Nuclear Development LLC submitted the winning bid of $111 million for the 1,400 acre property near Hollywood, Alabama. The minimum bid was set at $36.4 million, just above the appraised value of $34.6 million.
Nuclear Development LLC was established in 2012 by Franklin L. Haney. The Haney family currently owns a combined real estate development portfolio of more than $10 billion and 15 million square feet of space.
In a press release, Haney pledged to invest up to an additional $13 billion to complete construction starting in 2017. Some of that investment includes state-of-the art security systems, a digital instrumentation and control system, double-barrier safety barriers and a control room simulator for training operations.
TVA said the 11 organizations expressed an interest, and three bidders completed letters of intent including financial qualifications and a plan for the property.
As part of the deal, TVA requires Nuclear Development LLC to make a minimum of $25 million in investments in the property over the next five years, including economic development activities in Jackson County.
Nuclear Development has up to two years to close. TVA will maintain the site until then.Construction on the two Bellefonte nuclear units began in the 1970s, though the project was suspended in 1988. Earlier this year, TVA’s board of directors decreed the plant to be surplus property.
The site includes two partially constructed Babcock & Wilcox Pressurized Water Nuclear Reactors that are 55 percent complete, two high-voltage switchyards and several office and support buildings. It also contains significant nuclear power station equipment, reinforced containment buildings, used fuel storage pools and high capacity cranes for fuel loading, unloading and movement.