Digital Domain: Port St. Lucie City Council to move forward with plan to sell former studio
Scripps Treasure Coast Newspapers
10:10 PM, Jul 8, 2013
4:53 PM, Jul 9, 2013
PORT ST. LUCIE — The City Council voted 4-1 Monday night to move forward with the sale of the old Digital Domain building to Vero Beach-based Horizon Central Global LLC for $14 million.
The one dissenting vote came from Councilwoman
Michelle Berger, who said the city should wait until the value of the building appreciates.
Once back on the tax roll, the building could generate $300,000 a year for Port St. Lucie and St. Lucie County.
The city put the studio on the market in December and has marketed it with the help of the Economic Development Council of St. Lucie County. Interim City Manager Jeff Bremer has said the city showed the facility to at least a dozen interested parties.
Port St. Lucie used $39.9 million in bonds to build and furnish Tradition Studio. Its appraised property value is $13.5 million.
Tradition Studio costs the city about $3.4 million annually.