$80M is a lot of money, but the ROI is more than worth it

“It’s not very often that we have a chance to create a new state park — a new piece of property on the coast — because everything’s already been built on.”

Those are wise words from Sen. Jay Trumbull to the publication Get the Coast regarding a state proposal to purchase nearly 4 acres of waterfront property in Destin.

The problem — which shouldn’t really be too much of a problem at all — is that the price tag for the state is about $80 million. The property in question was last purchased in 2016 and 2017 for $8 million, according to POLITICO.

It’s easy to see how a tenfold increase in land price might cause some budget hawks to wince.

But a lot has changed since 2017. Property values in some cases have doubled — bringing that $8 million to more like $16 million. And substantial improvements have been made since that sale, including sea walls, a marina and other infrastructure, amenities that are costly to create and mitigate what at first glance seems like an awfully big price tag.

More importantly, investment is about more than numbers.

The state, along with Okaloosa County, which has pledged $5 million to land acquisition costs, has a rare opportunity to preserve pristine waterfront land in paradise exclusively for public use.

As the plot of land, flanked by crystal blue waters, is currently zoned, it would otherwise be used to build high-rise condos, which no doubt would be sold to wealthy individuals looking to live in paradise or vacation there at will.

With a state land purchase, everyone benefits. And not just because they’d have more access to pretty beaches. Nearby Henderson Beach State Park is a pristine location for all variety of beachgoers, whether looking for on the water fun, or just sunbathing with a view. But the park is so chock-full of awesome, it frequently closes because it reaches capacity, leaving countless people without their fun in the sun.

The state also has an opportunity to preserve the land from an environmental standpoint. The purchase comes at the recommendation of the Department of Environmental Protection (DEP). The nearly $84M price tag — $80 million for the state’s portion — comes from two different appraisals submitted by the current landowners, Pointe Mezzanine and Pointe Resort.

The money is already there, too, with an allotment set aside for DEP to acquire land for a park in Okaloosa County. While the language is somewhat vague, according to POLITICO, acquisition of the 4-acre parcel would allow a new park to situate next to an existing city park, which together would create nearly 110 acres of park land on Norriego Point in Destin Harbor.

And once the land is acquired, the state could wash its hands of the project. Okaloosa County has agreed to oversee the park, including operation, management and maintenance as well as capital projects, construction, insurance, staffing, utilities and more.

It’s understandable that some are still not convinced that $80 million is a fair price to pay to preserve land that was purchased less than a decade ago for a fraction of the price. But the rules of supply and demand explain the increase in value.

Land acquisition efforts throughout the state have traditionally been in areas infrequently visited — farmland or nature preserves. Those are worthy preservation projects, and to be clear, they should continue.

But it’s not every day the state has the opportunity to preserve pristine land that provides environmental protection while also allowing residents and visitors to enjoy and recreate at one of the most beautiful beaches on earth.

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