Pines Trailer Park Residents Offered $75 Million Purchase Price for Community
BRADENTON BEACH – In a recent development that has left residents of the Pines Trailer Park stunned, Pines Park Investors LLC has offered to sell the mobile home park to its residents for $75 million. The proposal, detailed in a Jan. 27 letter to the Pines Trailer Park Homeowners Association (HOA), sets a price of $872,093.02 per homeowner for the park's 86 mobile home units.
Pines Park Investors LLC, managed by developer Shawn Kaleta, purchased the 2.78-acre waterfront property on Aug. 5, 2023, for $16.25 million from The Jackson Partnership LLLP. The offer follows Florida statutory requirements that mandate mobile home park owners to give residents the first right of refusal when a park is being sold or repurposed.
The letter, penned by attorney Shawn D. Arbeiter of the Davie-based law firm Hunden, McClean, and Arbeiter, outlines the terms of the proposed sale. Residents have 45 days to execute a purchase agreement under Florida Statute 723.061(1)(d)1.a. If the HOA decides to move forward, they must place a $500,000 deposit in escrow, with $100,000 of that being non-refundable. The agreement also stipulates a 60-day closing period.
The park, located on prime waterfront real estate, sustained significant damage during Hurricanes Helene and Milton, leaving many residents hoping to rebuild their homes. However, the LLC announced its intention to close the park on Jan. 4, triggering the statutory requirement to offer the property to residents.
Residents and local observers have raised concerns about the stark difference between the purchase price paid by Pines Park Investors in 2023 and the current $75 million asking price. The Sun reached out to Arbeiter for clarification on how the valuation was determined but has not received a response.
Under Florida law, if the residents choose not to purchase the property within the specified timeframe, the park owner is permitted to proceed with other plans for the property. Should Pines Park Investors lower the purchase price at a later stage, the HOA would have an additional 10 days to accept the revised terms.
For now, the Pines Trailer Park community faces an uncertain future, grappling with the staggering financial implications of the proposed deal and what it means for their homes and livelihoods.