Real Estate Agencies

RIO — The Martin County Redevelopment Agency and the County’s Housing Division are in negotiation to buy the Rio Mobile Home Park.

The CRA plans to secure the property, at the northwestern corner of County Road 707 and Martin Avenue, from the Housing Division at no charge and convert the land into affordable housing and commercial office space.

County representatives said the conversion would help increase property value in the neighborhood.

Agency staff estimate the code enforcement liens on the park are more than $600,000. At last week’s Rio Neighborhood Advisory Committee meeting, Rio CRA representative Rick Zurich called the park a “drug-infested, eyesore.”

“The NAC backs this,” committee member Douglas Smith said. “I’m very excited there are projects like this coming out of the ground even in today’s economy.”

The Housing Division plans to purchase the property, which is just more than two acres in size, for $470,000 from ED and JB Management Co. in a deal which could be finalized sometime next month, community development director, Kevin Freeman said.

After that, it’s up to the County Commission to approve the land transfer to the CRA, a vote that could happen in early October, Freeman said.

“The mobile home park is causing a depreciation of property value in the surrounding area,” he said. “No maintenance is going on and there are several derelict properties in there.”

The CRA estimates 30 trailers occupy the park. The exact number of occupants is yet to be determined by the property owner and listed in the agreement.

Freeman said park occupants will receive financial assistance from the Housing Division to relocate and estimates the CRA will initially invest around $100,000 to $200,000 in the project. The CRA will also request a reduction in the code enforcement liens and will be responsible for paying the remaining balance.

A vast majority of Rio residents welcome the project with open arms, he said.

“It’s in bad shape. Some of the trailers are boarded up” Rio Civic Club secretary Julie Preast said. “I hope this project will inspire the other property owners in the surrounding blocks to rehab their residences. It’s contagious and motivational to see improvements.”

The CRA plans to ask the commission for 90 days to get an accurate assessment of the property to determine a demolition date, Freeman said.

By the end of the five-year project, affordable, single-family units along with commercial space built to market rate will be available for purchase. Freeman estimates approximately 20 new units could fit on the property.