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County loses out in marina deal, again

The county considered purchasing a Tarpon marina to try to preserve public access to the water, but can't afford the purchase price.

By WILL VAN SANT
Published May 5, 2006

	[Times photo: Douglas R. Clifford]
	The owner of the Landing at Tarpon Springs says his marina, shown here in March, was appraised at nearly $13-million.

Pinellas County won't be buying the Landing at Tarpon Springs, marking the county's second collapsed effort in six months to keep precious waterfront from the hands of developers.

The reason: The county can't compete with condominium builders willing to pay top dollar for valuable waterfront land.

"The county's objective here is running into speculative market forces," said County Administrator Steve Spratt.

At the end of March, the county announced it was considering paying $12-million for the Landing. The marina sits on 5.5 acres, one of them 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 drive to buy marinas as a way to salvage public access to open water began in November. The county then had its eyes on the Tierra Verde Hi & Dry Marina. The deal died after an engineer found that millions of dollars were needed in renovation.

The county then turned its attention to the Landing. A tentative sale agreement called for the county and the marina owner to each appraise the property. The sale price would have been $12-million or the average of the two appraisals, whatever was less.

Marina owner Merle Seamon said his appraiser came back with a figure of nearly $13-million. The appraisal was based on the property's highest and best use, Seamon said, which in this market means residential.

The county agreed to appraise the marina at its highest and best use too. But there was one catch: The county had to make sure revenues from the marina over a 20- to 25-year period would cover the purchase price.

So far, officials have been reluctant to spend taxpayer dollars on a marina and are focused on those that will pay for themselves.

An auditor found that, taking into account projected revenue and operating expenses over the 20- to 25-year period, the county could afford to pay only $6.4-million.

The offer upset Seamon. He said he wants his marina to escape the coastal condo onslaught for the sake of business owners that lease from him and his own love of the property.

But, he said, there's no way he will sell to the county for half of what he could get from a private developer.

"We are very disappointed," he said. "I really thought it was the best possible solution for our customers and our tenants and our building - that everything would stay the same rather than have another condo take over a marina."

Ed Armstrong, a land use lawyer involved in waterfront redevelopment projects, said there is nothing in Pinellas County today as valuable as waterfront property. He applauded the county's effort, but said that without a uniquely charitable marina owner there's only a remote chance of a successful purchase.

"It's a noble cause but likely unattainable in this market at this time," Armstrong said.

Spratt intends to press on.

"We still have other prospects," the county administrator said. "The effort continues."

--Will Van Sant can be reached at 445-4166 or vansant@sptimes.com

[Last modified May 5, 2006, 02:30:26]