Eglin Air Force Base Growth Spurs Development in Nearby Navarre, FL

Spurred by the Base Realignment and Closure (BRAC) transfer of the U.S. Army's 7th Special Forces to Eglin Air Force Base, and the assignment of the Joint Strike Fighter Training Center to the same base, the Navarre area is beginning to see growth once again. Tapestry Group, a nonprofit foundation which finances construction projects and Fountain Design Build of Navarre have joined forces to create Waterstone at Navarre, a $30 million, four-story, 250 unit apartment complex.

According to a recent article in the Navarre Press the project will be an "upscale" community with 300 to 600 feet of buffering to separate it from existing neighborhoods. The amenities slated for the project include elevators, extensive landscaping, an exercise room, pool and walking path.

Greg Fountain, spokesperson for Fountain Design Build, was quoted as saying the project is designed for tenants with incomes ranging from 80 to 150 percent of adjusted mean income which will qualify it as moderate-income housing. This will allow the developers to use tax-exempt bonds to finance the project. The target group for tenants are military, teachers, firemen and retirees as well as those wanting to downsize.

Tapestry Group has a track record of completing similar projects in the Florida Panhandle. Waterstone Springfield in Panama City opened in February bringing the total invested by Tapestry in Panama City to $55 million.

The inventory for single family residential housing listed in Navarre has dropped from 14.21 months at the end of July 2008, to 11.86 at the end of July 2009.

For more information on communities or individual homes and lots in Navarre, Florida, contact us through www.PensacolaForYou.com