Proponents of a “live-and-work” residential/retail complex and a restaurant have put in separate bids to move into the historic Oscar Magnuson house.
But staff of the city’s Community Redevelopment Agency say both bids needed more specifics and has suggested the CRA board, at Tuesday’s meeting, tell the two firms to come back with answers for the board’s June meeting.
The city is anxious to find a buyer or tenant for the 1,736-square-foot house at 211 E. Ocean Ave., built about 1910 by Swedish immigrant and farmer Oscar Sten Magnuson.
The agency had bought the property in 2007 for $850,000; it was appraised at $180,000. Its value later dropped as low as $70,294, but a December appraisal set it at $230,000.
The CRA put the property up for sale in August, recommending its use as a restaurant and saying it will offer a buyer up to $185,000 for renovations.
The agency has said the building also could host a gourmet food market, bakery, clothing boutique, home furnishing store, art gallery, small specialty store, or fitness or yoga studio. The CRA board voted in January to expand that to allow office use.
The two businesses that submitted bids by the April 22 deadline are:
Fort Lauderdale-based Orange Studio offered $45,000 for the Magnuson house. Its plans include also buying an adjacent property at 209 E. Ocean and creating one complex.
Three partners suggested a 150-seat indoor-outdoor restaurant, Telluride Bar & Grill. It offered a 10-year, $1,700 a month lease, with property taxes thrown in, and an option over the course of 10 years to buy the house at the appraised $230,000.