Remake of West Bay now ready

LARGO -- West Bay Drive's revitalization officially begins tonight as commissioners are expected to unanimously sign off on a deal they hope will inspire redevelopment along the city's main downtown corridor.

After three days of tinkering and negotiating, city officials and Hyde Park Builders polished the fine print and placed the agreement to sell the former City Hall property back on this week's agenda.

City Manager Steven Stanton said his office hesitated to schedule a vote tonight because no one knew whether all the details would be worked out in time, and withheld placing the item on the agenda. But after a marathon session that did not end until Friday night, he said the proposal was ready and that commissioners were eager to give it a look.

Stanton expects them to give the go-ahead, and in his memo to the commission, he called the agreements a "major milestone" in the city's long-term effort to redevelop downtown Largo.

"It came right down to the wire," Stanton said in an interview. "I see no reason why it should not be approved. The developers are extremely enthusiastic. If anything, commissioners expressed to me some frustration, asking why is it was not on the agenda."

Mayor Bob Jackson expects the commission to be satisfied.

"It's a way of getting the city moving," Jackson said. "You are going to have to make concessions. Nobody else has stepped forward."

If approved, the Tampa builder would pay $1,079,289 for about 8 acres of land, where it has plans to build 54 townhomes and a commercial center of about 24,000 square feet.

The property is valued at $1.9-million, according to the city's January 2001 appraisal.

The contract still requires the builder to purchase the first residential parcel, where 36 townhomes are planned, within 15 days of signing the agreement. That purchase could be as early as September.

But now the agreement includes more stringent requirements ensuring the commercial land be developed in a timely fashion, a directive issued by the commission last month.

Added is an option allowing the city to repurchase the commercial land after 12 months if Hyde Park shows no active development permits. And the builder must show proof that 50 percent of the commercial space is leased 30 days before purchasing the final residential property.

The developer must still purchase the second residential parcel no later than two years after closing on the first. So that means a least half the commercial center must be ready to go by September 2004, according to the new contract.

-- Michael Sandler can be reached at 445-4174 or sandler@sptimes.com.

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