Northpinellas: Pappas to sell landmark restaurant

TARPON SPRINGS -- Restaurateur Louis Pappas on Wednesday announced the sale of his landmark restaurant, and the buyer's plans would change the face of the Sponge Docks, one of Tampa Bay's biggest tourist destinations.

Pappas said he will sell his Louis Pappas Riverside Restaurant and 11/2 acres on the southwest corner of Dodecanese Boulevard and Pinellas Avenue to Clearwater Beach hotel owner Tony Markopoulos.

Along with taking over the restaurant, Markopoulos proposes to build a $50-million hotel and conference and convention center straddling Dodecanese Boulevard.

Although a name has not been chosen, Markopoulos plans to retain the Pappas name for the complex. The current staff and management of the restaurant also will not change.

"We may add a few more Greek specialties to the menu, but the same standard of quality will remain," he said.

Markopoulos proposes constructing a 45,000-square-foot building across Dodecanese Boulevard from the restaurant. It would include a 600-space parking garage, banquet facilities for up to 3,000 people, approximately 70 hotel rooms surrounding the garage and retail shops at ground level.

An elevated pedestrian skyway over Dodecanese Boulevard would connect the conference center to a new six-story, 80- to 90-room hotel next to the existing Louis Pappas Riverside Restaurant.

A half acre across Pinellas Avenue from the restaurant is also included in the sale.

If all goes as planned, Markopoulos said he expects to close his purchase within 90 days and to break ground on the first phase of the construction project, which includes the conference center and garage, within a year.

Markopoulos said Wednesday that his experience in the restaurant business goes back to 1961. Before moving to Florida, he owned seven restaurants in Washington, D.C.

He owns but plans to sell 3.2 acres just south of the roundabout in Clearwater Beach that include two hotels. He recently decided to drop four lawsuits he had filed against the city of Clearwater and the developers of a proposed Marriott resort in Clearwater Beach. He said the sale of the Clearwater Beach property had no bearing on his plans in Tarpon Springs.

Also included in the Sponge Docks project are long-range plans to add an "entertainment vessel" -- such as a dinner cruise boat -- to the complex, said John Tarapani, one of the real estate agents involved in the sale.

The sale price of the restaurant and surrounding property was not disclosed. The Pinellas County property appraiser lists the assessed value of the restaurant building and land at $2.8-million, but the appraiser's values typically are less than the selling price and do include other things, such as a business' name recognition, that add to the value of a company.

Once the sale is complete, city officials say there will be several steps Markopoulos must go through before the complex is built.

A site plan has not yet been submitted, but one issue the city knows it will face is whether to change its development code to include taller buildings, said Charlie Attardo, business assistance specialist for Tarpon Springs.

The city's building code limits the height of buildings in that district to 35 feet. Markopoulos said his proposed hotel and conference center buildings would be 65 to 70 feet tall.

"We knew the height issue was one we would face," said Mayor Frank DiDonato. "As we grow, we need to make changes."

Another zoning issue the proposed hotel complex may face is density, DiDonato said, but he doesn't anticipate it to be a problem.

Once a site plan is submitted, the approval process could be complete in as little as 90 days, Attardo said.

Markopoulos told city officials Wednesday that construction will not interfere with the Sponge Docks' tourist season, which starts in November and traditionally peaks between January and April. The restaurant is expected to remain open throughout construction.

"The restaurant will not have any down time," he said.

Tarpon Springs officials welcomed the news. They believe a hotel is a crucial part of their recently approved redevelopment plan, but they didn't anticipate one would be built this soon.

"This project will enhance our efforts to redevelop this area and appears to be very much in keeping with the spirit of our development plan," said City Manager Ellen Posivach. "We are glad that the Pappas name will remain a fixture of the city and the Sponge Docks since it has both national and international recognition."

Markopoulos said he was attracted to Tarpon Springs by a presentation he heard DiDonato make at a Pinellas Planning Council meeting over the summer. DiDonato advocated the need to make zoning more flexible in the county, and Markopoulos was in the audience.

"We were lucky they (Markopoulos and his real estate broker) were there," DiDonato said.

The sale had been negotiated for about four months, Markopoulos said. Among the issues considered in the sale was the tremendous popularity of the restaurant and the Pappas name recognition.

"The project is potentially huge for the city of Tarpon Springs," DiDonato said. "What it can do to secure the city's redevelopment efforts is unbelievable."

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