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Palm Coast Monday, May 18, 2020 1 week ago

Herbal extraction company buys Flagler County 'spec' building for $2.65 million

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Vidya Herbs Inc. has committed to bringing 80-100 jobs with an average wage of $42,000 per year, according to the county government.
by: Jonathan Simmons News Editor

Herbal extraction company Vidya Herbs has purchased a 20,000-square-foot Flagler County 'spec' building on Otis Stone Hunter Road in Bunnell for $2.65 million and committed to bringing 80-100 jobs with an average annual wage of $42,000, according to the county government. 

Construction of the building was commissioned by the county government in 2017 to attract businesses to Flagler County. The county committed to providing $90,000 in tax breaks over 10 years to developer Beutlich Development for the construction, and Beutlich bought the parcel and built the structure. 

The Flagler County Department of Economic Opportunity first met with India-based Vidya Herbs Inc. in October 2019, and the building went under contract in December 2019, according to Kat Friel, the county's economic development manager.

"This is a very exciting project for Flagler County," Friel said in an email. "The city of Bunnell did an outstanding job of closing this deal within their borders and provided the company with an incentive package in addition to the incentives the company will be receiving from the state."

The building was constructed with a tilt-wall construction method and sits on 4 acres that also include a building pad for an additional 20,000-square-foot building, according to a press release from SVN Alliance Commercial Real Estate, which represented both the buyer and the seller in the transaction. 

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