Another developer eyeing beachfront property near Fort Walton Beach, Fla.

By Tom McLaughlin, Northwest Florida Daily News, Fort Walton Beach Knight Ridder/Tribune Business News

Dec. 9--The owners of the Shoal River Ranch are eyeing a trade with the Air Force for beachfront property on Okaloosa Island.

Representatives of the Davis family, owners of the 11,000-acre ranch that lies three miles east of Crestview, have met with Eglin Air Force Base officials and discussed trading some of their land for military property on the island.

The Davises, who do business as a limited partnership called Lexington Parke II, specialize in the development of beachfront properties. They join Niceville speculator Stephen Alford as potential suitors should the Air Force decide to use its island holdings to barter for less lucrative acreage it covets.

Eglin Air Force Base officials have "shown an interest" in portions of the Shoal River Ranch lying below Interstate 10, said David Stockman, the director of real estate for the Davis family.

"We have a lot of real estate they're interested in for a number of different …