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Pinellas commission agrees to $12M deal for marina

The tentative sale of the Landing at Tarpon Springs is lauded as

By WILL VAN SANT
Published March 24, 2006

a way to help keep public access

CLEARWATER - With condos and townhomes rapidly replacing waterfront businesses, the Pinellas County Commission on Thursday tentatively agreed to pay $12-million for a Tarpon Springs marina.

County Commissioner Karen Seel said 10 years ago she might have argued that government has no business managing a marina. But with real estate speculators nationwide pouncing on Pinellas' waterfront, she said, it's time for action to ensure public access to open water.

"With the loss of resources for the boating community and those who use the waterfront," Seel said, "it's appropriate."

The Landing at Tarpon Springs marina sits on 5.5 acres, one submerged, on the north bank of the Anclote River across from the Sponge Docks. It has 230 dry storage units and 31 wet slips. The state is considering whether to allow 20 more.

Twelve businesses operate at the site, including a canvas shop, bait and tackle and a marine supply store. If the deal goes through, the businesses would lease their spaces from the county.

The thought thrills 37-year-old Nicole Giallourakis. In June, she and her boyfriend bought Landing Bait and Tackle, which has been at the marina for 20 years. Within months, rumors began to spread among business owners that the Landing was going condo.

"We're ecstatic about it," Giallourakis said of the county's interest. "There are so few marinas left in this area. They are all being developed."

The $12-million for the purchase - $11.5-million for the land and $500,000 for marina equipment and furnishings - will come from the county's general fund. Operating revenue would be used to refund the amount over a decade or two.

County leaders have looked at several marinas in recent months, determined to start making purchases. They dropped their first real prospect, Tierra Verde Hi & Dry Marina, in December after an engineer identified millions of dollars in needed repairs.

Pinellas Administrator Steve Spratt said the Landing is the best option yet, boasting a reasonable price, fantastic location and the expectation of solid returns. "Overall, it looks like a good opportunity," he said.

Merle Seamon has been a part-owner of the marina since 2001, when he and a partner paid $3.1-million for the property. He called the rise in waterfront property values since then astronomical and attention from developers tremendous.

"I had not thought about selling for another five years or so," Seamon said. "But the interest has been so rabid and the prices so high, we decided to sell."

It's not just marinas.

Thursday, the Times reported that Madeira Beach Seafood was following in the path of other Pinellas fishery operations on the waterfront. The company plans to cash in on the sizzling market and get out from under spiking property taxes.

Madeira Beach Seafood is considering moving to Citrus County, where land is cheaper.

Seamon, 50, said a long list of private developers showed an interest at the $12-million level. But Seamon prefers the county as a buyer because he is attached to the marina and the people who keep their boats and businesses there.

"I would like to see it preserved," he said. "It would hurt me to sit here and watch somebody tear it down."

The county plans to inspect the marina property and do a financial review in coming weeks. From the approval of the sale agreement Thursday, the county has 90 days to close the deal.

[Last modified March 24, 2006, 22:10:03]