Tag Archives: sarasota

8-unit downtown Sarasota apartment building changes hands

8-unit downtown Sarasota apartment building changes hands

SOLD * SOLD * SOLD ---  Sean Sells Another Quality Property

SOLD * SOLD * SOLD — Sean Sells Another Quality Property

via Josh Salman and the Herald Tribune

SARASOTA — An 8-unit apartment building in downtown Sarasota has a new owner.

The complex at 1727 Ringling Blvd. changed has hands for $776,950, which equates to $97,118 per unit.

Built in 1925, each of the apartments in the building has one bedroom and one bathroom. They together total 4,544 square feet.

Paul and Amanda Yoder, who last owned the building, purchased it during the height of the bubble in August 2006 for $900,000, public records show.

Ian Black Real Estate’s Sean Dreznin handled the deal.

Quay property in Sarasota, FL, again nears close on sale

Quay property in Sarasota, FL, again nears close on sale

Picture via Sarasota Herald Tribune Archive

Picture via Sarasota Herald Tribune Archive

By Josh Salman via Herald Tribune

One of the most coveted parcels of property along Florida’s Gulf Coast is once again closing in on a sale that could trigger development on the long dormant site.

After a six-month lull — and at one point exiting contract negotiations all together — the Jacksonville developer first interested in purchasing the vacant Sarasota Quay site earlier this year is again filing land development requests with the city, planning records show.

An attorney representing GreenPointe Communities has asked city officials this month to move forward with latter stages of the project first, which would allow them to build a 10,000-square-foot office building at the southwest corner of Boulevard of the Arts and North Tamiami Trail.

City approvals require any developer of the Quay site to build the residential and the necessary infrastructure before that smaller office component, said Tim Litchet, director of the city’s Neighborhood and Development Services department.

“I believe phase one comes before phase two,” Litchet said. “That’s how the agreement was structured so all of the infrastructure would be in place.”

The recent request ends months of inactivity for the long vacant waterfront site, west of U.S. 41 between the Hyatt Regency and the Ritz-Carlton Sarasota hotels.

GreenPointe had reached a tentative agreement to buy the land earlier this year, but negotiations between the developer and the Irish government broke down, stalling progress on the 15-acre downtown tract.

For complete article by Josh Salman, CLICK HERE <—-======

State Road 70, Bradenton, FL shopping center sells for nearly $4 million less than in 2004

State Road 70, Bradenton, FL shopping center sells for nearly $4 million less than in 2004

By Michael Braga , Herald-Tribune

Gemini Real Estate Ranch Lake LLC, the subsidiary of a New York real estate investment company with more than $1 bullion in assets under management, sold an 85,288-square-foot community shopping center at 8750 SR 70 E in Bradenton to Ranch Lake Bradenton Limited Partnership for $11.6 million.

Gemini paid $15.5 million for the 12-year-old shopping center in October 2004.

It used to be anchored by a Sweetbay Supermarket.

Mall may widen gap between renters, homeowners

Mall may widen gap between renters, homeowners

University Town Center Mall at University Parkway and North Cattlemen Rd.  Pic via Suncoast Investment Real Estate  Blog

University Town Center Mall at University Parkway and North Cattlemen Rd. Pic via Suncoast Investment Real Estate Blog

Article by Josh Salman via Herald Tribune

The new Mall at University Town Center is expected to lift values for middle-class homes that pepper the University Parkway corridor.

Facts
BY THE NUMBERS

• 4,827 home sales during third quarter
• $195,650 median home price
• $1,355 average three-bedroom rent
• 108-year wait for subsidized one-bedroom housing
• 1,700 condo-style housing units planned for the mall by Benderson Development
But because developers have generally failed to meet rental demand for the 2,000 mall workers, avoiding earlier agreements to build affordable housing as part of UTC approvals, apartment rents that are climbing at the fastest clip in a decade are projected to rise further out of reach.

That could widen the gap between homeowners and renters in this region, boosting competition for housing near the mall and further tightening supply.

Analysts say that scenario will benefit homeowners already in a comfortable living situation, while making it harder for workers living paycheck-to-paycheck to find decent digs nearby.

“It’s great the mall will create these additional jobs, but the vast majority are hourly with no benefits, and the cost of living has gone up so much, most of these folks will have to live somewhere else and drive to the mall,” said Jack McCabe, a Florida real estate consultant.

“There’s just nothing affordable within walking distance, and the rapid rise in rental rates is far outpacing what most workers can afford,” McCabe said.

Median home prices during the third quarter reached $195,650 in the North Port-Sarasota-Bradenton area, a figure that continues to flirt with its post-recession peak, Realtor data show.

Meanwhile, the average fair market rent for a three-bedroom home in Sarasota and Manatee was $1,355 in August, according to industry researcher RealtyTrac Inc.

For complete article, CLICK HERE <—–=====

Wawa slated for north Sarasota

Wawa slated for north Sarasota

Alex Mahadevan via The Observer

Wawa will continue its push into Southwest Florida with yet another convenience store slated for Sarasota County.

The Sarasota County Development Review Committee will discuss plans for a 6,119-square-foot gas station at the intersection of North Washington Boulevard and Myrtle Street during a meeting Thursday, Nov. 20, according the meeting agenda. Wawa, which has an obsessive following of northeasterners familiar with the brand, earlier this year filed permitting documents for a location on University Parkway.

The Wawa development will encompass two parcels worth a combined $888,800 on a total of 1.6 acres, according to the Sarasota County Property Appraiser. Sarasota Chemical and Paper Supply currently occupies a one-story building on the site.

“When we identify a piece of land where we want to open a Wawa in the Mid-Atlantic, it’s a three- to five-year process,” said Wawa CEO Chris Gheysens speaking at a lecture recently organized by Florida Gulf Coast University’s Lutgert College of Business in Fort Myers. “Here it’s a 12- to 18- month process. It’s different because there are not as many levels of local bureaucracy.”

Wawa plans to build 300 stores in Florida, including at least 80 on the Gulf Coast. Each store costs $6 million to build and employs about 40 people.

Click Here for full article <—-=====

City of Sarasota to revisit State Street garage sale

City of Sarasota to revisit State Street garage sale

By David Conway via the Observer

As Joe Hembree considers his plans to develop a pad property at the State Street garage, he’s run into a roadblock: It’s too small.

Hembree, president of commercial real estate firm Hembree and Associates, bid $688,000 for the 5,041-square-foot property. His winning bid was more than $300,000 higher than the next closest price submitted.
Hembree’s vision includes a six-story structure including retail on the first story, office space on the second floor and about 18 600- to 800-square-foot residential units on levels three through six.

But as it stands, Hembree says, his project isn’t economically feasible. He made a number of requests to help facilitate his plans, including the shared use of a garage stairwell and the use of garage spaces for residential tenants of the pad site. The most significant request, however, is Hembree’s interest in incorporating more city-owned land into his project.

That land is located on the western end of the existing Northern Trust bank parking garage, fronting nearby Pineapple Park. Hembree visualizes this as a two-story mezzanine structure, acting as a liner building for the garage and adding activity to the park. The roof could also include amenities for the pad site apartments.

Although the City Commission voted to allow staff to negotiate with Hembree, commissioners expressed a hesitance to change the terms of the sale Monday. Prior to the 3-2 vote that authorized staff to re-examine the sale, the dissenting commissioners signaled even stronger emotions about the continued negotiations.
“I’m sure we’re going to get sued somewhere down the line,” Commissioner Shannon Snyder said.
“I predict this will blow up in our face,” Vice Mayor Susan Chapman added.

In addition to worries about encroaching on Pineapple Park, there were also concerns other bidders would object to the sale of additional land. City Attorney Robert Fournier said he didn’t believe a separate sale of adjacent land would be a legal issue, but that failed to soothe Snyder.

“If I was bidding on one contract and realized it opened the door to another piece of property, and I didn’t get the opportunity to bid on that — oh yeah, I’d be (taking legal action) in a heartbeat,” Snyder said.

Click HERE <—-==== For the complete story

Sean Dreznin sells another apartment building

Sean Dreznin sells another apartment building

Sean Dreznin and colleagues at NAI Tampa Bay completed the sale of 10-units in Bradenton’s famed “Village of the Arts”.

Sean Sells Another Apartment Building

Sean Sells Another Apartment Building

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The sales price was $375,000 and the sale involved some seller financing.

To discuss your options in selling or purchasing, please contact Sean Dreznin at (941) 961-8199

Work starts on downtown Sarasota Taco Bus, bowling alley… News on World of Beer, Evies, Beer Box, etc…

Work starts on downtown Sarasota Taco Bus, bowling alley… News on World of Beer, Evies, Beer Box, etc…

by: Alex Mahadevan

Taco Bus is another step closer to opening in downtown Sarasota, as construction started Monday on several Main Street storefronts to make way for the Tampa-based Mexican restaurant.

“Besides having two awesome companies on Main Street, this will be two firsts for Main Street,” said entrepreneur Jesse Biter, who owns the property. It will be the first 24-hour venue in Taco Bus, and the first bowling alley, which will be located within an Evie’s business.

Construction will force the closure of a portion of the sidewalk in front of 1560 Main Street for the next 30 days, and the project will be complete in less than seven months, Biter said.

The project is expected to cost roughly $1 million, according to city of Sarasota spokeswoman Jan Thornburg, and includes interior renovations and a right-of-way permit to build parking spaces.

CLICK HERE <—-=== For complete article

Manatee County cropland in Parrish, sells for nearly $17,000 per acre

Manatee County cropland in Parrish, sells for nearly $17,000 per acre

By Michael Braga , Herald-Tribune

G&D Farms Inc., a Plant City company managed by Gary Wishnatzki, sold 825 acres of cropland and a 44,185-square-foot warehouse at 37381 SR 62 in Parrish to Wauchula Road Duette LLC for $13.765 million, or nearly $17,000 per acre.

Click here <—–==== for complete article

Murdock Plaza in Port Charlotte, FL Sells for $5M

Murdock Plaza in Port Charlotte, FL Sells for $5M

By Armaan Khatami
October 8, 2014

A private investor acquired the Murdock Plaza shopping center at 1700 Tamiami Trl. in Port Charlotte, FL from another investor for $4.98 million, or about $60 per square foot.

The 82,500-square-foot retail strip was built in 1990 and has over 440 parking spaces. It sits on 9.5 acres in the Charlotte County submarket, and is the main portion of the Murdock Square shopping center.