501 South Walton Property Draws Buyer's Attention

Tarpon Springs city officials on Tuesday discussed the possibility of selling a piece of property that has an estimated value of more than $2 million, which makes it the city's biggest real estate asset.

The space, at 501 S. Walton Ave., is reminiscent of a horror movie, with overgrown shrubbery and an unkempt exterior.

"It has deteriorated pretty badly," said Karen Lemmons, economic development manager for the city, during Tuesday's commission meeting.

In previous years, the building was home to a nursing home and the Tarpon Health Care Center. After that facility closed, the property never bounced back. It has been vacant for almost a decade.

The Burnard Group, a property management company, has proposed a plan to completely renovate and resurrect the building as a brand new assisted living facility.

Lemmons pointed out some statistics that suggest such a facility might thrive in Tarpon Springs.

According to the U.S. Census in 2010, the city is home to a growing demographic of individuals aged 55 and older. That population has increased by nearly 5 percent in a decade, from 35 percent in 1990 to almost 40 percent in 2010.

But in order for voters to have their say on the referendum for the sale in time for the March 12 elections, the board of commissioners would have to finish the negotiations process by early December. This creates a crunch time effect that would include having the property appraised and drawing up a development agreement over the course of just a few weeks.

"It is definitely a goal of mine to sell that property and it has been for a long time," Commissioner Townsend Tarapani said.

But Tarapani, who is also the former head of the city's Budget Advisory Committee, says that because of the value of the property, rushing the process would be unwise. 

Considering the size of the facility, an estimated 100 beds would be available. An assisted living facility of that size would breed a minimum of 60 jobs, Burnard Group representative Frank Saccone said. He added that those positions would be filled by local residents. 

In addition to the job opportunities, the city would profit as well, bringing in roughly $50,000 in tax revenue each year, according to Lemmons. 

The general consensus amongst the commissioners and Mayor David O. Archie was that the idea of selling the property makes a lot of sense, but that there must be further research before negotiations can be had. 

"I am not convinced this is the right thing to do right now," said Vice Mayor Chris Alahouzos. 

Alahouzos echoed Tarapani's suggestion of appraising the property and finding out if an assisted living facility is, in fact, the best fit for the property. 

With Tuesday night's meeting drawing attention to the building, Tarapani says he wouldn't be surprised to see more potential buyers step up.

Tarapani says the city profiting from the property is imperative. 

"I think it's important enough to where we're going to order an appraisal and get the ball rolling," said Tarapani.

Do you think it's a good idea for the city to sell the property and to have it turned into a new assisted living facility? Post a comment below and share your thoughts.