion Of OLF-8
February 16, 2024
An investment firm has upped their offer by a million dollars for a smaller portion of the Escambia Ccounty-owned OLF-8 property on Nine Mile Road.
Ryan Bell of Kinetic Realty Services and Pensacola Bay Realty broker Bryce Burch on behalf of Precision Capital previously offered $20 million for 537 acres, a majority of the property, and proposed the development of some 900 single family homes.
This week, Precision Capital increased their offer to $21 million for 290 acres while following the area’s master plan, and no longer proposing single family homes. The county would retain the remainder of the property for economic development.
Last week, the Escambia County Commission voted 4-0 on February 8 to begin negotiations with Beulah Town Center (BTC) LLC and partner Fred Hemmer on a contract to develop OLF-8. Beulah Town Center (BTC) and Hemmer have told commissioners that they will follow the Master plan and not contruct any single family homes.
Beulah Town Center’s latest offer was $20 million cash for 290 acres, with the county retaining acreage for economic development. Under their latest proposal, BTC will not retain a purchase option on the additional property.
BTC and Hemmer also revised their offer at the request of Commissioner Jeff Bergosh to set aside sufficient property to allow the county to construct four tennis courts adjacent to the new Navy Federal Recreation Park.
Just before the commission voted to negotiate a contract with BTC, District 1 Commissioner Jeff Bergosh said he could not consider Precision Capital’s offer that, at the time, did not follow the master plan.
Comments
6 Responses to “Company Increases Offer By $1 Million For Smaller Portion Of OLF-8”
@John and John … I was thinking the same thing. Have the county call Costco and just give them up to 20 acres (the one in mobile sits on around 12) provided the store is built within 3 years.
@ John connor. We do need a Costco.
I don’t care if you turn it into a landfill just reserve a spot for a Costco.
I would still like to see a new high school built in the area. Has there been any more talks about that?
Wow! The tennis courts are a lovely side deal. Pretty sure Commissioner Bergosh is a tennis player.
Does anyone really thinks this board has the ability to have a vision of the future that includes economic development. We have an industrial park. The best they can envision for an industrial park is something like Milestone. They think they’re really doing great things by adding more housing towards buleah. Thanks Steve Berry for all you’ve done to improve the quality of life . Bring on the vehicles. Our roads have plenty of room.