New Chaffee Crossing land deals top $2.4 million

The Real Estate Review Committee (RERC) of the Fort Chaffee Redevelopment Authority (FCRA) accepted four land sale offers totaling approximately $2.4 million on Tuesday (April 10) at a special meeting.

Should the recommendations receive approval at the April 19 meeting, it will mean the FCRA has managed to acquire more than half its budgeted land sale revenue for 2012 ($4 million) in less than four months.

The two largest offers were for 39 acres on Roberts Boulevard from COBC, LLC (for $1,072,500), and 46.5 acres on the southeast corner of Chad Colley and Custer Boulevards from Custer Colley Properties, LLC (for a little more than $1,162,500).

The COBC development is planned as commercial, according to FCRA Executive Director Ivy Owen, and will include “a gas station for Lot 1 on the west side of the cemetery.” The property is expected to close “on or before June 30,” Owen said.

The FCRA will accept responsibility in bringing sewer services to the property line.

On the deal with Custer Colley Properties (CCP), closing is not expected until Oct. 3, though Owen and the RERC wanted to “encourage them to close as soon as possible.” To incentivize, Chaffee Crossing is accepting the approximate $1.1 million offer with the stipulation that CCP gets a $10,000 reduction on escrow monies if they close in three months.

If not, the FCRA expects a $25,000 payment to escrow in exchange for holding the property until October.

The lengthy wait for closing, according to the RERC, is because CCP has said it will need that long to line up tenants and author a full development plan with its architects for the large-scale commercial development.

No representatives from CCP were present for comment.

Tuesday’s meeting kicked off with acceptance of an offer from TRCP Investments, LLC, to purchase the RV Park at Chaffee Crossing along with the onsite mobile home for $130,000.

TRCP representative Chad Brown was in attendance to voice his support for the deal. Owen called it a “fair offer,” and board member Janie Glover was encouraged to sell the 6.4 acres based partly on the fact that Brown would be living onsite to manage the property.

“I’m pleased someone’s going to live there,” Glover said.

TRCP also owns a mobile home park in Charleston.

Owen said that should the board approve the sale, the property could close as early as April 20.

Finally, the RERC approved the contract of $79,200 for 5.5 acres on Roberts Boulevard from Florida Oil Investment Group LLC. Florida Oil will reclaim and recycle compressor oil for the oil and gas industry.