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…