tarpon springs, florida dodecanese riverside grill_reduced.pdf · springs, florida. located on the...

T A R P O N S P R I N G S , F L O R I D AWaterfront Redevelopment Opportunity

10 Dodecanese Boulevard, Tarpon Springs, FL 34689

Legendary, former Pappas waterfront restaurant located

at the entrance to the historic

Sponge Dock district in Tarpon Springs, Florida

Original 50,962± square foot structure

was built in 1975 and has been

used as a restaurant and event facility

T H E O F F E R I N G :A combined 3.0 acre development opportunity

with improved structure

$ 7 , 7 5 0 , 0 0 0

Six boat docks and all

furniture, fixtures and equipment

included in purchase


TABLE OF CONTENTSMEET OUR TALENTED TEAM OF COLLEAGUES

PHOTO GALLERY

EXECUTIVE SUMMARY

PROPERTY DESCRIPTION

LOCATION

OUR TEAM

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07

09

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ROBB SERCU

[email protected]

407.415.2778

KIM LOHRY

[email protected]

727.488.5421

ANDY MASTERS

[email protected]

727.807.9615

KEITH OSTER

[email protected]

813.391.0755

7916 Evolutions Way, Suite 210, Trinity, FL 34655

813.739.5700 Office 813.739.5703 Fax

www.bhhsflpcommercial.com

This information is from sources deemed to be reliable. We are not responsible for misstatements of facts, errors or omissions, prior sale, change of price, and/or terms or withdrawal from the market without notice. Buyer should verify all information with This information is from sources deemed to be reliable. We are not responsible for misstatements of facts, errors or omissions, prior sale, change of price, and/or terms or withdrawal from the market without notice. Buyer should verify all information with

its’ own representatives as well as state and local agencies. Brokers please note that a variable rate commission may exist on this offering that might result in a lower commission cost to the Seller if a Buyer’s broker is not involved in the transaction. © “2014” its’ own representatives as well as state and local agencies. Brokers please note that a variable rate commission may exist on this offering that might result in a lower commission cost to the Seller if a Buyer’s broker is not involved in the transaction. © “2014”

BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire HathawayHomeServices symbol are registered service marks of HomeServices of America, Inc. Equal BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire HathawayHomeServices symbol are registered service marks of HomeServices of America, Inc. Equal

Housing Opportunity. Information not verified or guaranteed. If your home is currently listed with a Broker, this is not intended as a solicitationHousing Opportunity. Information not verified or guaranteed. If your home is currently listed with a Broker, this is not intended as a solicitation.

P H O T O G A L L E R YT A R P O N S P R I N G S , F L O R I D A

Waterfront Redevelopment Opportunity

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E X E C U T I V E S U M M A R Y


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SUMMARYPROPERTY OVERVIEW

Berkshire Hathaway Home Services Florida Properties Group Commercial Division is pleased to present a unique waterfront opportunity at a signalized entrance to the historic sponge dock district of Tarpon Springs, Florida. Located on the Gulf of Mexico on the West Coast of Florida, Tarpon Springs is North and West of the Tampa-St. Petersburg metropolitan area.

The property is in Northern Pinellas County at the Northwest & Southwest quadrants of Dodecanese Boulevard and U.S. Alternate 19.

The offering is comprised of multiple parcels. Parcel A is situated on 1.30± acres and

improved with a gross building area of 31,802± square feet with 19,160± square feet of basement area for a combined total of 50,962± square foot concrete block, steel joist structure. Originally built in 1975 by the famous Louis Pappas Family; it was formerly known as the Pappas’ Riverside Restaurant which was a 1,000 seat Greek restaurant that was known internationally and was a signature landmark to Tarpon Springs. After the closing of the legendary Pappas Restaurant; the property was most recently used as an event center for corporate meetings, weddings, birthdays and special occasions. It was improved with a new kitchen, exterior paint, fire sprinkler system and a new rooftop bar/veranda with panoramic views of the Anclote River and an additional outside seating capacity of 250±. The property also includes 6 boat slips and generates revenue as a result of two slips currently leased with the potential for additional revenue.

Parcel B is comprised of 6 Parcel ID #’s for a combined 74,125± square feet of land or 1.70± acres and is currently being utilized as a parking lot that generates revenue.

The sites are prime for a variety of development given its size and configuration located at a signalized corner. The WDI “Waterfront Development District” has been established to promote tourist oriented developments adjacent to the Anclote River and Lake Tarpon. Uses allowable in this district include restaurants, hotels, outdoor markets, marinas, commercial off street parking and retail establishments. The City of Tarpon Springs verified a maximum height of sixty (60) feet for a hotel development. We consider this proposed service to complement the current use of the establishment.

Price: $7,750,000

Location: 10 Dodecanese Boulevard Tarpon Springs, Florida 34689; Adjacent parcels

Site: 3.0± acres

Year Built: 1975; Improvements 2014

No. Floors Two story building

Exterior Materials Concrete block with steel joists, exterior stucco

Roof Construction Metal deck rod system with tar and gravel

Total Improved Square Feet: 50,962± Gross; 31,802± with

19,160± basement

Parcel A 1.30± acres with 50, 962± gross building

Parcel B 1.70± acres currently utilized as parking

Docks Six boat docks

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SUMMARY

Utilities:

Electric - Duke Energy

Water: City of Tarpon Springs

Sewer: County of Tarpon Springs

Cable: Verizon

Telephone: Verizon

Flood: Flood Zone AE

Parking: 561± Total

PROPERTY DESCRIPTION

Located on the Gulf of Mexico on the West Coast of Florida, Tarpon Springs is North and West of the Tampa-St. Petersburg metropolitan area.

Location: The property is in Northern Pinellas County at the Northwest quadrant of Dodecanese Boulevard and U.S. Alternate 19. Parcel B is located across the street, or at the southwest quadrant of the same streets which are North of Tarpon Avenue and West of US 19. The building and parking areas are located at the signalized entrance to the historic sponge dock district with approximately 90 retail shops and restaurants.

Site Layout: The property consists of multiple parcels. Parcel B is rectangular and encompasses six adjacent parcel ID numbers with 185’ ± on Dodecanese Boulevard and a combined total of 1.70± acres. It is currently used as a revenue producing parking lot. Parcel A is situated on 1.30± acres and improved with a 31,802± square foot building with a 19,160± square foot basement area for a combined 55,362± square foot concrete block, steel joist structure. Originally built in 1975; there were improvements in 2014 which included a new kitchen and a rooftop veranda with panoramic views of the Anclote River and an additional outside seating capacity of 250±.

Land Area: The property is situated on a combined 3.0± acres with 6 waterfront docks.

Zoning: The property is zoned WDI, “Waterfront Development District” by the City of Tarpon Springs and is situated in Flood Zone AE.

Neighborhood Description: Tarpon Springs has a population of about 25,000±, many of which are Greek Heritage. The city was incorporated in 1887 and is 16.9± miles square of which 7.7± miles is water; leaving 9.1± square miles of land. Tarpon Springs is a local tourist attraction with a working seaport and shopping district with the unmistakable feel of a Grecian fishing village. Tarpon Springs is #4 on a list of the most charming, beautiful small towns in Florida.

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FIRST FLOOR LAYOUT 10

SECOND FLOOR LAYOUT 11

L O C A T I O N


photo by Jerry Cook

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PROPERTY LOCATION13

ALL WITHIN A 5-MILE RADIUS...

• Fred Howard Park

• Sunset Beach

• Spring Bayou

• Tarpon Springs Golf Course

• Anderson Park

• Leepa Ratner Museum of Art

• Innisbrook

• Lake Tarpon Florida Hospital North Pinellas

• Brooker Creek Preserve

ALL WITHIN A 25-MILE RADIUS...

• Tampa International Airport

• Clearwater Beach


10 Dodecanese Boulevard, Tarpon Springs, FL 34689

T A R P O N S P R I N G S A E R I A L W I T H P A R C E L S A & B


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Parcel A

Parcel B

TOURISM

Tarpon Springs is unique in that it is a working seaport.

Prosperous Tarpon Springs is still the “sponge capital of the world.” Its lively sponge dock area, in the heart of the Greek community, is a mix of boats, boutiques and bakeries that runs for several blocks along the waterfront.

Sponge diving exhibitions, deep-sea fishing and cruise excursions depart regularly. Quaint and quirky shops line the sponge docks, offering everything from natural sponges harvested by local divers to clothing, swimwear, jewelry and shells.

TARPON SPRINGS, PINELLAS COUNTY, FLORIDA

WITHIN A 1 MILE RADIUS OF PROPERTY

** 90 ± retail shops and restaurants

** Art galleries, studios, cafes and an assortment of antiques shops with 200+ antique dealers

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TOURISM

The site is located at the entrance to the WDI “Waterfront Development District” in the City of Tarpon Springs known as “The Sponge Docks”. This area includes many restaurants and retail establishments predominantly of Greek Heritage and is well known for the tourism it generates. The area is typical of other areas in Pinellas County with intense commercial development on main arteries surrounded by residential development and in the case of the subject property, surrounded by water. The neighborhood is considered stable and the area desirable because of the popularity with visitors drawn to the sponge docks.

TARPON SPRINGS, FLORIDA

“The Sponge Docks” area includes many restaurants and retail establishments predominantly of Greek Heritage and is well known for the tourism it generates.

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COMMUNITY FEATURES

Tarpon Springs is a historic, small city with an unusual mix of Greek culture that has grown into a tourist mecca. Located on the Gulf of Mexico, there is an abundance of parks, beaches, bayous, shops, museums, galleries, boutiques and restaurants.


HISTORYTarpon Springs is Pinellas County’s oldest city located along the Anclote River where it intersects with the Gulf of Mexico. Rich sponge beds, discovered in the 1880’s spawned a flourishing fishing industry. In 1905, young sponge divers were recruited from the Dodecanese islands of Greece. The sponge industry thrived, as did the Greek community and prosperous Tarpon Springs remains today the “sponge capital of the world”. The lively sponge docks area, in the heart of the Greek community, is a mix of boats, boutiques and bakeries that run for several blocks along the waterfront. Sponge diving exhibitions, deep sea fishing and cruise excursions depart regularly. Quaint and quirky shops line the sponge docks, offering everything from natural sponges harvested from local divers to clothing, swimwear, jewelry and shells. Authentic Greek restaurants and bakeries offer the flavor of Greece.

DOWNTOWNDowntown tarpon Springs offers more than 200 antique dealers, art galleries, studios, cafes and an assortment of specialty shops housed in vintage turn of the century buildings, many on the National register of historical places.

CATHEDRALSDowntown’s St. Nicholas Greek Orthodox Cathedral features Byzantine architecture with 60 tons of Greek marble and is home to one of the largest Epiphany celebrations in the Western Hemisphere. This 100 year old annual cross diving tradition is held annually on January 6.

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COMMUNITY FEATURES


NEARBY PARKS AND BEACHESTarpon Springs is a treasure trove of nature including the 150± acre Fred Howard Park with sheltered pavilions, children’s playgrounds, fishing, windsurfing, and beautiful, white sand beaches ideal for swimming, shell spotting and watching bottle-nose dolphins at play. Brooker Creek Preserve is an 8,700± acre island of wilderness amidst a sea of urban sprawl with miles of hiking trails and an award winning environmental education center full of interactive exhibits. Additionally, you can launch canoes or kayaks form the Anclote Nature Park or Anclote Key State Park with a restored 1887 historic lighthouse and bird nesting colonies. View spectacular Florida sunsets over the Gulf of Mexico from Sunset Beach, true to its name.

FISHING AND MARINE LIFETarpon Springs is well known for its abundant fish population, featuring the diversity of Florida’s famous game fish. The winter months bring the families of manatees to the Spring Bayou at the West end of Tarpon Avenue where the water is shallow and relatively warm.

CHAMPIONSHIP GOLFIf you want to stay on land, the Pinellas Trail goes all the way through the county starting in Tarpon Springs and is designed for walking, running, skateboarding and biking. Golfers will enjoy any one of five golf courses including Innisbrook with four Championship courses, host to an annual PGA Championship and rated in Golf Magazines “top 100 you can play”

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COMMUNITY STATISTICS

Pinellas County lies at the center of the robust Tampa Bay market, which is expected to grow from its current population of 4 million to 6 million by 2030. The market’s significant economic clout is also evidenced by more than $70 billion in consumer spending and a labor force 2 million strong. The region is ranked number 20 in the U.S. for job growth and carries the country’s 13th largest media market. In land area, Pinellas County is 280 square miles in size, its population of approximately 1,000,000 ± permanent residents makes it the fifth most populous county in Florida, and 41st in the nation. With 7 major area hospitals Pinellas County is a significant healthcare employment center. The county’s top key business sectors are health services, tourism, manufacturing and financial services. Over 40,000± businesses call Pinellas County home and the median household income is $45,891. St. Pete Clearwater International Airport handled 1,247,987± passengers in 2014. The modern facility provides visitors convenient access to the area.

PINELLAS COUNTY, FLORIDA

Close to 500± hundred eateries, breweries, and bars sprinkle the county with culinary delights from fresh gulf seafood to fabulous Asian fare. Seven sporting venues in the county provide opportunity to enjoy live football, soccer and baseball. In addition downtown St. Petersburg hosts the Honda Grand Prix each spring. The county is home to 15 performing arts centers, 20 theater companies, and 17 museums as well as 4 colleges and universities including Stetson College of Law and The University of South Florida. Countless family activities from botanical gardens to pirate adventures and legendary aquariums dot the county and world renowned fishing, diving, snorkeling along with limitless water sports keep locals and visitors busy all year long. The county is the most popular tourist destination on the Gulf of Mexico, drawing 13 million tourists annually, including more than 5 million overnight visitors. The county has nearly 50 top notch golf courses, over 1000 tennis courts, and 50 miles of recreational trails covering 4,242± acres of pristine Florida parks. In addition Pinellas County has 15,525± acres of preserves, 35± miles of powdery beaches, 135 marina and dock facilities, all along it’s 588± miles of coastline. Thanks to an average annual temperature of 72° and 361 days of sunshine all of this can be enjoyed year-round.

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TRANSPORTATION AND STATISTICS

TAMPA BAY, FLORIDA

TAMPA BAY MSA

• The 4 county area of Hillsborough, Pinellas, Pasco and Hernando Counties has a population of 2.7 million people and makes up the 19th largest MSA in the country.

• The region features a highly developed infrastructure with a network of road, air, water, and rail transportation systems. The area also boasts a multilingual, highly trained workforce supported by outstanding educational institutions such as the University of South Florida, The University of Tampa, Stetson University, Eckerd College and Hillsborough Community College. With a low cost of living, no state income tax, great weather and affordable housing, health care and groceries, there’s no shortage of people who want to live and work here.

• Highest average temperature: 83.2 degrees in August

• Lowest average temperature: 61.9 degrees in January

Tampa

• Tampa is the hub of Hillsborough County and one of the largest metropolitan areas in the Southeastern United States. Tampa has a diverse and expanding mix of businesses, from financial services and bioscience, to technology and international trade. As the economy begins to kick back into gear, the Tampa Bay region is looking to a bright future of continued job creation. This will be particularly true of the industry clusters that make Tampa the gateway to Florida’s High Tech Corridor including life sciences, nanotechnology, aviation/aerospace and homeland security/defense.

TRANSPORTATION

Port Tampa Bay

• From a wide-ranging cargo mix to its cruise passenger popularity to repair of ships, Port Tampa Bay is truly among the nation’s most diverse seaports.

• Port Tampa Bay continues to flourish as the No. 1 economic engine in West Central Florida, supporting nearly 80,000 jobs and delivering some $15 billion in annual economic impact.

• Port Tampa Bay is building upon its rock-solid foundation to meet the demands of global trade and the needs of a region of more than 8 million consumers.

• 36 million tons of cargo were moved in 2014 which comprised one-third of all cargo from the State of Florida.

• Top trade partners include Brazil, Trinidad, Mexico, Honduras and Canada.

• The port handles almost every imaginable commodity from any corner of the world.

• The cruise port was named “Embarkation Port of the Year” by Carnival Cruise Lines.

Tampa International Airport - TIA

• Tampa International Airport is one of the region’s most significant economic engines, with a total economic output of more than $7 billion. The airport and its tenants employ more than 7,500 people on the airport campus and support more than 81,000 jobs in the community.

• Airports Council International named Tampa International Airport North America’s second-best airport, according to its annual Airport Service Quality Awards. The airport also ranks fifth in the world in customer satisfaction for airports serving 15 million to 25 million passengers.

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KIM LOHRY BIOKim Lohry is a licensed sales associate with over 30 years of experience in both commercial and residential development, construction, sales and leasing. Kim represents private clients, public corporations and international investors in both the acquisition and disposition of multi-family townhomes, hotel and condominium projects. In addition Kim focuses on office and retail commercial investment properties inclusive of national restaurant concepts for both landlord and tenant representation.

Before joining Berkshire Hathaway HomeServices, Florida Properties Group, Kim managed a residential construction company where she was responsible for the development of several single family communities. This experience led to her successful career practicing residential real estate where she specialized in working with investors. In 2008 Kim transitioned into commercial real estate where she worked with distressed assets including multi-family, office, retail and land. Kim has been responsible for the representation and disposition of multiple bank owned assets as well as performing and non-performing notes. Kim has conducted real estate investment seminars throughout the United States and co-hosted a weekly radio talk show.

Kim attended the University of Wisconsin, River Falls, and is currently in pursuit of the coveted CCIM (Certified Commercial Investment Member) designation, which is held by only 4 percent of all commercial real estate practitioners in the United States.

Kim is blessed with her husband Adin, 3 beautiful children and 2 crazy dogs. She is very active as a traveling baseball mom and as the director of a homeless ministry in Tampa, Fl.

Licenses and memberships:

• Florida Gulf Coast Commercial Association of Realtors

• Florida Association of Realtors

• National Association of Realtors Florida Gulf Coast Association of Realtors

• West Pasco Board of Realtors

• CCIM Candidate

• She is Active on the Board for the CCIM West Coast District as a Committee Chair and as Well Serves on the Board of the Florida Gulf Coast Commercial Association & Realtors as a Committee Chair.

• Pinnacle Award Winner

• 2014 Office Deal of the Year

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ROBB SERCU BIORobb J. Sercu is the Managing Director for Berkshire Hathaway HomeServices Florida Properties Group- Commercial Division with offices in Tampa and Palm Harbor where he is responsible for recruiting and managing 25 agents in both offices. This full service brokerage firm has specialized in all facets of commercial real estate services, including property management and the sales and leasing of land, office, retail, industrial, multifamily, investment and business brokerage, for over 50 years. Berkshire Hathaway HomeServices Florida Properties Group- Commercial Division is consistently ranked among the top commercial real estate brokerages both Nationally within the Prudential Commercial Real Estate Network and locally according to the Tampa Bay Business Journal.

Robb was a Pinnacle Award Winner with the Florida Gulfcoast Commercial Association of Realtors, Inc. for transactions in 2009, 2010 & 2011 and has been personally responsible for assisting local and national clients in areas of business acquisition, site selection, leasing, sales and investment. With over 20 years of experience in the retail and restaurant industry, he is highly experienced in planning, executing, and evaluating sound business portfolios. Robb continues to leverage his management and ownership experiences to grow multiple businesses thru planning, acquisitions, recruiting and new construction.

Before joining Berkshire Hathaway, Robb worked for national chains such as P.F. Chang’s China Bistro and Lifetouch National School Studios. Using his early management experiences as a foundation, Robb joined the P.F. Changs China Bistro team early on and helped grow the concept from 7 restaurants to over 150 Bistros across the country thru recruiting, planning, development and financial management. While expanding his experiences, Robb served as a sales and service manager for the largest school photography company in the world, and he recently partnered in the development and operations of a franchise restaurant group located in Florida.

Robb attended the University of Miami studying business administration. Previously Robb attended Southeast High School in Bradenton, Florida. While living in South Florida, Robb met and married his wife Valerie. They have two children Roman and Gianna. Robb also has a daughter, Amber, living in Sarasota, Florida and a son, Andrew living in Colorado. Robb enjoys working with children at Grace Family Church, golfing, fishing, travel and attending professional baseball games across the country. His love for fishing has taken him thru Mexico, Jamaica, Bahamas, Turks & Caicos Islands, as well as all over Florida. Both Valerie and Robb enjoy the beach enough to have been married barefoot, in the sand on a beautiful beach in the Turks & Caicos Islands.

KEITH OSTER BIO

22Keith Oster works as a restaurant specialist assisting in the sale, purchase and leasing of commercial real estate properties. His experiences as a manager and a business owner give him valuable insight that enables him to provide clients with valuable guidance on a wide range of topics.

Keith joined the commercial division at Berkshire Hathaway HomeServices Florida Properties Group; in addition he owns and operates Gulf Coast Restaurant Consultants Group which he founded in 2010. Prior to his consulting career Keith worked in a variety of positions throughout the hospitality industry including: Assistant Chef, Food and Beverage Director, Service Manager, Kitchen Manager, and General Manager for both privately held ventures and national chains.

Keith holds a Bachelor’s degree in Criminal Justice and a Master’s degree in Business Administration. He has professional designations as a member of The Central Pasco Association of Realtors, The Florida Association of Realtors, and the National Association of Realtors.

Keith is involved with a variety of charitable organizations in the Bay area such as The YMCA New Tampa branch and Metropolitan Ministries.

ANDY MASTERS BIOAndy has over 25 years experience in the hospitality industry, holding such positions as; Executive Chef, General Manager, Food and Beverage Director and Operating Partner. He has sound operational experience within the industry, working with and for heavy hitters such as; Houston’s Restaurants, The Cheesecake Factory and PF Chang’s China Bistro. While owning and operating his own businesses, Andy developed the tools and experiences that it takes to make sound real estate decisions for buying, selling or leasing property. His expertise in the restaurant industry is an asset to anyone looking to sell, purchase or lease their business/property in the hospitality industry.

Education

1988 Graduate of Oklahoma State University with a Bachelor of Science Degree in Hotel and Restaurant Administration.

Areas of Specialization

Selling and leasing of restaurant, retail and office space throughout the Tampa Bay Region.

Founded in the Tampa Bay area in 1959 as Tropical Realty, Berkshire Hathaway HomeServices Florida Properties Group has grown into a full service commercial real estate firm. The company offers sales, leasing, property management, business brokerage, valuation and consulting services. With offices in Tampa and Trinity, together with our BHHS partners throughout the United States, we offer First-class commercial real estate services.

Built on a heritage that spans more than 150 years of acting in our clients’ best interests, we use our key strengths of local market knowledge and sphere of influence, advanced technology, experience and innovation to provide you with the best market strategies and information as you make important real estate decisions.

Through our alliance with Berkshire Hathaway HomeServices, a global system of real estate industry leaders, we can extend your market coverage throughout the world. By combining this extended reach and expertise with our own deeply rooted local market knowledge and experience, we are uniquely qualified to help you make the most effective real estate decisions.

Contact us for more information:

813.739.5700

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