10 west dodecanese boulevard -...

10 West Dodecanese BoulevardTARPON SPRINGS, FLORIDA 34689

FOR SALE | Waterfront Retail/Redevelopment

JAKE GERLACHProject Manager, Investment Services727 442 7184 Ext. [email protected]

JOHN GERLACH CCIMVice President, Investment Services727 442 [email protected]

MACKENZIE GERLACHAssociate, Investment Services727 442 7184 Ext. [email protected]

DISCLAIMER & NOTICE TO BUYERThis Oering Memorandum was prepared by Colliers International Tampa Bay Florida (Broker) solely for the use of prospective purchasers of the real property commonly known as 10 West Dodecanse Boulevard, Tarpon Springs, Florida 34698 (the Property). Neither the Broker nor the Owner of the Property (Owner) makes any representation or warranty, expressed or implied, as to the completeness or the accuracy of the material contained in the Oering Memorandum.

Prospective purchasers of the Property are advised (i) that changes may have occurred in the physical and/or nancial condition of the Property since the time this Oering Memorandum was prepared and (ii) that the projections contained herein were made by Broker and not by Owner and are based upon assumptions of events beyond the control of Broker and Owner and, therefore, may be subject to variation. Other than historical revenue and operating expense gures for the Property, Owner has not, and will not, provide Broker or any prospective purchaser with any income and expense gures, budgets or projections regarding the Property. Prospective purchasers of the Property are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

The Property is being sold in an As-Is / Where-Is condition. The Broker or Owner makes no representation as to the condition of the Property or the development probability of the property. It will be the sole responsibility of the prospective purchaser to determine the condition of the property and the development probability of the Property.

This Oering Memorandum is a solicitation of interest only and is not an oer to sell the Property. The Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or oers to purchase the Property and expressly reserve the right, at their sole discretion, to terminate discussions with any entity at any time with or without notice. The Owner shall have no legal commitment or obligations to any entity reviewing the Oering Memorandum or making an oer to purchase the Property unless such oer for the Property is approved by Owner and is signed by a duly authorized signatory of Owner.

This Oering Memorandum is condential. By accepting the Oering Memorandum, you agree (i) that you will hold and treat the Oering Memorandum and its contents in the strictest condence, (ii) that you will not photocopy or duplicate any part of the Oering Memorandum, (iii) that you will not disclose the Oering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner, and (iv) that you will not use the Oering Memorandum in any fashion or manner detrimental to the interest of the Owner or Broker.

Table of Contents> EXECUTIVE SUMMARY

The Opportunity ........................................................................................................... 1

The Property ................................................................................................................ 2

The Location ................................................................................................................ 3

> PROPERTY OVERVIEWProperty Specifications .............................................................................................. 6

Floor Plans & Site Plan ............................................................................................. 11

Zoning & Development ................................................................................................ 14

> MARKET OVERVIEWCity of Tarpon Springs ................................................................................................ 17

Demographic Summary .............................................................................................. 18

COLLIERS INTERNATIONAL311 Park Place Boulevard | Suite 600Clearwater, Florida 33759Office: 727 442 7184www.colliers.com/tampabay

10 West Dodecanese Boulevard Tarpon Springs, Florida 34689

WATERFRONTRETAIL /

REDEVELOPMENTOPPORTUNITY

FOR ADDITIONAL INFORMATION PLEASE VISIT OUR WEBSITE AT:

http://cilistings.listinglab.com/WaterfrontTarponSprings

EXECUTIVE SUMMARY

THE OPPORTUNITYColliers International is pleased to introduce an outstanding opportunity to acquire waterfront property in historic Tarpon Springs, Florida. The Property, commonly known as The Riverside Grille or Pappas Restaurant located at 10 West Dodecanese Boulevard (the Property), is comprised of 2 premium waterfront sites and a large parking lot providing the perfect combination for a range of uses from restaurant, hotel, retail or mixed-use developments. The existing 2-story restaurant is comprised of 50,962 gross square feet and includes a rooftop veranda and deck overlooking the Anclote River with 6 boat slips. The parking lot across the street has 196 spaces and creates revenue as off-street parking for visitors to this area.

The Property is located in northern Pinellas County in historic Tarpon Springs, Florida. Tarpon Springs is a tourist district made famous for its Greek heritage and sponge docks set along the Anclote River. Tourists come from all over the country to visit the Sponge Docks and learn more about the towns sponge diving past through its museums and other attractions. Tarpon Springs is authentic and offers a unique feel to visitors who can still hear Greek spoken in the streets and enjoy the large amount of restaurants, diners, bakeries and markets.

Situated within the CRA Community Redevelopment Area for tourist oriented properties, allowable uses for this property include:

> Restaurants > Office> Hotels and Lodging > Marinas> Retail establishments > Parking > Multifamily

Offers will be evaluated as received. Please note there is no co-brokerage fee offered on this property.




COLLIERS INTERNATIONAL | PAGE 1

VACANT LOT 0.50 AC

RESTAURANT50,962 SF

1.30 AC

PARKING LOT1.70 AC

W Dodecanese BoulevardPinel

las Ave

nue

Pinella

s Aven

ue

THE PROPERTY 1.70 acre surface parking lot with approximately 196 spaces

50,962 square foot waterfront restaurant consisting of a 31,802 square foot building and 19,160 square foot basement on a 1.30 acre lot. Sale includes all xtures, tables, kitchen equipment and appliances all of which are currently used for special events and kept to code.

0.50 acre waterfront lot utilized as employee parking for 50 cars

W

NORTH


THE LOCATION

The sponge industry helped build a Greek community in Tarpon Springs that is now famous not only for the worlds nest sponges but for some of the best Greek restaurants, markets and bakeries in Pinellas County.

Located on the scenic Anclote River, Tarpon Springs is one of the most charming communities in the Tampa Bay area. The Property is situated at the signalized corner of U.S. Alternate 19 (Pinellas Avenue) and West Dodecanese Boulevard, the entrance to the historic Sponge Dock District in Tarpon Springs. West Dodecanese Boulevard follows the Anclote Riverfront through the center of the Sponge Dock District and is lined with many gift shops, art galleries, antique stores and restaurants. An extensive industrial area is located north of the river, and the marine industry remains a backbone of this waterfront city as the Anclote River passes through the northern boundaries of Tarpon Springs owing into the Gulf of Mexico.


Situated at the entrance to the historic Sponge Dock District

IMAGE SOURCE: spongedocks.net

WEST DODECANESE BLVD.

PINELLAS AVE.NORTH

PINELLAS AVE.ALT

SPONGE DOCK DISTRICTTarpon Springs historical Sponge Dock District combines beautiful scenery and unique retail stores embracing the bustling activity of shops, restaurants, activities and growing businesses. Strolling down the streets of the lively Sponge Dock area, visitors can take in the sights, sounds and aromas of an authentic Greek village. Visitors can savor a variety of cuisine such as authentic Greek dishes and other ethnic favorites, fresh seafood caught in local waters and delicious desserts. Shopping is paramount in the Sponge Dock district as one can nd anything from Greek curlos to antiques. The pleasant year-round climate draws people to the area for sponge diving exhibitions, deep sea fishing and cruise excursions that depart regularly from the docks. Source: https://www.ctsfl.us/

1.70 TOTAL AC

1.30 AC

0.50 AC


TRAFFIC COUNT 15,529

10 West DodecaneseBoulevard Tarpon Springs, Florida 34689

WATERFRONTRETAIL /




PROPERTY OVERVIEW

0300

0304

0010

0040 0020

0030

0200

0011

RESTAURANT50,962 GROSS SF

1.30 AC

PARKING6 PARCELS

1.70 TOTAL AC

VACANT LOT0.50 AC

MULTIPLE PARCELS

PINELLAS COUNTY APN # ACRES

12-27-15-89982-053-0200 0.50 AC

12-27-15-89982-053-0300 1.30 AC

12-27-15-89982-053-0304 0.96 AC

12-27-15-00972-001-0011 0.07 AC

12-27-15-00972-001-0010 0.13 AC

12-27-15-00972-001-0020 0.18 AC

12-27-15-00972-001-0030 0.18 AC

12-27-15-00972-001-0040 0.16 AC

TOTAL 3.61 ACRES

PROPERTY SPECIFICATIONS


VACANT WATERFRONT LOT > LOT SIZE: 0.50 acre

> FRONTAGE: 252 on Pinellas Avenue 302 on water

> ZONING: T5d Zoning District, City of Tarpon Springs

> PERMITTED USES: Mixed-use residential, multifamily, lodging, office, retail and parking

> FUTURE LAND USE: Community Redevelopment District City of Tarpon Springs

> 2015 RE TAXES: $3,226


LARGE PARKING LOT > LOT SIZE: 1.70 acres (consists of 6 parcels) 196 parking spaces

> FRONTAGE: 185 on West DodecaneseBoulevard 322 on Pinellas Avenue

> ZONING: T5c Zoning District, City of Tarpon Springs



> 2016 YTD INCOME: $5.00 a car per day, the 2016 YTD average gross is $13,000 per month

> 2015 RE TAXES: $15,832


WATERFRONT RESTAURANT > SQUARE FEET: 31,802 SF restaurant area 19,160 SF basement

> LOT SIZE: 1.30 acres

> FRONTAGE: 271 on West Dodecanese Boulevard 270 on Pinellas Avenue 227 on Anclote River

> ZONING: T5c Zoning District, City of Tarpon Springs



> YEAR BUILT: 1975; renovated in 2014

> FLOORS: 3 - roof top dining and veranda bar; interior dining floor; basement

> ELEVATORS: 1 - passenger 1 - service

> ROOF: Metal deck rod system with tar and gravel

> BOAT DOCKS: 6 boat docks - 3 are leased generating revenue of $1,150/month

> FLOOD ZONE: AE - 1% annual chance floodplain - elevation of 10

> RENOVATIONS: 2014; include a new kitchen and addition to the rooftop veranda


WATERFRONT RESTAURANT CONTINUED > HVAC: Total A/C capacity: 145 tons

> SEATING: Main oor seats up to 800; rooftop veranda seats up to 250

> DINING AREAS: Five open dining areas; three are waterfront

> VERANDA: Has inside and outside bars with a separate kitchen

> HISTORY: Originally constructed in 1975; the Property was once home to the iconic Pappas Riverside Restaurant. The restaurant served Greek cuisine and became internationally known making the building a signicant landmark to Tarpon Springs. The Pappas Family is famous in the restaurant industry and has prospered over the years, sustaining four generations in the business and ve open restaurants in and around Tampa Bay. The Pappas Family closed this Tarpon Springs location in 2005. Since that time it has been known as The Riverside Grill House and used exclusively as a venue for special events.

> 2015 RE TAXES: $42,612


RESTAURANT | 1st Floor


RESTAURANT | 2nd Floor


RESTAURANT | Property Survey


For more detailed zoning information, please visit the property website: http://cilistings.listinglab.com/WaterfrontTarponSprings

CRA ZONINGThe Property is zoned Community Redevelopment Area (CRA). The City of Tarpon Springs created the CRA to help stimulate redevelopment and revitalization, encourage economic growth, eliminate blight, create a sustainable downtown and improve the appeal of the central business district and sponge docks of Tarpon Springs.

To help sustain existing businesses and attract new business, the City of Tarpon Springs has created several grant programs for properties located within the CRA. A Special Area Plan (SAP) for its CRA and Sponge Docks encourages redevelopment with programs like density transfers, and facade and restaurant recruitment grant programs.

ZONING & DEVELOPMENT

T5c & T5d DEVELOPMENT STANDARDST-5 Urban Center Zone consists of higher density mixed use buildings that accommodate retail, offices, rowhouses and apartments. It has a tight network of streets with wide sidewalks, steady street tree planting and buildings set close to the sidewalks.

> General Character: Shops with residential and office above; townhouses, larger apartment houses, live-works and civic buildings; attached buildings; trees within the public right-of-way; substantial pedestrian activity, frequent retail frontages

> Building Placement: Shallow setbacks or none; buildings oriented to street defining a street wall

> Frontage Types: Terrace, forecourt, shopfront and awning, arcade/gallery

> Typical Building Height: 2 to 5-story with some variation

> Civic Space Types: Plazas, playgrounds and neighborhood parks

> Thoroughfare Types: All types

Special Area Plan (SAP)


Restaurant

RECENT DEVELOPMENTS | 1.5 MILES RADIUS

BRITTANY PARK CONDOMINIUMS 58 Units - $180k - $200k Construction completed 2014

TARPON KEY HOMES 62 Single Family Homes on 20-Acres Construction continues

ANCLOTE RIVER CROSSINGS 10 Waterfront Units - Avg. $235k Construction complete 2015

BAYSHORE HEIGHTS HOMES65 Single Family HomesConstruction continues

RIVERVIEW AT TARPON10 Townhomes (added to existing)Construction complete 2015

CALLISTA CAY TOWNHOMES62 Units & 58 Private Docks Construction continues

THE FORBES Mixed-Use 8,000 SF & 8 Apartments Planned

SANTOS ISLES SENIOR LIVING 50 Units Construction complete 2014


ALT

ALT

10 West DodecaneseBoulevard Tarpon Springs, Florida 34689

WATERFRONTRETAIL /




MARKET OVERVIEW

CITY OF TARPON SPRINGSTarpon Springs is located 45 minutes north of St. Petersburg and found along the shore of the Gulf of Mexico, Tarpon Springs was named for the fish found in abundance in nearby waters. But it also is known as the sponge capital of the world, and for its 51 miles of waterfront allure. In addition, its charming downtown center is listed on the National Register of Historic Places. Visitors to the Historic District can stroll along brick streets while browsing in art galleries, antiques stores, and specialty shops housed in buildings dating from the late 1800s. For the culturally-minded, the Tarpon Springs Performing Arts and Cultural Centers offer theater, art and historical exhibits, concerts, and other quality programs.

OPPORTUNITIES

There are tourism related opportunities, including hotels, retail, office and mixed-use projects within Tarpons Springs 226-acre Community Redevelopment Area (CRA). A Special Area Plan for its CRA and Sponge Docks encourages redevelopment with programs like density transfers, and facade and restaurant recruitment grant programs.

A large industrial area north of the Anclote is a primary employment district containing substantial vacant acreage suitable for light industrial, high-wage employment, mixed use and recreational development. A former Stauffer Chemical Company site located on 130 acres in this area is a prime redevelopment site.

SOURCE: Pinellas County Economic Development www.pced.org/page/tarponsprings


MAJOR EMPLOYERS

> Helen Ellis Memorial Hospital

> St. Lukes Cataract & Laser Institute

> The Westin Innisbrook Resort

> ABC Packaging Machine Corporation

> Acme Sponge & Chamois Company

> Stamas Yachts

> Hawkins Construction

> Tarpon Stainless Fabricators

> NuWaveSpaControls

RADIUS FROM PROPERTY 1 MILE 3 MILE 5 MILE

POPULATION

2021 Projection 6,199 55,571 118,916

2016 Estimate 5,895 52,673 114,030

HOUSEHOLDS

2021 Projection 2,669 23,915 50,254

2016 Estimate 2,546 22,794 48,441

Owner Occupied 63.3% 73.2% 75.6%

Renter Occupied 36.7% 26.7% 24.4%

INCOME

2016 Average HH Income $51,754 $58,057 $73,610

2016 Median HH Income $33,710 $39,574 $31,347

DEMOGRAPHIC SUMMARYWHY TARPON SPRINGS?

Tarpon Springs is not just a great place to visit, but also a wonderful locale to put down permanent roots. There are several reasons why people move to this area:

> First class healthcare facilities

> Excellent education institutions

> Close proximity to the Tampa/St. Petersburg areas

> Walkable environment

> The area caters to retirees and families

DAILY TRAFFIC COUNT ON ALT 19/PINELLAS AVENUE = 15.529

ALT


COLLIERS INTERNATIONAL | 311 Park Place Boulevard, Suite 600 | Clearwater, Florida 33759 | 727 442 7184 | www.colliers.comThis document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should make their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). 2016. All rights reserved.

10 West Dodecanese BoulevardTARPON SPRINGS, FLORIDA 34689

FOR SALE | Waterfront Retail/Redevelopment




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