U.S.-based property developer Hemmer Consulting LLC and investment firm 68 Ventures LLC plan to acquire 530-acre site, called Naval Outlying Field 8, in Alabama for $18 million.
Further, Navy Federal Credit Union has also offered $4.2 million for the other 100 acres of the site and expects to create at least 300 jobs.
Escambia County invested more than $17 million to build a helicopter training field in Santa Rosa County to exchange land the U.S. Navy owns near the credit union in Beulah.
As part of the deal, Hemmer Consulting will settle down payments between $1.5 million and $2 million owned by the county for a master planner for the entire 630-acre site.