Tag Archives: sarasota

Siesta Key Boutique Vacation Resort FOR SALE

Siesta Key Boutique Vacation Resort FOR SALE

NAI Logo - MED

Picture property of J. Parisi

Picture property of J. Parisi

10 Total Units

Staff in place (front desk, housekeeper, maintenance)

85% of business and income is derived between Jan 1st and July 15th.

4 total buildings

Pool

Property could be razed and 3 structures could be built.

The possibility to turn the units into condo’s exists as well. The units will need substantial upgrades to achieve this.

You must sign a Confidentiality Agreement and an exclusive representation agreement specific to this property.

When the above documents are fully completed and in receipt, we will disclose more detailed information.

Please contact Sean Dreznin at sdr@naitampabay.com to request the above documents.

Sarasota bayfront plan envisions $100 million Mote aquarium – Developers in Hot Water and are preparing to explain the leaked plan

Sarasota bayfront plan envisions $100 million Mote aquarium – Developers in Hot Water and are preparing to explain the leaked plan

Sarasota Bayfront Proposed plan - picture via Sean Dreznin with the picture map via The Observer

Sarasota Bayfront Proposed plan – picture via Sean Dreznin with the picture map via The Observer

By David Conway via The Observer

A confidential proposal for bayfront land made public in June, which comes with a price tag exceeding $300 million, has placed several parties with connections to the plan in an uncomfortable position.

The proposal advocates for the placement of several amenities — including park land, a performing arts hall, a hotel, a conference center and a $100 million aquarium — on a large swath of public land along the U.S. 41 corridor near 10th Street. Outlined in a PowerPoint presentation, the plan features the logos of six organizations: venture capital firm Seven Holdings, Arizona-based company Governmental Facilities Development Services, Core Construction, Hoyt Architects, Mote Marine Laboratory and the city of Sarasota.

It was the last logo that caught the eye of Vice Mayor Susan Chapman, who brought up the proposal at a June City Commission meeting.

Chapman said she had received a hard copy of the presentation when an anonymous source slipped it under her door. She said the city granted no authorization to use the logo. Beyond that, Chapman was worried a visioning process for city land near the Van Wezel Performing Arts Hall — recently undertaken by a variety of organizations under the banner Sarasota Bayfront 20:20 — had gotten out of hand.

Click HERE <—-==== For complete article

Turnbury apartments sell for $45 million in biggest real estate sale in Manatee in 2014

Turnbury apartments sell for $45 million in biggest real estate sale in Manatee in 2014

BY MATT M. JOHNSON via Bradenton Herald

A nationwide investor in apartment properties has purchased one of the largest apartment complexes with proximity to the new Mall at University Town Center in the biggest Manatee County real estate transaction of 2014.

TGM Associates of New York, N.Y. bought the former Turnbury Park at Palm Aire apartments at 6104 Turnbury Park Dr. for $45.15 million or $157,870 per unit, on July 8. The seller, a subsidiary of Boston TA Associates Realty, moves the 286-unit development out of its inventory after having owned it for about four years.

Sarasota Memorial Hospital is looking to expand and rehab $40 million of property

Sarasota Memorial Hospital is looking to expand and rehab $40 million of property

by: Alex Mahadevan via The Observer

Less than a year after debuting its new $250 million Courtyard Tower, Sarasota Memorial Hospital is working toward another major campus renovation.

The hospital will hold a community workshop Wednesday, to involve the public in initial plans for a new comprehensive rehabilitation unit (CRU), according to a city of Sarasota meeting notice. The preliminary design calls for a five-story building, with 84,000 square feet of administrative offices, inpatient and outpatient services to replace the Retter Wing, which is the SMH’s oldest building.

The new structure, which is expected to cost between $40 million and $46 million, would be north of the intersection of Laurent Place and Arlington Street. The 34-bed unit is slated to open by the end of 2016, according to an email from SMH spokeswoman Kim Savage.

CLICK HERE for details on the community workshop.

A Louisiana firm has acquired a half-acre tract of vacant land at 680 Golden Gate Point, one of the last undeveloped parcels on a tiny spit of land downtown.

Louisiana firm snags Golden Gate Point parcel

CLICK HERE for another great opportunity on Golden Gate Point <——-========

Condos on Golden Gate Point in Sarasota, FL -- Pic via Sean Dreznin's Blog

Condos on Golden Gate Point in Sarasota, FL — Pic via Sean Dreznin’s Blog

By Michael Braga

SARASOTA – A Louisiana firm called Engquist Level Development LLC has acquired a half-acre tract of vacant land at 680 Golden Gate Point, one of the last undeveloped parcels on a tiny spit of land downtown.

Engquist, managed by John M. Engquist, paid $3 million for the 680 Golden Gate Point land in a deal with Miles Group Sarasota LLC, a Massachusetts company managed by J. Paul Routhier.

Miles Group paid $2 million for the land in July 2002, records show.

CLICK HERE for another great opportunity on Golden Gate Point <——-========

Sean Sells Sarasota

Sean Sells Sarasota

Engquist financed its purchase with a $1.95 million loan from Iberia Bank.

Engquist’s purchase comes amid a flurry of activity on Golden Gate Point.

Though the land has been the site of multimillion-dollar condo sales in 2014 — two units in La Bellasera there have sold for $2.55 million and $4.25 million, for instance — development has yet to occur.

CLICK HERE for another great opportunity on Golden Gate Point <——-========

Picture via Michael Adams - The former Aqua development on Golden Gate Point

Picture via Michael Adams – The former Aqua development on Golden Gate Point

Orlando Apartment Research Report ** Orlando Metro Area, Second Quarter 2014

Orlando Apartment Research Report **

Orlando Metro Area, Second Quarter 2014

Sean sells Apartments

Sean sells Apartments

Demand Remains High as New Apartments Arrive

The Orlando economy is expanding at the most vigorous pace in years, although new rental demand will likely not fill enough of the new apartments coming online to avert an increase in the vacancy rate. Rental completions will reach one of the highest levels in several years during 2014, resetting inventory nearly all of the way back to the former peak before the conversion boom. While an increase in the vacancy rate this year appears unavoidable, bright prospects for further demand growth will shorten the duration of rises in the vacancy rate related to spurts in supply. Many households have recent foreclosures in their credit histories, precluding a near-term re-entry into homeownership. Also, single-family homes have become less affordable. Following a gain in the first quarter this year, the median price of an existing single-family residence is nearly 38 percent higher than three years ago when the median price bottomed. Wages and salaries, though, have grown by substantially less over the same stretch.

Despite the upswing in development, fluid capital markets are maintaining a highly favorable investment climate in Orlando. Investor demand remains keen, with well-priced assets typically generating multiple offers when brought to market. As equity continues to vie for deals, debt providers are also active, competing on terms and proceeds to finance apartment transactions. The low cost of capital offers a wide spread to Class B-minus and Class C cap rates, which sit at around 8 percent. In addition, higher leverage is enabling many property owners to sell and trade up to newer properties. For investors with long-term hold strategies, the window remains open to finance assets with low-cost 10-year loans. Buyers are expanding their search for properties across the entire metro, but areas such as downtown and the growing Lake Nona medical hub garner unwavering interest. In addition, the SunRail commuter rail, which recently opened, may have long-term effects on commuting patterns and neighborhood preferences that will open new areas for multifamily development and investment.

2014 Annual Apartment Forecast
Employment: Led by job creation in the expanding private sector, employers in the metro will add 36,300 jobs in 2014, marking a 3.4 percent increase in payrolls. In 2013, 35,800 new hires were made.

Construction: Multifamily building continues to ramp up. Developers will complete 6,500 units in 2014, expanding rental stock a hefty 4.1 percent. Nearly 3,300 rentals were brought online last year.

Vacancy: Completions will overwhelm a sizable increase in demand during 2014, raising vacancy 100 basis points to 6 percent. The vacancy rate decreased 40 basis points in 2013 on far fewer completions and net absorption of 3,700 units.

Rents: The average rent in the metro will advance 3.4 percent this year, to $945 per month, the fifth consecutive annual increase. A gain of 2.4 percent was recorded in 2013.

To discuss selling your apartment complex, CLICK HERE <—–======

Tampa Apartment Research Report ** Tampa Bay Metro Area, Second Quarter 2014

Tampa Apartment Research Report ** Tampa Bay Metro Area, Second Quarter 2014

Contact Sean Dreznin to sell your apartments or shopping centers

Contact Sean Dreznin to sell your apartments or shopping centers

Growing Demand, Surging Stock Vie for Upper Hand

Apartment completions will outpace growing rental housing demand in Tampa Bay, leading to an increase in the vacancy rate this year. Despite the expected rise in vacancy to a level closer to long-term trends than the low readings posted recently, demand drivers in the metro remain vigorous and are growing stronger as new units come online. Employers in Tampa Bay have been adding more than 6,000 jobs per quarter since hiring resumed four years ago, and an average 1,900 new households were also formed quarterly over that stretch. As hiring accelerates, multifamily developers may indeed step up the pace of building, not slow it down. Other factors are also supporting an extended run of strong rental housing operations. A decline in the local homeownership rate for a variety of reasons, including foreclosures, has expanded the renter pool. Also, although thousands of apartments were completed over the past two years, rental inventory remains less than the level prior to the conversion boom, when the metro also had 120,000 fewer households.

The surge in apartment construction is also providing an outlet for some of the equity pursuing acquisitions in the metro. Some new complexes are being sold during lease-up and, in some instances, prior to completion and commanding prices of more than $200,000 per unit. New construction is also elevating interest in properties at all price points and quality levels across the market. Specifically, investor demand remains keen for 1990s or early-2000s properties that can be upgraded and re-leased at rents closer to those charged on new construction. Including these assets, cap rates on the wide range of properties that offer opportunities to add value start in the mid-6 percent range, with attainable terminal cap rates starting roughly 100 basis points higher. While local investors and larger equity players compete to acquire aspects in their respective spheres, debt capital has also become more abundant and competitive. The universe of lenders is expanding to offer borrowers additional options on terms and other forms of debt to meet specific capital needs to complete an acquisition.

2014 Annual Apartment Forecast
Employment: Employers will create 33,500 jobs in 2014 to expand payrolls 2.8 percent, exceeding last year’s gain of nearly 30,000 positions. With the projected increase, nearly 127,000 jobs will have been created since payrolls resumed growing in early 2010.

Construction: Builders will place in service 4,400 units in the market this year, exceeding the 1,917 apartments brought online in 2013. Developers are also on pace to draw permits for approximately 6,200 units of multifamily housing during 2014, a 25 percent rise from last year.

Vacancy: Slightly higher vacancy will be the near-term norm as new rentals increase across the metro to fulfill growing demand. The delivery of new rentals will exceed net absorption of more than 3,100 rentals in 2014, raising vacancy 50 basis points to 6.3 percent; a decrease of 30 basis points occurred last year.

Rents: The average rent will rise for the fifth consecutive year in 2014, advancing 2.5 percent to $915 per month, though new construction may lift concessions. In 2013, a gain of 2.4 percent was recorded.

For complete article and subscription information, CLICK HERE <—–====

Benderson Development pitches Stickney Point Road project… but obstacles loom

Benderson Development pitches Siesta Promenade at Stickney Point Road project… but obstacles loom

Alex Mahadevan | Digital Content Producer via The Observer

Benderson Development, one of the two firms behind the mega mall planned at the University Town Center, has begun the initial pitch for a hotel and shopping center on the other side of town.

But some residents are concerned about traffic issues, which has been a frequent criticism of the new mall.

The Sarasota County Development Review Committee heard a pre-application presentation June 19 for Siesta Promenade. For that project, Benderson plans to build a 150-room hotel and 250,000 square feet of retail space in 12 structures at the intersection of South Tamiami Trail and Stickney Point Road, according to a site plan.
The company and county staff will invite interested residents to a neighborhood workshop to collect public input and explain the project at 6:30 p.m. Thursday, at South Trail Church of Christ.

“We envision a place where customers will park once, window shop, have a nice dinner or just ice cream and simply enjoy another quality Sarasota experience,” said Benderson Director of Development Todd Mathes.
Pine Shores Estates mobile-home park previously occupied a majority of the 24-acre property.

Benderson, using the name Siesta 41 Associates LLP, bought the property in four parcels for more than $20 million in 2005, but it remained vacant after the mobile-home park closed in 2008. The firm aims to re-zone the various lots to a commercial general designation.
Plans include more than 1,000 parking spaces situated mostly toward the interior of the development and a new traffic signal proposed for Stickney Point Road.
“The project presents itself as urban infill in the midst of ‘Old 41,’” Mathes said in planning documents.

Organizing opposition

When the Florida Department of Transportation added a “no turn on red” sign at the intersection of Stickney Point Road and Midnight Pass Road, the seemingly small change provoked outcry from residents about increased traffic woes. And after less than two months in place, FDOT replaced it with an electronic system that only prevents right turns at the intersection if a pedestrian has pressed the crosswalk button.
Neighbors near the proposed Benderson project have cited that incident as evidence that the gateway to south Siesta won’t be able to handle any more intense development.

To read the entire article, CLICK HERE <—–=======

Sarasota Strip Center For Sale <12,000 SF * Confidential * Principals Only – No Co-Brokerage Offered

Sarasota Strip Center For Sale <12,000 SF * Confidential * Principals Only – No Co-Brokerage Offered

Approx 10,000 SF

Zoned Commercial General

Offered at an 8% Cap Rate

The property is built of concrete block with a pre-stressed concrete roofing system.

The subject property has a terrific mix of local tenants.

Fronting a major arterial roadway in Sarasota, the site is 150’ x 160’ providing ample parking for customers, owners and employees in the front and rear of property.

Contact NAI Tampa Bay for a Confidentiality Agreement or with general questions.

sdr@naitampabay.com
(941) 961-8199

$37 million Aqua condominium project on Golden Gate Point in Sarasota, killed

$37 million Aqua condominium project on Golden Gate Point in Sarasota, killed

Picture via Michael Adams

Picture via Michael Adams

By Josh Salman

SARASOTA – One of the first — and most luxurious — condominium towers proposed for downtown since the Great Recession has been scratched by its developers.

Aqua, a $37 million project comprising nine stories on Golden Gate Point, ran into “unforeseen zoning challenges” that will prevent it from moving forward, according to a joint statement from the project’s developers and the brokerage firm hired to market the property.

“We are disappointed to inform you that due to unforeseen zoning challenges, we will not be able to continue building this project as currently designed,” the statement from Premier Sotheby’s International Realty noted.

“As you can imagine, we are all unhappy with this recent turn of events. However, we feel strongly that 280 Golden Gate Point is an exceptional piece of property with amazing views, gracious size, privacy and proximity to downtown,” the statement said.

“On that note, we ask you to stay tuned until further notice. . . . We look forward to working collaboratively to bring this property to fruition in the future.”

With home sales softening throughout the area this year, it is possible the decision to shelve Aqua could ripple through other planned residential developments.

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