Madeira Beach buys waterfront property for $18M

MADEIRA BEACH, Fla. — Madeira Beach has agreed to purchase 4.6 acres of vacant waterfront property located at the city’s entrance off the Tom Stuart Causeway for $18 million and will close the sale on Wednesday. 

“It’s a really good deal,” said Mayor Anne-Marie Brooks. “We purchased the land for a considerable amount of money less than what it appraised at.”

The land located at 555 150th Ave. was appraised for $21 million and $27.5 million, far above the agreed upon sale price of $18 million. The city maintains a cash reserve of more than $37 million and will use that money to purchase the land, according to Finance Director Andrew Laflin.

“What I would recommend is that we… go through a reimbursement resolution, at the next regular meeting. Which would be in November,” he said. “That would preserve the city’s ability to engage in a tax exempt finance.”  

Laflin said a tax exempt finance would give the city the ability to pay itself back in the future for the purchase price with a lower debt service cost and interest rate. Brooks said expanding the city’s marina and adding boat slips could also help offset the cost.

“So there is a possibility of extending the marina to be a cost making, revenue generating establishment which would be great for the city long term,” she said. “The possibilities are endless.”

Other ideas floated for the vacant land include a public works facility and a waterfront park. Brooks said the city will use input from residents to decide how to develop the property.

“We don’t know what we’re going to do with it yet because we have a community that needs to be a part of that decision,” she said. “The idea when we purchased the property was that we would use it for recreational green space in some fashion, but we’ll wait and see what the community wants.”

Madeira Beach city commissioners unanimously approved buying the land at their Oct. 1 meeting. Commissioner Eddie McGeehen called it “a great investment for the city.” Vice Mayor Ray Kerr said, “This piece of property is an opportunity that will only come by us once.”

Commissioner David Tagliarini said it was a chance for the city to control the appearance of its main entrance.

“I like the idea that we’re in control of what people see first when they come over the Tom Stuart Causeway for a change,” he said. “We get to decide what it looks like and I think that’s very positive.”

Brooks said several years ago developers wanted to build a hotel, condos and townhomes on the property. She said the city buying the land was a decision that just made sense.

“This may not be the time that many people thought we should do it because we’re coming off the heels of two hurricanes,” she said. “But sometimes you don’t get to choose the time to make the purchase. You have to make the purchase when it’s afforded to you.”

Brooks called it a strategic investment she hopes residents and visitors will enjoy for generations to come. The city will hold public workshops over the coming months to develop a plan for the waterfront property.