Naturewalk

the search engine within this BB's software is quite strong.

http://www.sowal.com/bb/search.php

My question....who actually got stuck with the development ?????

:scratch:Hmmm. Let's see - could it be you and I and our taxpaying children
That's my personal opinion. It would be nice if Shelly would come on here and comment. There are a few steps in between us and them, of course.

well, maybe since we are "stuck with it" ultimately, we could turn it into a Community Center, swimming pool, tennis courts, meeting hall, etc. etc.

just saying....

well, maybe since we are "stuck with it" ultimately, we could turn it into a Community Center, swimming pool, tennis courts, meeting hall, etc. etc.

just saying....

We walked back there recently as well. What a beautiful community area it would be! One of the houses' front door was sitting open- we were wondering if people could be squatting in them, and if there was any patrolling going on?

With the gates locked, I would imagine the po-po are not making circles through the development.

With the gates locked, I would imagine the po-po are not making circles through the development.

We were wondering about that- but there aren't any "no trespassing" or "keep out" signs- and there are nice wide walking paths around the road gate.

their liability may be increased by not having no trespassing signs posted. However, I would guess that a good lawyer could convince a jury that locked gates should indicate that one was trespassing if he or she proceed past.

I don't know why they don't rent out the sales center to someone as a nice restaurant. The building is really cool.

their liability may be increased by not having no trespassing signs posted. However, I would guess that a good lawyer could convince a jury that locked gates should indicate that one was trespassing if he or she proceed past.

I don't know why they don't rent out the sales center to someone as a nice restaurant. The building is really cool.

Geez, guess I shouldn't have mentioned that I walked by there. Thanks.

I wouldn't worry about it too much, just don't claim that you broke your ankle and are suing them for damages if you are on their property. The want to limit liability is probably the biggest reason for people putting up no trespassing signs.

I'm not too worried about it. Actually, I really need a walk today. Maybe I will go there.

Ironically, NatureWalk is probably more true to its name as it is now, than compared to how it would be fully built out.

A friend and I made a bike ride through Naturewalk...we felt as if we were the last 2 people left after the "bomb" had dropped...vacant houses on the main stretch, splintering wooden bridges, sales center looking as if the staff would return from lunch any minute.
My question....who actually got stuck with the development ?????

Looks like it went back to the bank that fronted the development loan, county records indicate final summary judgement was recently filed for BankAtlantic of Fort Lauderdale. Most of the lots that sold went back to their respective banks as well.

I'll bet they probably sell it off for a major loss. If that happens, I'd bet you'll see some work in there wthin a year or so, that's pretty nice real estate.

It is great real estate. They just need to leave out the chunk in Seagrove.

I agree. I'd probably buy a lot in there as an long term investment if the development landed in the right hands and there were no build out dates.

Should be interesting to see what happens over the next year. The final summary was just filed 8/27. I doubt the bank is interested in maintaining the property or paying the taxes, so things might start to pop here in a bit. (assuming I'm reading country records right.)

Nature Walk Part Deux? Did I detect a deed transfer on the neighborhood?

The last time I looked, they did still have a billboard for the development over by the giant bowling alley in Destin. Of course it was on the side of the billboard that faced the parking lot and wasn't actually visible from US 98 but then that was probably the least of the development's problems.

Nature Walk Part Deux? Did I detect a deed transfer on the neighborhood?

Do tell! I have noticed quite a few peeps looking at the place in the last few months. Hope something good happens to this beautiful property.

Is this the money guys who backed Olson which took the property back? Consideration is mentioned at $3.165 Million, and doesn't appear to include Seagrove Villas. Read attached photo.

http://www.co.walton.fl.us/DocumentView.aspx?DID=2155

To: Board of County Commissioners

From: Melissa Ward, Project Manager

Meeting Date: Tuesday, April 13, 2010

Project Name: Naturewalk at Seagrove PUD Developer Agreement

Applicant: Olson & Associates and Bank Atlantic

Request: Olson & Associates, by and through Rick Olson, and
Bank Atlantic, as holder of the Irrevocable Standby

Letter of Credit, request consideration of the County to
enter into a Developer Agreement pursuant to
?11.01.07 of the Land Development Code and
?163.3220, F.S. for the remaining infrastructure.

Location: East of CR 395 off Sandgrass Boulevard.
Parcel(s): Parcels located within the subdivision identified with
#11-3S-19-25010.

Land Use Category: NPA, Traditional Neighborhood Development
Requested Action: A motion to approve, approve with conditions, or deny
the request for Walton County Board of County
Commissioners to enter into a developer agreement
with the developer(s) and interested parties of
Naturewalk at Seagrove PUD.

This is the second public hearing for the Naturewalk at Seagrove PUD
Developer Agreement request. The developer, Olson & Associates, along
with secondary and interested parties, has submitted a request to the
Board of County Commissioners to enter into a developer agreement as a
revision to their guarantee of development per ?11.01.07 of the Walton
County Land Development Code.

The development known as Naturewalk at Seagrove PUD is a platted
subdivision approved per development order 05-001-00106 [and
subsequent amendments]. The developer, Olson & Associates,
approached the County to amend their guarantee for infrastructure on
all three phases of the Naturewalk platted subdivision, pursuant to
?11.01.07 of the Walton County Land Development Code.

Walton County is the beneficiary and holder of a letter of credit which
has been reduced from $13.04 million to $2.28 million as infrastructure
was completed and inspected by the County. The $2.28 million letter of
credit remains as issued by Bank Atlantic for the uninstalled or
incomplete infrastructure. On March 16, 2010, the applicant’s engineer
has certified that the remainder of work done for phases 1 and 2 is
estimated at $143,550.00 (including the 10% contingency as required by
Code).

The applicant proposes to submit an irrevocable standby letter of credit
for the $143, 550.00 for the remainder of work in phases 1 and 2 of
Naturewalk while simultaneously requesting the Board of County
Commissioners to enter into a developer’s agreement for Phase 3 of the
platted subdivision. The developer agreement proposes to prohibit the
sales of the lots in Phase 3 of Naturewalk until the County has received
certification by the project’s engineer of record for the completion of
infrastructure and inspected the same for final certification. Included in
this agreement is the covenants and restriction for Naturewalk which
include the County’s ability to deny building permits within Phase 3 until
such time as the County has approved final inspection of the remaining
infrastructure. The developer agreement is attached hereto for review.

BankAtlantic has been plying the secondary loan-sales market for about $187 million in distressed loans on Florida properties. This transaction made the buyer successor to the $52 million foreclosure in progress.

BA probably will provide recourse or nonrecourse financing later. Either that or they think NW is worth about 6% of the original LV.