Some six months after an announcement the owners of the Pines Trailer Park land plan to sell, Bradenton Beach City Hall has yet to receive any inquiries about development options.
But there is speculation among Pines residents and neighbors.
Bradenton Beach building official Steve Gilbert spoke with The Islander June 7 about the process that would be involved in the possible redevelopment of the park.
And he said no one had yet inquired at city hall about the property or the requirements to change the use of the trailer park land.
The owner of the park, the Jackson Partnership, informed the residents Jan. 25 that it intended to sell the mobile home park.
The homeowners received notice May 8 from the partnership of an offer from an undisclosed entity to purchase the park land.
Little is known about the intentions of any purchaser toward the park land as any negotiations are taking place under a nondisclosure agreement.
So Gilbert addressed the “what if” a new owner wants change.
“To change anything over from what it is now, would require a comprehensive plan map change. It would require rezoning. It would require major development application review hearings. You would probably be looking at a two- to three-year process to get it done,” he said. “You’d have to change the future land use map. You’d have to change the zoning on the property. You’re going to have to come up with development plans and I’m pretty sure someone is going to want to see at least preliminary development plans before they agree to comprehensive plan and zoning changes.”
Gilbert said a process for a preliminary plan review could take three to five years to complete.
The wait time involved in the process of initiating planning and zoning changes for development would seem to create breathing room for homeowners in the park.
Gilbert said one of the best options for a prospective buyer would be to run the property as a trailer park.
“I’ll be honest with you, mobile home parks are cash cows, you can’t lose money on an established mobile home park,” he said.
The Pines is a land-lease community where mobile homes, owned by residents, sit on lots owned by a separate property owner, in this case, the Jackson Partnership. Rent is paid monthly on a land-lease basis.
The ownership listed the park land for sale for $16 million.
The Florida Mobile Home Act required the park owner to give 45 days notice of an intent to sell to unit owners and gave homeowners the first right of refusal.
On Feb. 24, homeowners voted to form a cooperative to rally for the purchase of the land.
However, negotiations between the property owner and the HOA failed April 20 due to a lack of funding on the HOA’s part.
The property went on the open market April 21.
The May notice, prepared by attorney David A. Luczak for the Jackson Partnership, said the partnership was considering an offer of $16,250,000 for all park-owned land, mobile homes, recreational vehicles, equipment, materials, vehicles and buildings.
The offer included an initial nonrefundable deposit of $1 million from the buyer within three days of execution of a purchase agreement and allows a 15-day period of due diligence before a contract would be finalized.
At the end of due diligence, the buyer would deposit another $1 million.
Closing would come 45 days from the successful completion of due diligence unless extended by an agreement between the buyer and seller.
The notice also said the seller would hold a purchase money mortgage of $8,125,000 at 4.50% for five years with no right to prepay the balance.
Also, the buyer could not seek a land use change during the five years of mortgage financing.
Jackson Partnership has not identified who or what entity made the offer.
A listing for the 2.785-acre park, which contains 87 residential trailers and abuts the Historic Bridge Street Pier, is on the website for Yale Realty & Capital Advisors at yaleadvisors.com.
The website, as of June 9, showed the property as being under contract.