Another low bid for 'albatross' Hickory House

Nabors offers county $800 in monthly rent

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By RYAN McCARTHY

rmccarthy@keynoter.com

Posted - Wednesday, November 04, 2009 10:55 AM EST

So much for all those Hickory House bar and restaurant bidders that supposedly missed out on Monroe County's August request for proposals to take the place over.

The county's latest offering -- just like in August -- has returned only one bidder for the $3.14 million county-owned Stock Island property.

Key Wester James E. Nabors III has offered to pay the county $800 per month over 25 years to refurbish the property and open a new waterfront restaurant.

And just like in August, when Key West resident Vinny Sangermano offered to lease the Hickory House site for $1 per year over 30 years, commissioners appear less than thrilled about the proposal. The county bought the property in 2005 and its lay dormant ever since.

County Administrator Roman Gastesi said in August that several groups had contacted him expressing interest in the Hickory House. That included Guy Harvey Outpost Resorts, a new real estate company co-owned by Harvey, the renowned marine artist and philanthropist. None of those groups made an offer the second time around.

Details on Nabors' proposal are limited, but his plan is apparently to refurbish the property into an "old Key West-style restaurant accessible by land or water."

"It doesn't sound reasonable to me. I didn't look at the whole proposal but we're not going to give the place away for $800 a month for 25 years," Commissioner Mario Di Gennaro said. "Maybe we can go national, maybe get some kind of a franchise in there. The little bit I did have on the proposal was not worth me looking at it twice."

Commissioner Kim Wigington agreed. She's called the property "an albatross" on numerous occasions and is adamant taxpayers not lose money on whatever becomes of it.

"That's a $240,000 return on the taxpayers investment of $3.14 million, plus the taxes we've lost and the fence that we put around it. I don't think the taxpayers should lose money on this," she said. "I don't think it would be wise to tie it up for 25 years."

Mayor George Neugent is a bit more optimistic. He's yet to see the proposal in full, but suggested negotiating with Nabors since razing the property's building could cost the county between $50,000 and $60,000.

"Eight hundred a month is pretty low rent, but if he's going to do the renovation and do all that stuff and he's got a restaurant background, maybe we can talk to him," Neugent said. "Maybe a percentage of the gross over a certain amount and he carries all the insurance."

The County Commission is scheduled to consider the proposal at its Nov. 18 meeting, scheduled for 9 a.m. at the Murray E. Nelson Government and Cultural Center in Key Largo.