An Alabama-based development group has acquired 174 acres of property at Nine Mile Road and Interstate 10 near Navy Federal Credit Union’s Heritage Oaks campus in the Beulah area.
Spanish Fort-based 68 Ventures paid $8.25 million for the largely-wooded acreage, with plans for single-family, multifamily, and commercial development. In addition to more than 25 active or completed projects in Baldwin County, Ala., the company also developed the 161-lot Vintage Creek subdivision further west Nine Mile Road and is currently developing the nearby 198-lot Antietam subdivision.
68 Ventures’ other Pensacola-area projects include the 48-unit Saufley Field Townhomes, the 177-lot Hawks Landing subdivision in Pace, and a planned 27-unit waterfront townhome development on Innerarity Point near Perdido Key.
The Nine Mile Road property had been owned since 2006 by Pensacola’s Moulton Properties until a California-based creditor foreclosed on the property two years ago.
Formerly a sleepy rural community, Beulah is experiencing heavy growth as Navy Federal continues to expand its Heritage Oaks campus. The Florida Department of Transportation is currently four-landing West Nine Mile Road, and nearly 1,000 residential lots are currently under development in the area.