Beulah Town Center, LLC, has sent the Escambia County Commission a four-page Letter of Intent to purchase 375 acres of OLF 8 in Beulah for retail, commercial and multi-family residential.
“What they’re looking to do is purchase a chunk of the land on the southern portion that’s for a mixed-use town center with retail and restaurants for $20 million,” said Commissioner Bergosh on WCOA this morning. “And then they want the option to purchase three additional parcels on the northern part that front Frank Reeder Road if the county is unable to fill those with job-producing commercial tenants–the intent of the entire acquisition of that property was to create jobs.”
The proposal asks for options for 55 more acres after four years, if the county has developed the land, for $3 million; 50 acres after six years for $4 million and the remaining 37 acres after eight years for $5 million.
Read Bergosh’s post.
