Lakeland commissioners are considering selling three CRA-owned properties valued between $1.3 million and $1.9 million to longtime tenants at less than half the appraised value, in two cases.
The proposal was added to the City Commission’s agenda for Monday, Nov. 17, on Friday afternoon at the request of Mayor Bill Mutz.
Selling these properties has been discussed for years. But the size of the price reductions was shared publicly for the first time on Friday, Nov. 14. Discounts amount to 64.5% for DOU Bakehouse, 52% for Haus 820 and 31% for the Market Lofts Apartments.
Mutz said commissioners will hold “a discussion to take an action” on a recommendation from the Community Redevelopment Agency (CRA) Advisory Board.
‘No specific dollars shown’
CRA Manager Valerie Vaught briefed the advisory board on Aug. 7 about three businesses that were ready to transition from tenant to owner:
- Bakehouse LLC would buy its building at 830 N. Massachusetts Ave. and parking at 902 N. Kentucky. Together, the 1.25 acres were appraised last year at $1,410,000.
- Neighbors of Lakeland LLC, which operates as Market Lofts Apartments, would buy 310 Plum St. The appraised value of the .8-acre property was $1,320,000.
- Haus Management LLC would buy its building at 820 N. Massachusetts Ave., including the former site of Art/ifact, and parking at 830 N. Kentucky. Together, the 1.95 acres were appraised at $1,880,000.
She said the CRA has been working for three years to get out of its role as a long-term landlord. It advertised the properties by publishing a public “notice of disposition,” but only the current anchor tenants responded…