Development Site, +/-11.5 Acres Hwy 85 S & PJ Adams Pkwy

Vacant Land for Sale
Catylist Listing ID: 30668353
Property Subtypes: Hospitality, Multi-Family, Retail, Retail-Pad, Self Storage
Gross Land Area: 11.50 Acres
Sale Price: $6,000,000
Unit Price: $521,739 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/20/2024

Overview / Comments

+/-11.5 Acres located at the intersection of Hwy 85 S & PJ Adams in the largest City in the FWB-Crestview-Destin Metro Statistical Area. One Mile South of I-10 with a combined traffic hit count of 58,900 at the intersection of (SR 85 & PJ Adams) of this C-2 zoned development site. 919th Special Operation Wing is located 6 miles South and Bob Sikes Airport is 7.5 miles North East. Located at the 2019 project starting point (Phase I) of the Approved FDOT PJ Adams Pkwy Four Lane/New I-10 Interchange Project; opening ~300 acres within the City of Crestview for commercial economic development and 1,800 acres for residential development. FUTURE TRAFFIC on the PJ Adams corridor will range between 35,600 and 44,100. Current AADT on PJ Adams is 18,400 and AADT on S. Ferdon Blvd (SR 85) is 39,500.

Attachments & Media

Additional Details

Nearest MSA: Crestview-Fort Walton Beach-Destin
County: Okaloosa
Taxing Authority: City of Crestview, Okaloosa County
Tax ID/APN: 32-3N-23-0000-0054-0000
Zoning: C-2
Property Located Between: PJ Adams and Riverwood Dr.
Property Visibility: Excellent
Legal Description: Lengthy, in file. Multiple Parcels.
Largest Nearby Street: Hwy 85 S (S. Ferdon Blvd)
Feet of Frontage: 861
Traffic/Vehicle Count: 39,500
Highway Access: One Mile South of I-10. 919th Special Operation Wing is located 6 miles South and Bob Sikes Airport is 7.5 miles North East.
Airports: Destin/Fort Walton Beach Airport (VPS), Bob Sikes Airport (CEW)
Site Description: 11.5 acres with 861' of road frontage on S. Ferdon. 3 points of Ingress/egress on Ferdon south bound, including a full median cut at the north west corner at S. Ferdon and Riverwood Dr.
Area Description: Crestview is the county seat of Okaloosa County, and is designated as the Hub City” as it is located at the junction of three major highways” US Hwy 90 (US 90), State Road 85 (SR 85) and Interstate 10 (I-10). The University of Florida’s Bureau of Economic and Business Research (BEBR) projects Okaloosa County’s current population of 188,000 is projected to grow to 223,500 by 2040 with medium population growth, representing an increase of 18%. As identified in the 2015 Florida Defense Factbook, Eglin Air Force Base, housed in Okaloosa County, is the largest military installation in the Department of Defense. Duke Field, located on SR 85, is the new home of the 919th Special Operation Wing. The Economic Development Council of Okaloosa estimated in 2017 the military presence of Duke’s Total Economic Impact in the Community at $51 million annually. Bob Sikes Airport supports a mix of general aviation, defense and industrial aerospace corporations with its 8,000 foot runway with an instrument landing system (ILS) and available acreage on and off airport for lease. The Okaloosa-Walton Transportation Planning Organization (OWTPO) reports, Okaloosa County’s median household income is $55,768 with the 32536 zip code coming in at $62,862 as reported by the Bureau of Labor Statistics. The state of Florida’s median income is $47,212 . Employment is projected to grow at an 11%-15% rate per the (OWTPO).
Lot Frontage: 861
Lot Depth: 494
Zoning Description: C-2
Easements: Utilities
Easements Description: Ingress/Egress, Lift Stations
Soil Type: Sandy
Available Utilities: Electric, Water, Gas, Sewer, Cable, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 18,745 31,154
Median Age: 33.26 34.03
Households: 6,921 11,424

Contact

Photograph of Listing Agent

Melissa Glyptis Simpson

Coldwell Banker Commercial Realty
Gulf Coast CMLS Member
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