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Developer Revises $20 Million Offer For OLF-8 Property
February 2, 2024
Escambia County has received a revised non-binding offer for a portion of the county-owned OLF-8 property on Nine Mile Road.
The offer revises a previously received Letter of Intent (LOI) from Beulah Town Center, LLC.
The offered price remains the same at $20 million for 290 of the approximately 500 acres. The original offer received from Beulah Town Center partner Fred Hemmer last November was for 375 acres with additional options totaling up to an additional $12 million.
The revision:
- Reduces the due diligence time period from 12 months to 10.
- Increases the refundable deposit from $100,000 to $150,000
- Removes parcel 3 out of the options.
If the county does not develop light industrial properties as planned, Beulah Town Center is offering $3 million for 55 additional acres after four years and another $4 million for another 50 acres six years later.
Comments
8 Responses to “Developer Revises $20 Million Offer For OLF-8 Property”
@Bill. You are absolutely right. Origonally OLF-8 was not available, when Navy Federal wanted to buy the 4-H land. Then After the sale, OF-8 suddenly became available. It was intended to provide Aircraft manufacturing facilities for Airbus plant going up at old Brookley AFB in Mobile. That fell through. So that brings us up to todays plans. The county has spent so much on acquiring OLF-8 that they need to recoup their origional investment.We the taxpayer are reaping some poor planning..ou
Why have they not paved Arena Rd and Tobias rds.? All the new subdivisions around are all paved with drainage, but delay after delay on these two roads. Too busy repaving existing roads
@rw Pine Forest Rd. is SR-297. It’s the State DOT’s responsibility to maintain and improve it.
THE COUNTY WON’T FIX PINE FOREST // THEY WON’Y FIX ANYTHING ELSE VOTE THEM ALL OUT
@Bill – My recollection isn’t what it used to be but I thought originally it was all about an industrial park and jobs and now, that seems to be an afterthought. I can only assume it is because they know the houses will sell (ongoing taxes) while the industrial parks around the county have plenty of empty lots, some more than others.
No more apartments or housing! We need and want decent restaurants, and department stores. An auto parts store would be nice also along with a hardware store also.
It’ll cost more than $20 million to construct the infrastructure needed. We bought the land to be an industrial park. Why forgo a vision for another housing project?
More massive apartments, strips malls and traffic backups on Frank Reeder is all I see.