BUYER: City of North Port (1/2 interest), North Port and Sarasota County (1/2), Sarasota
SELLER: Cypress Lending Group Ltd.
PROPERTY: 12200 San Servando Ave., North Port and additional property
PRICE: $5.5 million
LAW FIRM ON DEED: Law Offices of George H. Mazzarantani PA, Sarasota
PLANS, DESCRIPTION: The city of North Port and Sarasota County purchased the 81-acre Warm Mineral Springs spa and surrounding property for $5.5 million.
The price equated to $67,901 per acre.
The purchase covered the spring and land to the north and east, which included two buildings at the entrance to the spa and a circular building with a large painted wall known as the Cyclorama. It did not include a hotel building on U.S. 41.
“This gave us the opportunity to preserve the archeological remains,” says John McCarthy, the official in charge of recreational tourism development for Sarasota County.
“It was an opportunity for a community park and the ability to insure protection for the downstream flow habitat for the West Indian Manatees. This also allowed the city and county to take a stronger role in leveraging it as a tourism destination.”
The former owner, Cypress Lending Group, will continue operating the spa into 2013 as part of the sales contract. McCarthy says the additional time will allow the governments to hold community sessions and better plan its changes to the site while also finding a replacement company to operate the spa. The municipalities also are contacting archeologists about potential research projects on the site.