As of May 2, the town of Longboat Key owns the 2.8-acre parcel behind Longboat Key Publix that the town commission hopes can become a town center for the key. The town agreed to purchase the property earlier this year for $1.5 million, in an effort to make a town center concept on the land that former owner Joe Wolfer was willing to sell. The town bought the land with the town’s land acquisition fund. The land acquisition fund has more than $1.5 million in it and will garner an additional $2.3 million when the Longboat Key Hilton Beachfront Resort makes its payment into the fund when it obtains its building permit for a renovation and expansion project. If the town were to sell any portion of the property to a developer for a town center, funds from the sale would go back into the land acquisition fund.