Eustis seeks CRE investors to bid on vacant downtown building

Bob Moser
GrowthSpotter

The City of Eustis is seeking property investors to bid this month on a vacant three-story building in its historic downtown, and would consider most commercial or mixed-use concepts for its reuse, according to a bid announcement issued Monday.

Located at 17 E. Magnolia Ave. in the downtown's Central Business District, the building dates to 1929 and offers nearly 2,300 square feet of leasable area over three floors. But its per-floor footprint of 766 square feet covers the entire land parcel, with no dedicated parking and limited redevelopment options.

"I think what we would like is someone to reuse the existing building," Economic Development Director Tom Carino told GrowthSpotter. "Our (Central Business District) does permit mixed use, so an ideal could be commercial on the first floor and residential above."  

The city did not set a minimum bid threshold for the property, but included a clause in its announcement that will allow city commissioners to reject all bids if necessary. 

The city has made extensive investments in recent years in its downtown streetscape along Magnolia Avenue and Eustis Street. Several phases of development for Ferran Park have been funded, and a private investor has partnered with the city to rent watercraft from floating public docks on Lake Eustis. 

Private investment in downtown Eustis is also gaining steam. In March, investors bought a former mobile home park on Lake Eustis with redevelopment plans for 86 single-family bungalows. And in April, the city began offering two new incentive programs to bolster development and annexation into Eustis.  

Eustis will hold an optional open house for interested bidders to visit the property on Aug. 14 from 9 to 11 am, and Aug. 16 from 2 to 4 pm. 

Bid applications are due by Aug. 24 to the city's Purchasing Department at City Hall, via Purchasing Director Tracy Jeanes

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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