Jubilee project gets new leaders

Published by the Pensacola News Journal - August, 28, 2007

Louis Cooper

Facing more than $5.5 million in liens, the Jubilee development in Pace is under new management.

Originally proposed by the Atlanta-based Eagle Group, the project is now under the control of a company called 2718 Santa Rosa L.L.C.“We own the property,” said Barney Ng, a California-based businessman who is the managing member of 2718 Santa Rosa, the group of investors behind the project. “The Eagle Group had a development and purchase option agreement with us. They could not fulfill their contractual obligations. We had to step in and take over the situation.”Ng wouldn’t say how much over budget the project is.

“The magnitude of the dollars that are owed and the amount to finish the project was far greater than what we had anticipated,” he said. “That was one of the issues that made us decide to take it over.”Jubilee is planned for a 2,718-acre parcel between Berryhill Road, Willard Norris Road and Chumuckla Highway in Pace. The first phase is scheduled to have 588 single-family homes priced from $275,000 to $1.5 million. At completion, the three-phase project could boast thousands of homes.

“Our goal is to finish the project,” Ng said. “Our first goal is to make sure that those who have provided services for the project get paid. The second goal is to complete the first phase of the projects — 588 homes, a golf course and a club house.”