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BUYER: The Town of Fort Myers Beach, Fort Myers Beach
SELLER: First States Investors 5200 LLC
PROPERTY: 2523 and 2525 Estero Blvd., Fort Myers Beach
PRICE: $1.1 million
PREVIOUS PRICE: $466,900, October 2004
LAW FIRM ON DEED: Gramercy Property Trust Inc., New York City
PLANS, DESCRIPTION:
After nearly 20 years, the Town of Fort Myers Beach finally owns its town hall. After a friendly condemnation, the town negotiated with an affiliate of the Gramercy Property Trust and paid $1.1 million for the 13,058-square-foot building.
The 1.5-acre property also features more than 50 parking spaces.
The town has leased 4,000 square feet in the building since it's founding. “Our lease was expiring in June or July of this year,” says Town Manager Don Stilwell. “The landlord had been talking about not leasing it to us again.”
Stillwell says the threat of taking the property was needed because of the scarcity of available real estate on the island and mortgage rules that had constrained the seller from considering a more traditional sale.
The entire project including the purchase, renovation and furnishing is currently budgeted at $2.5 million.
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