New Port Richey is moving forward with the next steps to redevelop the old Main and Bank Building in downtown.
At a special Community Redevelopment Agency meeting on Oct. 26, the board chose to proceed with the Main Street Reserve proposal, which would turn the property into a hospitality and events destination featuring a conference center, full-service restaurant, rooftop lounge, parking, and potential retail, office, and residential space.
Earlier in October, five applicants pitched their ideas for the city-owned property: Brainstorms Science Discovery Center; Main Street Reserve; Museum of Archaeology, Paleontology and Science (MAPS); Quamitry Labs Inc. — Signal House; and Sterett Holdings LLC — The Cotee.
The CRA, which is comprised of City Council members, decided to postpone further discussions until later in the month so the members could have more time to review the proposals and the condition of the building could be further evaluated.
On Oct. 26, City Manager Debbie Manns informed CRA members that Quamitry Labs Inc. —Signal House had withdrawn its application, but that the remaining four applicants were present to answer questions.
While several community members attended the early October meeting in support of the Brainstorms Science Discovery Center, the CRA members noted that they felt the Harry Schwettman Education Center, known as the original Gulf High School building on Grand Boulevard, would be a better fit for Brainstorms or MAPS because of the space it offered both indoors and outdoors.
Instead, the CRA voted to rank Main Street Reserve as its first choice for the property, followed by The Cotee, Brainstorms, and MAPS.
The Main Street Reserve project proposed a new building consisting of a multi-story hospitality, culinary and events destination, anchored by a Grand Hall conference and events center, a ground-floor restaurant and an upscale rooftop lounge. The project also proposes a city-owned parking garage. Total project costs are estimated at $22.4 million, with a proposed CRA contribution of just over $3.9 million.
Manns said the next step is for the staff to enter discussions with the Main Street Reserve developer to negotiate terms during what is known as a “due diligence” stage.
“If the terms of the agreement can be solidified, then we would be further considering an economic development package to present to the CRA for their consideration, along with the proposed agreements,” she said.
This process could take up to 120 days, Manns said. If an agreement cannot be reached, the CRA would have the option of revisiting the Sterett Holdings LLC — The Cotee proposal.
Currently, there is no active redevelopment at the Schwettman building, though Manns said the goal is to develop a plan for the reuse and improvement of the property once environmental remediation concerns are addressed.
Following the Oct. 26 CRA meeting, Brainstorms released a statement acknowledging the decision to direct city staff to begin negotiations with Main Street Reserve for the redevelopment of the Main & Bank property. In the news release, the organization noted that it submitted its proposal with the belief that downtown redevelopment should be measured by both economic potential and the opportunities it creates for residents and visitors.
“We didn’t propose a science discovery center downtown simply because we needed a building,” said Daisy Thomas, vice president of the Brainstorms Board of Directors, in the release. “We proposed it because we believe children and families belong at the center of our community’s future, and downtown should reflect that.”
The news release explained that the center preferred the downtown location because of its proximity to Sims Park, the public library, local businesses and other community gathering spaces. The organization plans to pursue opportunities to establish a permanent home for the hands-on discovery center in New Port Richey.
