FORT MYERS, Fla — The City of Fort Myers officials have plans to sell the News Press site for redevelopment. The old News Press site was re-purchased on December 12, 2019; they hope to move forward with a developer with a mixed-use plan for the space.
The city manager, attorneys, and Catalyst Community Development, LLC have been negotiating, and they have come to an agreement that was presented to the council on the purchase and selling terms.
But first, the city is seeking public input, which will occur on March 3 before a sale occurs.
Watch Fort Myers Community Correspondent Miyoshi Price's report on what you need to know about the negotiated terms:
The redevelopment will include at least 600 new homes for people to live in. Along with the housing, there will be up to 50,000 square feet of retail space, where stores can open.
The plan also includes about 150,000 square feet for offices, a hotel with 140 to 160 rooms, and a grocery store that will be 24,000 square feet.
There will be two parking garages to help residents and visitors park easily and a public gathering space where people can come together for events or just to relax. The city aims to create a vibrant area that will benefit everyone in the community.
During a council meeting Tuesday, people from Lee Interfaith for Empowerment said they're concerned with the city potentially moving forward with the developer.
Dotty Morrison said a year ago, another developer proposed a plan with some affordable housing for essential workers.
"We're here to speak against the fact that after turning him down, they're letting a luxury developer come in and offer $11.5 million, and they're ready to put it on the books and sell it to him, because they just want luxury apartments," says Morrison. "They don't worry about the workers who keep this city running, with the tourism industry, with all of the amenities we have, and that's not on their radar, so we're trying to put it back on their radar."
We also spoke to the president of Catalyst, Joseph Bonora, about the concerns that were brought up about affordable/workforce housing.
"Our company that's part of what we do, you know, workforce housing," says Bonora. "We have a nonprofit. We do affordable housing. So, you know, I think that's part of our overall business. The question of whether or not this project will include it really has to do with whether or not, you know, it makes sense for this project, but also just to finance it, right? I think a lot of times it's, there's still lack of understanding about what has to get done, how you finance these projects, you know, and that causes time issues with getting to build. So I think we're, you know, we haven't ruled out workforce or affordable housing for the project."
Councilperson Darla Bonk recorded that the parcel of land is 2.5 acres less than other previous offers.
Buyer and Seller agreement terms:
- Within 5 business days of starting this agreement, the buyer must give $50,000 as a deposit to a designated person (the Escrow Agent).
- The buyer has 180 days (about 6 months) to check out the property and decide if they want to proceed.
- The initial deposit can be returned to the buyer if they change their mind before the 180 days are up.
- After the 180 days, the buyer must pay an additional $50,000 deposit to the Escrow Agent.
- This total deposit money will count towards the final price when the deal is closed.
- The seller has to give the buyer full ownership of the property, free of any problems like debts or claims.
- The buyer can get a survey of the property to check its details, but they pay for it themselves.
- The buyer is buying the property "as is," meaning they accept it in its current condition with no promises from the seller.
- The buyer and their team can inspect the property during the 180 days to see if it meets their needs, which includes checks like soil and environmental tests.
- The buyer has to pay for any inspection-related costs and fix any damage they cause.
- Before inspecting, the buyer needs insurance of at least $1,000,000 that includes the seller as an additional insured party.
- If the buyer is unhappy with the property for any reason, they can cancel the agreement during the 180 days and get their initial deposit back.
- The seller must get approval for splitting up and combining the land into one legal piece before development starts.
- During the development phase, the buyer can apply for any necessary permits to develop the property for their intended use.
- All necessary utilities (like water and electricity) must be available for the property.
- If everything is ready, the sale will close no later than 60 days after the buyer gets approval for any changes or when the development period ends.
- The seller will pay for any costs associated with releasing old mortgages and correcting documents at closing.
- The buyer will pay for things like taxes, title insurance, survey costs, and recording the official deed at closing.
- Property taxes will be split at the closing date, with the buyer paying for anything due after that date.
- Both the seller and buyer confirm they didn't use any brokers, so no commission is owed.
- The buyer can transfer their rights in the agreement to a company they own, as long as that company agrees to take over the buyer's responsibilities.
- The buyer’s 'Affiliate' means any company that they or their owners control and have shares in.
- A separate Development Agreement will be presented for approval alongside this Purchase and Sale Agreement.
