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West Florida Gin, Businessman Could Acquire Century Industrial Property
May 7, 2019
The former Helicopter Technology building in Century could be home to a tenant soon, the first in over a decade.
West Florida Gin Manager Robert Earl Godwin and businessman Larry Baxley told the Century Town Council Monday night that are interested in the vacant building and made a preliminary offer to lease to own the building at $4,000 per month for five years, for a total of $240,000.
In 2017, the building was appraised for $550,000 with a fair market rent of $80,000 per year ($6,667 per month).
“It’s been empty for how long? A decade,” said council member Ben Boutwell. “I think it is a good thing.”
The West Florida Gin plans to use about half of the warehouse space for cotton storage. Godwin said the longtime cotton gin has outgrown its storage space in Walnut Hill. Baxley said there is a “tenant we have in mind at the moment” for the remainder of the space.
It’s unknown how many jobs that tenant might bring, while Godwin said the cotton storage would not likely bring any additional jobs.
“I think it’s unfortunate we can’t offer any jobs,” council member James Smith said.
The council unanimously agreed to let the town attorney look at the preliminary offer.
The former Helicopter Technology building is a 40,000 square foot office/warehouse building with full climate control, sprinkler system, new HVAC and energy efficient lighting. The town re-acquired the industrial building at public auction for less than $1 out of pocket back in August 2009, following the town’s foreclosure judgment against the now defunct Helicopter Technology.
Pictured top Businessman Larry Baxley (left) and West Florida Gin Manager Robert Earl Godwin discuss the Helicopter Technology building (below) with the Century Town Council Monday NorthEscambia.com photos, click to enlarge.
Comments
5 Responses to “West Florida Gin, Businessman Could Acquire Century Industrial Property”
Less criticism and more support to recognized local business people in our community.
This is a good start after many years of being inactive that place.
“A bird in the hand……” can be messy.
A bird in the hand……
Rental income is better than no income at all. Even at the greatly reduced rent that was offered. It’s a fantasy to think anybody would actually pay $6,667.00 a month for a building in Century.
Has anybody seen evidence that Century has actually allowed a commercial real estate company to market this property at market value?