From the News Press:
Fifth Third Bank took back a down-at-the-heels parcel of land and buildings on Fort Myers Beach in a foreclosure sale Wednesday – and Lee County is looking into buying it as a beachfront park.
Fifth Third Bank loaned the would-be developers of the land $35 million to buy the property in 2004, months before Hurricane Charley damaged the four hotels that were part of the purchase.
On Wednesday, nobody bid the bank’s minimum of about $24 million to purchase the property, which also includes Seafarer’s Village.
But county Commissioner Ray Judah, whose district includes the Beach, said after the auction that the county may be in the market for the land – which is almost at the foot of the Matanzas Pass Bridge.
Now that the bank has the property back, county officials will negotiate to buy the property, he said, with the main goal being “to enhance beach access.”
But before that happens, Judah said, the county will have to investigate issues including “legal entanglements” along with possible contamination with hazardous materials from dry-cleaning operations at two of the hotels.
The town of Fort Myers Beach will be part of the decision-making process on the property, he said.
Ed Bonkowski, a commercial real estate broker who was representing potential buyers at the foreclosure sale, said that if the county doesn’t buy the land, it’s likely Fifth Third will bundle it with other assets its taken back and sell it as a package in the $100 million range.
Fifth Third officials could not be reached for comment Wednesday.
