Bahia Mar, a prime oceanfront 39-acre property, was the main topic of discussion at Tuesday afternoon’s commission meeting.
The developer of Bahia Mar currently has a lease for the city-owned land that ends in 2062.
Now, Jimmy Tate and his team are asking for a new 50-year lease with an option for a 50-year extension. Tate says they need this new lease to be able to afford the site plan that includes an underground parking garage.
“We have to be able to develop and sell condominiums, and in order to sell condos in the state of Florida you need a minimum of 50 years, but the reality is you need about 99 years because someone is not going to buy a condominium when they have 50 years and they have a depreciating asset on their hands,” Tate said.
Mayor Dean Trantalis is a critic of the project.
“I just think that the community is entitled to a fair share of what goes on public land and I think this land deserves to see more public opportunity and more public use,” Trantalis said.
A vote did not take place, however, commissioners are discussing whether or not renegotiation is even on the table with the current developers.