D.R. Horton Pulls out of OLF 8 Purchase Negotiations

From our attorney's office this afternoon comes this forwarded email from the law firm representing D.R. Horton in the effort to purchase OLF 8:

"Alison and Steve:

 I apologize for the delay in getting back to you on this matter, but D.R. Horton has been looking at multiple scenarios in an effort to make this project work, both for the residents of Escambia County and for Horton from a financial perspective.  Unfortunately, Horton has come to the conclusion that there are too many obstacles to overcome in the limited amount of time being granted.  Horton believes that the engineering, due diligence and governmental approvals necessary to make this project feasible cannot be accomplished within the County’s desired timeframe. 

 From Horton’s perspective, the current Master Plan that exists for the property does not allow for Horton to pursue a financially viable development.  The changes to the Master Plan and other associated approvals and entitlements (both at the local and state levels) that would be necessary to convert this project into something that can be developed for commercial and residential purposes and in an economically viable manner pose more risk and uncertainty than Horton is willing to bear at this time.

 Horton believes that Escambia County, and especially the Beulah and Cantonment submarkets, are vital to the continued success of Northwest Florida, and the OLF-8 property is by far the most valuable location in this market.  If the County were willing to entertain changes to the Master Plan that Horton believes are needed, Horton would very much be interested in participating in the future development of this site.

 Based on the foregoing, Horton hereby withdraws its offer on the OLF-8 property.  We would like to thank you and the other representatives of Escambia County who have worked on this matter for all of the time and effort that has been put into this matter and for allowing Horton the opportunity to pursue this matter.  We certainly wish that it had worked out differently

 Sincerely,

Chris"

Christopher M. Gill