Times Square auction: wait-n-see approach
It appears that officials from Fort Myers Beach and Lee County may take a wait-and-see approach at today’s foreclosure auction dealing with the Times Square properties. Neither town nor county believes much will happen in that particular case, and neither has committed to be a player in the 11 a.m. sale at the Justice Center in downtown Fort Myers.
The Fort Myers Beach Town Council has a special meeting scheduled at 9 a.m.
that morning to further discuss and create a short list for its next interim town manager, while the Board of County Commissioners basically ruled out participation in the foreclosure process at their meeting last week.
The Times Square property parcels include the Pier View Hotel, Seafarer’s Plaza and Gulf front lots once inhabited by the Sandman, Days Inn and Howard Johnson motels. Before Hurricane Charley wiped out those Gulf front businesses, the property was estimated to have a value of more than $30 million. Once the recession hit and the planned re-development fell through, the value has been estimated to be closer to or lower than $6 million.
“We have not assigned anybody to (attend the foreclosure auction)” said FMB Mayor Larry Kiker. “In this foreclosure process, there’s a lot of people involved. At this point in time, I think it would be a very complicated venture for anybody to undertake.”
According to the transcripts of last Tuesday’s BOCC meeting, Lee County Commissioner Ray Judah said that the property is “something we ought to pursue” and called it an option that “needs to be out there for us to consider to purchase some if not all in coordination with the town council.”
Lee County’s Karen McGuire stated the county didn’t have “the time to put things together and do the proper due diligence on this property prior to the sale,” then said “absolutely no way shape or form would I recommend we participate in the foreclosure process next week.”
Kiker met with Judah on Tuesday to informally discuss a plan of action once the foreclosure proceedings were over. Personally, he’d like to see the foreclosed property thrive once again.”
“The purpose was not to represent any one position but rather to see where we are on the issue and to ensure of town involvement if anything happens,” said Kiker. “I think it would be most beneficial for a private enterprise with hotels that would help build that area back to how it was or better. I am very encouraged that people are looking at the positive aspects there. This is a community at its best.”
Kiker said the purpose of the special council meeting is to narrow the candidate field from 15 to possibly five.
“No town council has ever gone to this extent for an interim manager,” said Kiker. “The reason for this is to ask (the candidate) to sign up for an extended period of time because we want to get through elections and the budget process. Hopefully, it’ll be someone we like, and they like it here and it turns into a permanent job.”