The investment firm that had proposed to buy a closed bowling alley in Homestead has dropped its bid for the city-owned property.
Former Homestead Mayor Steve Shiver, who is representing the firm, announced the decision at a commission meeting Wednesday.
While the property had been appraised for $2.6 million, the firm, Elite Real Estate Investments, had offered $500,000 for the property and a promise to keep 32 bowling lanes open for at least eight years.
“It's too much of a circus,” Shiver said to a crowd outside the meeting, adding that the investor is looking at two other sites in Florida City for a bowling alley.
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City officials said that they would seek a proposal that was more suitable for the city.