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Condos, this time
By SHARON L. BOND, Neighborhood Times Business Editor ST. PETERSBURG -- Even deserted and aged, the historic YMCA building downtown is eye-catching with its Mediterranean revival architectural details: tower, balconies and elegant pink facade. "I thought it was an absolutely beautiful building and needed to be restored and saved," said Gary Bennett, a resident of Cortez in Manatee County who plans to turn the 1927 structure into a upscale condominium building with 15 units. Condo prices are expected to begin at $400,000. Bennett, 53, is paying Clearwater businessman Tony Amico $675,000 for the Y. The closing is scheduled for this month. A cleanup of the Y's interior should begin soon after that. Bennett, who said he has done commercial real estate development, is the latest in a line of buyers for the aging -- some would say derelict -- structure at 116 Fifth St. S. It has been empty since late last year when the YMCA moved to a new, $11.1-million structure at Central Plaza. Because of the extensive renovation it needs, the old Y has been a hard sell. It was put on the market in 1999 as plans for the new YMCA at Central Plaza moved forward. The asking price for the old Y was $849,000. Attorney George Rahdert, who has restored a number of old commercial buildings in downtown St. Petersburg, made the first official offer for the property but was not successful in buying it. Rahdert handles First Amendment cases for the St. Petersburg Times. Developer Grady Pridgen signed a contract to purchase the YMCA for $845,000 in June 2000. He planned to turn it into 12 condominiums. But in early 2001 he withdrew, saying the deal had not worked out. Y officials said then they had a backup buyer, but that person was not identified. In July 2001, Y officials asked the city of St. Petersburg for permission to tear down the boom era building. Since it had been for sale, five developers had tried to come up with affordable renovation plans but were unable to do so, they said. The Y needed money it expected to get from the building's sale to put toward its new facility. When that didn't happen, it thought of clearing the downtown site in hopes of making it easier to sell. The building has a historic designation, and Y officials would have had to prove there was no viable economic use for it. By October the Y had been sold. Amico paid $440,000 for it, with plans to spend millions to renovate the 46,000-square-foot structure for his private residence and office. But in June of this year, Amico abandoned his plans and put the building up for sale again. During his brief ownership, he spent $70,000 to remove asbestos and repair damage done by termites. The next move was by developer Ed Jackson, who was part of the group that remade the old Beach Park apartments into luxury condominiums. He agreed to pay Amico $675,000 for the Y and planned to turn it into a mixed-use facility with a tavern, restaurants, shops, offices and residences. The sale never was completed, said architect John A. Bodziak Jr., who drew plans for Amico's residence and now is working with Bennett on the condo project. "It's a firm deal," Bodziak said of the newest proposal. A continuing problem with developers interested in the Y has been where residents would park if it was converted to condominiums. Bodziak said the handball courts, built in the 1950s, would be torn down and the basement cleaned out to gain 20 to 21 parking spaces. Bennett said the lobby with its stenciled pecky cypress beams would serve as the lobby for the condominiums, which will range from 2,000 to 2,200 square feet in size. Probably three units will be built on the first floor, he said. Both the inner courtyard and the swimming pool will be preserved. No marketing plan has begun, Bodziak said. "We haven't really set the final budget," Bennett said. "It is not going to be an inexpensive project. It is going to take money to bring it back right. We are not just going to clean it up and say, that's good enough."
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From the Times South Pinellas desks Letters |
