The City of Largo has purchased three properties on W Bay Drive in Largo for a total price of $2,845,000, completing a multi-parcel assemblage of a city block that will serve as home to its new city hall.
Adjacent to five other properties already owned by the City of Largo Community Redevelopment Agency, the newly acquired properties are located at the northwest corner of W Bay Drive and 4th Street NW.
Paula Clair Smith, CCIM, and Christine Daly of Colliers represented the City of Largo in the transaction. The assignment included consulting during initial site selection, valuing and presenting offers to the sellers, multiple contracts, environmental assessments, tenant lease negotiations and a stringent timeline for a simultaneous closing.
“A project of this magnitude represents the city’s willingness to invest in its downtown, indicating confidence in the market and visions for a dynamic and sustainable area,” said Paula Clair Smith, CCIM, Managing Director, Tampa Bay, Colliers. “This site perfectly aligns with the city’s goal to invest in the re-development of the West Bay Drive corridor while promoting business growth in downtown Largo.”
The City of Largo expects to break ground on its new city hall in 2022. Once completed, the building is expected to include 82,500 square feet to house every city department, as well as 20,000 square feet of retail and restaurant space. Plans also include a parking garage to serve city workers during the day and patrons of downtown businesses after hours.
City officials estimate building Largo City Hall and the accompanying parking garage will cost $38.25 million. Furnishings and public art are expected to add another $3 million. Construction is expected to be completed in late 2023 or early 2024.
“The new city hall will be one of the most exciting projects the city has ever done,” City Manager Henry Schubert said in a December video about the new project. “It is going to be the linchpin, we believe, for significant redevelopment in our downtown area.”
The three properties included in this recent transaction are:
– Site 1: 400 West Bay Drive, currently a 4,320-square-foot retail center, sold by 400 West Bay Plaza LLC for $1.4 million.
– Site 2: 408 West Bay Drive and 412 West Bay Drive, currently vacant commercial land and a 3,000-square-foot single building store, sold by Douglas Cole Family Trust for $450,000.
– Site 3: 422 West Bay Drive, 424 West Bay Drive and 435 1st Ave. NW – which included a 1,200-square-foot office building, a 4,428-square-foot retail center and a 1,241-square-foot warehouse – and vacant commercial land on 5th Street NW, sold by Roy Terepka, Stephen Terepka and Sandra Terepka Hoffman for $995,000.
Plans for the existing Largo City Hall building at 201 Highland Ave. after the city moves into its new location on W Bay Drive have yet to be determined.
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