DEARBORN, Mich. – The City of Dearborn has put its Florida apartment building for retirees up for sale.The City is seeking a buyer for the 8-story, 88-unit building in Clearwater, after meeting conditions set in 2007 when Dearborn voters gave their approval for the sale of the property.
The City hopes revenue from the sale will help to soften financial challenges putting other more popular municipal services at risk.
Voters in 2007 required that the City complete three appraisals over a period of time to determine a fair market value before pursuing a buyer for the property. With those appraisals now completed, the City is seeking offers.
The property is conveniently located near beautiful Clearwater Beach, consistently named one of the best beaches in the country. It is on a 2-acre waterfront site on Clearwater Bay, and is near the Gulf of Mexico and downtown Clearwater. It has a private fishing dock, marina and pool.
The opportunity for Dearborn retirees to affordably live in Florida for some or part of the year made Dearborn Towers immensely popular in the 1960s through the 1990s, and added to Dearborn’s reputation of providing one-of-a-kind services for its residents.
As times changed, so did Dearborn residents’ ideas about retirement, and the traditionally long waiting list to rent an apartment in Dearborn Towers disappeared.
And, now, even though the apartment building is essentially self-supporting, City resources need to be prioritized in a different way.
Residents of Dearborn Towers have leases that can be terminated with 30 days notice. Residents who may need accommodations following a sale are invited back to live in available units in the City’s five senior apartments in Dearborn.
For a buyer, the Clearwater property represents a tremendous opportunity because real estate prices are favorable.
Constructed in 1960, the apartment building has 40, one-bedroom and 48 two-bedroom units, with scenic views, screened terraces, electric kitchens and individually controlled air-conditioning.
Buyers interested in Dearborn Towers should call the City of Dearborn’s Legal Department at 313-943-2035.