The Fort Chaffee Redevelopment Authority real estate review committee rejected a company's offer Wednesday to buy five acres of land.

Memco Inc. had offered to purchase five acres on Roberts Boulevard across from Graphic Packaging for $175,000 to develop an industrial warehouse/office.

"It backs up to the college's property. It's sitting on a freeway. The minute that a bridge is announced — not built, but just announced — that property, oh my gosh, a pilot would pay $150,000 an acre for it," secretary and treasurer Don Keesee said.

The committee also voted:

• To counter a $150,000 offer from Blake Properties, LLC to purchase the building at 8000 Taylor Ave. and 3.3 acres at $360,000.

• To grant a one-year extension to MR Capital Partners, LLC to complete construction of the The Reserve Apartments.

• To grant a request from Brownwood Life Care Center to be released from completing required improvements. Brownwood was originally to build an independent living facility in addition to its residential rehab facility, but now does not see a need for that type of housing, said Bob Cooper Jr. of Ghan & Cooper Commercial Properties.

Decisions made by the real estate review committee are not final. The Fort Chaffee Redevelopment Authority's full Board of Directors will make final decisions at its regular meeting 3:30 p.m. today at its office, 7020 Taylor Ave. in Fort Smith.