Alchemy Management LLC’s $6.25 million purchase offer for Dearborn Towers, a senior apartment complex located in Clearwater Beach, Fla., has been approved by the local city council, reports the local Press & Guide.
The Clearwater Beach-front building has been on the market since 2010 and residents have faced uncertainty as to the future of the complex, especially after a former purchase bid was rescinded after the prospective buyer’s due diligence uncovered asbestos.
A remediation study was undertaken to determine the extent of the asbestos and the cost of removing it, and found that the hazardous building material was “minimal,” reports the Press & Guide. Since then, the city received three purchase offers—all above the $5.975 million appraised value, despite concerns that the asbestos would substantially devalue the senior living complex.
The winning bidder, Alchemy Management, had the highest bid and has already placed a 10% nonrefundable deposit. The Press & Guide reports expectations that Dearborn Towers will be converted into high-end condominiums.
Dearborn Towers was built in 1960 and has 40 one-bedroom and 48 two-bedroom units that feature screened terraces, electric kitchens, and individually-contolled air-conditioning.
Written by Alyssa Gerace