New hotel coming to busy corner

FORT WALTON BEACH — A new hotel chain has checked in for an extended stay at the corner of Racetrack Road and Eglin Parkway. 
   

Maitland, Fla.-based Liberty Investment Properties, the principal franchisee of Value Place Hotels in the state, has confirmed plans for a four-story, 120-room economy suite hotel where the former West Building Materials — which has been vacant for about six years — used to operate. 
   

Value Place will serve as anchor tenant for the high-profile corner, where a Space Box selfstorage facility is also planned. 
   

“They’ve just gotten started, so we’re talking months, not weeks, before the hotel and storage space is ready,” said Elliott Kampert, director of growth management for Okaloosa County. 
   

“The building that’s already there will be part of Space Box, and they are also adding an additional fourstory building. A development order was issued, so they’re all good to go.” 
   

Outback Storage Co. purchased the six-acre tract for $4.1 million last February. Demolition and initial site preparation began on the property shortly after the purchase, but was postponed until the development order was issued last September. 
   

“When we look at developing and expanding our brand within a community, we look for areas that are growing,” said Jennifer Kramp, spokeswoman for Wichita, Kan.-based Value Place. “We like the mix of retailers in the Fort Walton Beach area, and the military presence is attractive to us as well.” 
   

The $4 million project is expected to be completed this summer. Value Place, the most recent hotel brand to enter the so-called “no frills” extended-stay hospitality segment, operates 60 hotels in 20 states. Rooms are expected to cost $179 to $220 per week. 
   

Value Place joins Dallas-based La Quinta Inn in bringing new hospitality alternatives to Fort Walton Beach. La Quinta is preparing its site on U.S. Highway 98 near Beal Parkway for a new hotel, also planned to open next summer.