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Eustis commission rejects $1.8 million purchase of downtown Bank of America property
Summary
After lengthy debate over price, renovation costs and waterfront priorities, the Eustis City Commission on Feb. 19 voted unanimously to deny a motion to acquire three parcels including the Bank of America building at 100 North Bay. Commissioners said price and timing weighed against proceeding now.
The Eustis City Commission voted 5-0 on Feb. 19 to deny a proposed purchase of three downtown parcels, including the former Bank of America building at 100 North Bay, ending a months-long discussion over whether the city should acquire a strategically located lakefront property.
Economic-development adviser Mike Goldman presented the proposed purchase-and-sale agreement and valuation analysis, saying the combined asking price for the three parcels was $1,800,000 and outlining appraisal contingencies, statutory appraisal requirements and a 90-day due-diligence window. Goldman described potential renovation approaches, estimated renovation and renovation-plus-acquisition scenarios, and argued the site fit the city's waterfront master-plan priorities.
Commissioners and residents pushed back on the price and expected renovation costs. One commissioner noted prior foreclosures and auction sales in the downtown market, saying similar buildings had sold for far less. Several commissioners favored exploring an alternative — the Wells Fargo building across the street — and directed staff to pursue that option before committing to the bank property.
During public comment, local business owners urged caution about the city owning lakefront commercial space and said the building would require extensive work to suit municipal operations. Supporters said municipal ownership would prevent vacancy and ‘‘suboptimal’’ reuses of a key downtown parcel.
After debate about market comparables, contingent appraisal ranges and how much of the building city operations would occupy, Vice Mayor Ashcraft moved to deny Resolution 26-20; the motion passed on a roll-call vote with all five commissioners voting in favor.
The commission recorded no purchase action and directed staff to continue discussions regarding other downtown properties and to brief the commission on alternative acquisition possibilities, including potential talks about the Wells Fargo property.
What’s next: The sellers may re-engage with the city at a different price, and the commission asked staff to follow up with interested private owners for alternate downtown sites.
