At their April 22 meeting, the City Commissioners voted to reject all bids for the sale of a property acquired as part of the Northwood Centre purchase.
The property spans 1.68 acres and is located at 1851 N. MLK, Jr. Boulevard and 300 W. Tharpe Street. The City acquired the property in May 2019 as part of the Northwood Centre purchase, and the property was appraised for $525,000 in October 2019, staff reports.
According to the meeting agenda, the City received numerous inquiries in 2019 from adjacent property owners interested in buying the property. In January 2020, the City released an Invitation for Bids (IFB-032-20-RT) for the property.
“Eleven interested parties toured the property during a non-mandatory pre-bid meeting and site visit,” staff reports. “Staff received two offers to purchase the Northwood-Enterprise parcel. Both bid amounts are substantially less than the property’s appraised value.”
According to the meeting agenda, Schumer Capital Corp. from Plantation, Florida bid $300,000 with additional contingencies. Moore Creek, LLC from Tallahassee bid $350,000.
The Commissioners voted to reject all bids and delay selling the property until the Northwood Centre’s master planning is finished.
“This property will likely appreciate in value, and offers to purchase will increase correspondingly, once the new TPD Headquarters is under design/construction and a redevelopment plan for the remainder of the Northwood Centre is complete,” staff reports.
Additionally, a small office located on the property is leased to Enterprise Leasing, which has a right to refuse offers to purchase the property during its lease term.
By choosing to delay the sale of the property, the City will continue to receive rental income from the lease, staff reports.