$1,458,000 payday for 7-Eleven

Historic City News readers in Nelmar Terrace and others concerned about what would become of the property at the intersection of San Marco Avenue and May Street, have good news today.

After a 3:00 p.m. “shade” meeting, City Manager John Regan announced that an agreement has been reached between the City of St Augustine and 7-Eleven that insures that the controversial convenience store and gasoline station will not be built.

The announcement came on the heels of direct questions by B. J. Kalaidi during public comments when she asked to answer rumors that the property had been sold.

The City faces potentially $30,000 in closing costs and environmental fees.

According to an appraisal completed by Lampe, Roy and Associates in Jacksonville, eight comparable commercial properties sold between August 2012 and February 2015 were evaluated to determine the value of the property to be “between $25.00 and $30.00 per square foot. The range of value, based on their research, indicated that the property was worth between $1,200,000 and $1,435,000.

The 7-Eleven Corporation purchased the property April 7, 2014, for $850,000. When a dispute arose about conflicts between the City, developers, and the neighbors, a building permit that had been issued for the project was rescinded by action of the City Commission.

Lawsuits ensued, but this agreement puts to rest any litigation or further legal fees on either side.