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Two Offers On The Table From Unnamed Companies For Parts Of OLF-8
September 21, 2024
Escambia County has two offers on the table for portions of the OLF-8 property on Nine Mile Road.
The county has two unrelated letters of intent for different parcels from two unnamed companies. Both are on the agenda for the Escambia County Commission to discuss at their Tuesday morning meeting.
Unnamed Companies? Why the Mystery?
The companies making offers for the OLF-8 parcels remain “secret”. Most details about the new companies and their plans remain confidential during discussions, as is allowed under state law. It’s standard in economic development across Florida.
Project Dynamo
Another letter of intent with the codename “Project Dynamo” was submitted August 23 with an expiration just six days later on August 29. The offer was submitted by KBC Advisors, a nationwide real estate advisory firm.
The offer is for 24.79 acres for $2.479 million with $25,000 in refundable earnest money with a 210-day contingency period. During that period, the purchaser would determine at their “sole discretion whether the Property is suitable for Purchaser’s intended use”.
“At any time prior to the expiration of the Contingency Period, Purchaser may, in its sole discretion, terminate the Agreement for any reason and receive back the Earnest Money,” the offer states.
While the exact project remains secret, there are some clues that have become public.
According to minutes from a June 25 Pensacola-Escambia Promotion and Development Commission (PEDC) meeting, then-FloridaWest CEO Brian Hilson explained this project will be a distribution center occupying an industrial building of 100,000 square feet.
“Mr. Hilson shared insights about a prospective OLF8 candidate that requires 20 acres of land. The company’s timing requires construction and occupancy by the fall of 2025 with employment up to 125 workers. Revisions to the OLF8 master plan and installation of water, sewer and road infrastructure must be expanded,” the PEDC minutes sate.
Project Meridiem
The latest offer is under the codename “Project Meridiem”. The letter of intent is for about 12 aces located along Frank Reeder Road at $100,000 per net useable acre, or about $1.2 million.
The company is offering a $25,000 refundable deposit applicable to the purchase price with a 90-day due diligence period that could be extended if an environmental study is required for development. The sale would close within 30 days of the end of the due diligence period.
The company is asking the county to provide some infrastructure for the project: “Seller shall be responsible for providing any required access roads up to the boundaries of the Property as well as providing all
utilities to the site including but not limited to water/sewer, power, and high-speed network infrastructure. The Seller shall also be responsible for installing appropriate drainage infrastructure surrounding the Property as well as providing regional detention that will satisfy all requirements for the subject Property.”
The letter was submitted on behalf of the unnamed company from JLL, is a worldwide commercial real estate and investment company. The offered terms expire September 27, 2024.
What’s next for the two offers?
Both letters of intent are on the agenda for discussion at the Escambia County Commission meeting on Tuesday, September 24 at 9 a.m. The commission could decide to take action to accept or reject either letter of intent, continue negotiations, table action or simply do nothing.
What about the rest of OLF-8?
There are two outstanding offers outstanding. One is from Tri W Development for $36 million for the entire property, and one is from Beulah Town Center for 290 acres at $25 million.
NorthEscambia.com photo, click to enlarge.
Comments
5 Responses to “Two Offers On The Table From Unnamed Companies For Parts Of OLF-8”
Earnest money that has to be refunded at any time for any reason if the puncher wants to back out. Tell me we haven’t elected fools that would even consider such a proposal. Then again…..
Should hold off to give new BOCC to respond. SOM FRESH IDEAS MIGNT BE GOOD
I smell a rat in the root cellar! This hurry up and get it done before November says one thing. Several of our soon to be former BOCC members stand to gain from getting this done so quick. This property has been here this long, these companies can wait until the changing of the guard for a final decision. That way, we know that it’s a honest deal. Also, the residents of Beulah have a chance to speak with the proper authorities concerning their legal rights to keep large warehouses and distribution centers from being erected in or around our neighborhoods!
Take the $36mil offer and be done with this mess.
Whats the tax on $2.5 million commercial property PLUS THE UPGRADES!