Developers eyeing potential near Beal, Racetrack
November 17, 2008
By: Thomas J. Monigan NWFL Daily News


Not long ago, there wasn't much in the way of major retail once you got north of Sam's Club, Walmart and Lowe's on Beal Parkway. But that's all about to change.

Near the intersection of Racetrack Road, you can see a two-story Kohl's department store taking shape next to the Winn-Dixie supermarket that anchors the aging Oakmonte Plaza.

An Alltel store has just opened on one corner of Beal and Racetrack, and the property across the street where Little Chapel Funeral Home once stood is for sale.

And around the corner, there's a $2 million project called FWB Commons taking shape on Hurlburt Road.

Even with a recession looming, location still plays a major role in commercial real estate.

"When they widened Hurlburt to five lanes, that really opened it up," said Melodee Skipper of Sallie Hardy Broker Inc. "What Keith Rockman has done with FWB Commons has enhanced the area, and timing has a lot to do with it. Alltel corporate had to approve Ted Edwards putting that store in, and you've already got Wright Plaza across the street."

FWB Commons consists of two 10,500-square-foot buildings divided into 14 units of 1,500 square feet. Rockman has confirmed he has a small restaurant, a doctor's office, a real estate office and a nail salon committed as tenants. Completion of the first phase is targeted for the end of this month.

"They've turned it into major intersection that will move people east and west across the Fort Walton area," Rockman said. "It has real good potential."

The Florida Department of Transportation has calculated the average number of vehicle of that pass through the intersection each day. Here is the breakdown:

- Beal north of Racetrack - 46,500 vehicles;

- Beal south of Racetrack - 44,000 vehicles;

- Racetrack east of Beal - 36,000 vehicles;

- Hurlburt Road west of Beal - 10,500 vehicles.

Kevin Bethea of Realty House brokered the deal for Kohl's site.

"You can look to Destin and see where everything we wish we had gotten has gone," Bethea said. "This will help validate Beal Parkway as a new place for retailers to come to our market. Kohl's wanted a bigger footprint, but they wanted to be there bad enough that they consented to build the two-story store."

Edwards, meanwhile, said he decided to open the Alltel store before he knew Kohl's was coming in.

"It's all about location," he said. "You can bet Walgreens isn't over there on that other corner by accident."

Over in Wright Plaza, Shirley Easom has owned and operated The Sewing Center for 10 years. Having Kohl's nearby makes her smile.

"I think it's great," she said without hesitation. "We can use a department store on this end of town. I think it will be a draw as more people know it's there."

Even during lean times, Easom has been convinced her location would pay off.

"To me, it's a major intersection because it handles traffic from both bases (Eglin and Hurlburt)," she said. "And having this kind of upgrade in the area means a lot convenience-wise."