Bank OZK tells city it will sell to another buyer
Commissioners and greenspace advocates had rallied to purchase the parcel on Orange Avenue to expand Seven Oaks Park
Sept. 11, 2023
By Beth Kassab
City Manager Randy Knight notified commissioners today that the owners of a 2-acre piece of land the city wants to buy to expand Seven Oaks park on Orange Avenue have accepted an offer from another buyer, according to an email obtained by the Voice.
Knight and City Spokeswoman Clarissa Howard did not return a request for comment.
Knight wrote that a broker for Bank OZK (formerly Bank of the Ozarks) told him “the Bank has accepted an offer from another party that met their price and has a more streamlined path to approvals and closing,” according to the email.
Commissioner Marty Sullivan, who had led the charge for the city to acquire the property, said it appears likely the vacant land will be developed into a commercial building, though the identity of the other buyer isn’t known.
“I’m extremely disappointed that Bank OZK did not ask us for a counteroffer,” Sullivan said.
Commissioners are set on Wednesday to take the first of two votes on the city’s more than $200 million budget for next year and are expected to discuss the purchase of the parcel and how to finance a deal.
Sullivan said the city’s lack of firm commitment to the deal could have influenced the bank to pursue another offer and wants a vote taken on Wednesday.
“If we can commit, it opens the possibility of the bank reconsidering,” he said.
In the latest round of negotiations, the city offered $6 million for the land appraised at $5.8 million and said it would waive more than $130,000 worth of mobility fees. The bank’s broker presented a counteroffer that included the $6 million sales price plus a waiver for $267,000 worth of transportation impact fees and the city would pay about $60,000 in doc stamp and title fees.
That offer was contingent on approval by the Bank OZK executive team and the city was still waiting to hear back when Knight was informed Monday that the bank accepted another buyer.
A call to the bank’s spokeswoman was not immediately returned.
The Winter Park Land Trust, which advocates for the preservation of greenspace, pledged at least $500,000 from board members toward the project.
Steve Goldman, chairman of the land trust’s board, also expressed disappointment over the loss of potential open space in an increasingly dense corridor.
“The job of the land trust is to look forward — not to just be concerned with our immediate needs — but to look out over the next few decades for a good city plan that balances park land against urban development,” said Goldman, who is also a supporter of the Winter Park Voice. “It’s very clear to everyone who studied this that we are going to need more park space if we are going to retain the feeling we currently have in Winter Park, which is the reason many of us moved here.”
Questions or comments? Email the editor at WinterParkVoiceEditor@gmail.com
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By: Beth Kassab
No biography available at this time
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Bank of the Ozarks. Not a good corporate citizen for our community.
What is a “ good corporate citizen “ by your definition?
The City should offer the new buyer $12 million for the park along with a free annual pass for him and a guest to attend the City Commission meetings during the next fiscal year.
I agree, but the buyer should be required to attend every city commission meeting for the next 10 years as a punishment.
Something tells me BOZK has been reading WPV. Bad news for some folks but good news for most WP taxpayers. At least $35,000+ addition to Winter Park tax rolls annually compared to a $560,000 annual expense to all taxpayers. Phew! Thanks to all who voiced concerns!
Take your new fortune back to the Ozark. Not sure who would bank with you now that you’ve shown your commitment to Winter Park. Negotiating in good faith LOL!
Typical financial institution now days here today hopefully gone tomorrow.
I can’t wait to see what Pitt Warner has to say about this turn of events! I am sorry to read of this situation. If there is a Hail Mary pass available I trust the Commission goes for it myself. My guess this opportunity slipped away since the city has had years to move on this and did not which seems to be the nature of the way we govern ourselves not just at the city level.
What a shame. A commercial building will especially increase traffic in the already dense area and serve the citizens in no way, with employees commuting in and out of WP. I live in the immediate area and would personally be happy for the city to close that small sliver of Denning between the traffic light and train track and add it to 7 Oaks to keep from everyone cutting through the Mead area and deter commercial building traffic. The area is heavily used for recreation (tennis, playground, walkers) and should stay that way.
This was another land purchase disaster hopefully averted. There was no city funding for this in place anyway. If Steve Goldman has the resources to buy the land and fund a trust to maintain it himself, but he would rather use his 501(c)(3) as a cover for his political lobbying. Keep in mind that this commission has already wasted millions of our money on their personal agendas. Sullivan and Weaver even tried to get the commission to raise the property tax rate for next year, even though property taxes will increase over $3 million in 2024 at our current tax rate. They have also increased fees over $1.4 million for 2024. These people are ideological and self serving, not representatives of the people.
This is just as well. The City has more important needs at present and an acknowledged shortfall of funding for capital projects. Putting property on the tax rolls instead of removing it from them is smart.
Do we have a “taxing” problem or do we have a “spending” problem? Property tax revenues are soaring. Property tax revenues are not the issue. Collections for both city fees and property taxes are way up. Rollins keeps far more properties off the tax rolls. This OZK property is chump change.
Maybe this is the shocking turn it will take to visually demonstrate the value of park land vs that of commercial development. Development of this parcel by the new buyer will illustrate concretely (pun intended) what the new OAO legislation allows at 100 % FAR. It will not be pretty. But the repealed OAO would have been even worse. The commission does not need voter approval to float a bond if proceeds are used to buy park land, But it would appear that the ship has sailed. The future contrast between the two southern corners at Progress Point will allow people to decide where they stand on whether parks are worth every penny or not.
Close Orange Avenue to traffic and make it a park / pedestrian corridor.
Go green!
So true—by 2030 the best driver for an enhanced quality of life could be a pedestrian walking plaza for both Orange Ave and Park Avenue. A primary park is THE driver for a successful and vibrant OAO. Look no farther than Central Park and Park Avenue. The formula is there. Cities like Aix en Provence have already banned cars from the city center. The ultimate responsibility of our city leadership—Mayor and commissioners—is to invest in our future, to seize unique opportunities when presented, to positively impact our city long after they as elected officials have left office.
I am thankful we have three votes. I am thankful there is a strong sentiment for nurturing and investing in our WP charming brand. The default POV for more buildings is simply evidence of a lack of creativity and a loss of vision. Try harder. We must. —CJ Williams
Let’s have a bake sale!
If they new buyer will sell it to us for $7 million and if we sold homemade cookies for $1 apiece we could have enough money in no time!
If we come up a little short the City could pay for whatever cost the bake sale didn’t cover.
As the philosophers and musicians Cinderella succinctly stated, “you don’t know what you got till it’s gone.”
Bank might consider becoming part of the community and donating the property in exchange for the naming of the park! That might be a much better decision in the long-run as people would love that name and bring their financial needs to that bank. A long-term win-win for everyone!