New Port Richey Selects $22.4M Plan for Downtown Main & Bank Building

New Port Richey officials selected a hospitality developer to negotiate the redevelopment of the vacant Main & Bank Building in the city center. The Community Redevelopment Agency (CRA) voted on Oct. 26 to make Main Street Reserve its first choice for the property. The project would transform the site into a multi-story destination featuring a conference center, restaurant, and rooftop lounge. Total costs are estimated at $22.4 million, with the CRA contributing just over $3.9 million.

Four groups submitted proposals for the city-owned building in early October. Main Street Reserve, Sterett Holdings LLC, Brainstorms Science Discovery Center, and MAPS all pitched their concepts. Quamitry Labs Inc. withdrew its application before the final vote. The CRA delayed its decision from the initial October meeting to allow members more time to review the proposals and assess the building's condition.

City Manager Debbie Manns reported that the remaining four applicants were present at the Oct. 26 meeting to answer questions. The board ranked Main Street Reserve first, followed by The Cotee, Brainstorms, and MAPS. CRA members expressed a preference for the Main Street Reserve plan because they felt the nearby Harry Schwettman Education Center would better suit the space requirements of the science and museum groups.

Manns stated that staff will now enter a due diligence stage to negotiate terms with the Main Street Reserve developer. This process may last up to 120 days. If an agreement is reached, the CRA will consider an economic development package. If negotiations fail, the CRA retains the option to revisit the Sterett Holdings LLC proposal.

Brainstorms, which received support from community members at the earlier meeting, released a statement acknowledging the decision. Daisy Thomas, vice president of the Brainstorms Board of Directors, said the group proposed a science discovery center because it believed children and families belong at the center of the community’s future. The organization plans to continue seeking a permanent home for its hands-on programs in New Port Richey, citing proximity to Sims Park and the public library as key factors for its proposed downtown location.

The Schwettman building, formerly Gulf High School, currently has no active redevelopment. Manns said the city aims to develop a reuse plan for that property once environmental remediation issues are addressed. The Main Street Reserve project also includes a city-owned parking garage and potential retail and office space.