Development Opportunity on Prime Corner SR 85 S / PJ Adams Pkwy

Vacant Land for Sale
Catylist Listing ID: 30425387
Property Subtypes: Hospitality, Office, Retail, Retail-Pad
Gross Land Area: 43.17 Acres
Sale Price: $6,750,000
Unit Price: $156,358 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/2/2019

Overview / Comments

7 PARCELS, totaling +/-43.17 Acres with +/-12.62 to +/-14.7 Acres of Uplands located on a Prime Hard Corner 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 68500 at the intersection of (SR 85 & PJ Adams) of this C-1 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 19,000 and AADT on S. Ferdon Blvd (SR 85) is 49,500.

Additional Details

Nearest MSA: Crestview-Fort Walton Beach-Destin
County: Okaloosa
Taxing Authority: Okaloosa County, City of Crestview
Tax ID/APN: 32-3N-23-0000-0055-0010
Zoning: C-1
Property Located Between: S. Ferdon Blvd (aka SR 85 S) and PJ Adams Pkwy
Property Visibility: Excellent
Legal Description: BEG SW COR E1/2 OF NE1/4 OF SW1/4 N529 FT E215 FT TO W R/W HWY 85 S3 DEG W 530 FT W177 FT TO POB BEG SW COR OF E1/2 OF NE1/4 OFSW1/4 W 150 FT N 838.77 FT E 150 FT S 838.77 FT TO POB COM SW COR OF E1/2 OF NE1/4 OFSW1/4 N 778.91 FT N 60.13 FT TO POB N 140 FT W 294.8 FT S 140 FT E 294.8 FT TO POB COM NW COR OF SW1/4 OF NW1/4 E 303.4 FT E 550 FT TO POB E 470 FT S 957.97 FT W 26.97 FT S 28 DEG E 164.32 FT S 41 DEG W 170.14 FT S 5 DEG E 127.81FTN 52 DEG E 89.62 FT S 50 DEG E67.47 FT S 61 DEG E 152.91 FT S 34 DEG E 182.18 FT S 35 DEG E 121.82 FT S 129.61 FT E 145.21 FT S 838.61 FT TO N R/W PJ ADAMS RD W 515 FT TO CTR LINE OF JUNIPER CREEK NW ALG CREEK 2770 FT M/L TO POB E1/2 OF NE1/4 OF SW1/4 W OF HWY EX N530 FT & EX S530 FT AS OR 785-465-469 & 1564-1520 S200 FT OF N530 FT OF E1/2 OF NE1/4 OF SW1/4 LYING W OF HWY 85 & BEG NE COR OF PARCEL N ALG HWY 14.2 FT W200 FT S20 FTE200 FT TO POB PARCEL B: COM AT INTERSECTION OF N LINE OF SE1/4 OF NE1/4 AND W R/W OF SR #85 S 4 DEG W 1475.81 FT TO POB S 4 DEG W 177.6 FT N 87 DEG W 199.78 FT N 4 DEG E 173.32 FT E 200 FT TO POB
Largest Nearby Street: S. Ferdon Blvd (aka SR 85 S)
Feet of Frontage: 1,178
Traffic/Vehicle Count: 49,500
Highway Access: 4 entrances on S. Ferdon (aka SR 85) allow for ingress and egress to the front of the property. An additional ingress/egress easement with widths up to 60' begin at the parcel north of 1E, allowing access to Parcel 2C and central/ rear access to Parcel 2D in the identified +/-3.92 uplands.
Airports: Destin/Fort Walton Beach Airport (VPS), Bob Sikes Airport (CEW)
Site Description: The front 4 parcels that make up this 43.17 acre site include 4 entrances over the +/-1178' of road frontage on S. Ferdon and additional 842' of road frontage on PJ Adams Pkwy. Ingress/egress easement at the parcel north of 1E and allows access to Parcel 2C and central/ rear access to Parcel 2D in the identified +/-3.92 uplands. Parcel 2B includes a +/-.69 acre conservation easement and Parcel 2D includes a required 200 foot conservation easement following the path of Juniper Creek that runs through Parcel 2D. Two lift stations can be found on the parcel at 4980 and 2D. Parcel 2B includes a radio antenna.
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: 1178
Lot Depth: 842
Zoning Description: C- 1, Future Land Use - Commercial Intensity shall be limited to a floor area ratio of 0.75 and an impervious surface coverage of no more than 75%. Maximum building height shall be no more than 45 feet. Front setback shall be no less than 10 feet.
Topography: Level
Easements: Ingress/Egress, Preservation, Environmental
Easements Description: Ingress/Egress Easement, Conservation Easement, Lift Stations
Available Utilities: Electric, Water, 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 NRT Pensacola
Gulf Coast CMLS Member
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