Rounds continue as price drops on downtown Triangle
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By Jim Turner
Posted at 10:06 AM on July 23, 2007
STUART - Last call at the doomed Triangle Bar and Grill may be extended as the sales price on the 1.56 acres it sits upon near the "Sailfish roundabout," has come down again.
The developer of the proposed Stuart Hotel & Yacht Club has shaved another $1 million off the asking price on land that has been planned for redevelopment for more than a year and a half.
Jensen Beach-based developer Harmony Ventures is now asking $5.95 million for the land that includes the 36-year-old bar, which faces Dixie Highway and the historic downtown.
Lanny Chase of Chase Investment Properties, a real estate broker working with Harmony Ventures, said the site remains one of the best in the downtown. However, he noted that a proliferation in plans to build hotels in Martin County may have shied away some prospective developers.
Besides a four-story, 170-room hotel, plans that have been submitted for the land include restaurants, shops, professional offices, and a 5,100-square-foot conference center. Last September, the project drew support of city commissioners and local businesses.
"The City would prefer a mixed-use project, and has previously given unanimous City Commission Conceptual Site Plan Approval to a substantial mixed-use retail, office and hotel concept," according to an Internet posting by Chase Investment Properties. "There are numerous preliminary agreement outlines in the works which would expedite a site plan approval process. The timing in the City’s growth, the gateway location and visibility of the parcel, as well as the expansive river/water views contribute to the appeal of this site. Add the stroll-to any/all of the downtown shops, restaurants and the theater, and this becomes the spot."
The asking price had been at $7.25 million until $300,000 was shaved off in December.
Posted at 10:06 AM on July 23, 2007
STUART - Last call at the doomed Triangle Bar and Grill may be extended as the sales price on the 1.56 acres it sits upon near the "Sailfish roundabout," has come down again.
The developer of the proposed Stuart Hotel & Yacht Club has shaved another $1 million off the asking price on land that has been planned for redevelopment for more than a year and a half.
Jensen Beach-based developer Harmony Ventures is now asking $5.95 million for the land that includes the 36-year-old bar, which faces Dixie Highway and the historic downtown.
Lanny Chase of Chase Investment Properties, a real estate broker working with Harmony Ventures, said the site remains one of the best in the downtown. However, he noted that a proliferation in plans to build hotels in Martin County may have shied away some prospective developers.
Besides a four-story, 170-room hotel, plans that have been submitted for the land include restaurants, shops, professional offices, and a 5,100-square-foot conference center. Last September, the project drew support of city commissioners and local businesses.
"The City would prefer a mixed-use project, and has previously given unanimous City Commission Conceptual Site Plan Approval to a substantial mixed-use retail, office and hotel concept," according to an Internet posting by Chase Investment Properties. "There are numerous preliminary agreement outlines in the works which would expedite a site plan approval process. The timing in the City’s growth, the gateway location and visibility of the parcel, as well as the expansive river/water views contribute to the appeal of this site. Add the stroll-to any/all of the downtown shops, restaurants and the theater, and this becomes the spot."
The asking price had been at $7.25 million until $300,000 was shaved off in December.
