Another Unsolicited Cash "Offer" Coming for OLF-8 This Week......

Commissioners will be receiving an unsolicited "Cash Offer" this week for as much of the acreage on OLF-8 that we will sell to this potential buyer.

This is the latest in a series of unsolicited offers for the OLF-8 property that we have received.

We had one developer offer us a cash price for the entire field about a year and a half ago.

Another firm made an offer for some frontage on OLF-8 with which they wanted to construct a Publix. (They subsequently found a different Beulah location, and the Publix they are building there, complete with 11 outparcels and multiple stand-alone retail pads, is nearing completion at the intersection of Beulah Road and 9-Mile Road).

This latest offer will be coming in the midst of the county's current master planning process for this field, and during a period of some strife and discontent among a very small faction of local citizens who have been misled and manipulated into believing falsehoods about what the Escambia BCC's intentions are with OLF-8.  Now this small faction of county residents want to assert themselves and feel they should be able to decide for the BCC exactly what they will "approve of" for construction on the field.

So there's the backdrop....

I spoke this Saturday to one member of the team of developers that will be making this offer this week.  He contacted me and I returned his call.

"I've watched these meetings and been a part of the charettes--and I believe I have crafted an offer that will allow for the development of the field to go forward in a way that will comport with what the BCC wants and that will make residents happy." said the developer.  "We will work with you all on your Triumph grant--you just tell us the acreage you want for that and we will buy what's left over."  He continued.

We spoke briefly on price and I told him I'd look at what he presented.  His characterization was that it could be as much as $35 Million back to the county, depending on how any potential deal gets structured.  At a mere $40K per acre, I had a hard time seeing how that math works--especially given the fact that I KNOW the frontage parcels on 9-Mile will fetch prices MUCH HIGHER than $40K per acre.  Lots more.

So we will see what this offer looks like this week when we get it.  One thing is sure though--if we were to make a deal and recoup $35Million for the rest of OLF-8----that would allow for a LOT of projects in each of our 5 districts!

Stay Tuned