New life is given to the Billy’s Creek Condominium projected located downtown since a developer just purchased the property after many years of it lying dormant amongst a saturated market.
The property was purchased by Andy Messick and his wife for $325,000. This amount was only a fraction of its total value back in 2006. Its previous developer was Billy’s Creek at Fort Myers LLC. The company bought this property from the Sun Trust Bank when it was in foreclosure.
Messick together with his agent, Mr. Steve Luta are trying to think of ways to promote the property back into the market. It has 7000 sqft for those who are looking for office space. It also has two towers, each has 13 floors. It has 4 parking levels leading to 130 units.
Despite the low price paid for the property, both the property developer and his agent remain indecisive on the matter of whether or not to redevelop and is still being analyzed by both despite the low purchase price. They still have time to examine all their options before the entitlements to build expire which is not for another year and a half. Even then they can still file for extensions so time is not really an issue however, figuring out what to do with the property now that they have it appears to be the main challenge.
The executive director for the Fort Myers
Community Redevelopment Agency, Mr. Don Paight, is pleased that a developer is checking the property’s potential. The area surrounding the property is abundant with other condos and residents living there. This is sure to attract businesses to the area.
Yet, it’s not the lack property that needs to be developed; it’s the lack of funds that are keeping developers from taking any further actions on these properties. Banks are looking for a lot of equity for a project to get financing.
Another property owned by the Mr. Messick, the Rock Lake Motel is also beside the Billy’s Creek Condominiums.
For these types of properties, the developer would have to present contracts from buyers to finance companies that plan to use the units that they bought. It would also help the developers to obtain loans if buyers would not buy on speculative basis depending on the rise or fall of prices in the market.
If these developers are able to obtain these loans, banks may be able to provide loan that would cover around 65 to 70% of the total project’s cost. They would want the developer to have to undergone the processes before receiving the loan.