Tag Archives: sarasota

Vengroff sells another apartment building

Another Vengroff Apartment Building sold in Sarasota, FL.

Tuesday, September 2, 2014

A company belonging to Sarasota multi-millionaire businessman Harvey Vengroff sold a 28-unit apartment complex at 5233 N Tamiami Trail in Sarasota to Ascension Properties Inc. for $920,000, or nearly $33,000 per unit.
Vengroff’s company paid $475,000 for the two-building complex in December 1999.

Ascension Properties is a Sarasota company managed by John M. Philpott and Debra Genua.

For Vengroff, the sale was his fifth of the year.

In January, Sean Dreznin from NAI Tampa Bay sold a 21-unit apartment complex at 635 N. Lime Ave for $850,000.
In April, Sean Dreznin from NAI Tampa Bay sold two apartment buildings totaling 13,250 square feet at 4532 Swift Road for $960,000 and a 6,866-square foot apartment building at 2730 Proctor Road to 3535 West Heimer LLC for $540,000.
The in July, they sold a 36,170-square-foot warehouse at 2383 Industrial Boulevard in Sarasota to Raymond H. Gibson for $1.08 million.


Townhome project planned at Golden Gate Point in Sarasota, FL

Townhome project planned at Golden Gate Point in Sarasota, FL


Sean Sells Sarasota

Sean Sells Sarasota

by: David Conway via The Observer

Another luxury residential project is planned for Golden Gate Point, and to stand out in a crowded marketplace, the developer is using an unorthodox strategy for the area: It’s not building a high-rise.

Allure is the name of the four-building, four-story, 12-unit townhome project planned near the entryway of Golden Gate Point. Condominium towers envelop the land the development will sit on, situated on the interior of the neighborhood. Conscious of the fact that the city is saturated with new condominium high-rises — and that those high-rises were more appealing when they sat beside the waterfront, rather than between other buildings — developer Jebco Ventures went in another direction.

“We thought the market would be better for townhomes versus another condo, quite frankly,” said design architect Brent Parker. “Especially on the inside versus on the bayfront.”

Given the size of the parcels in question — about 0.82 acres in total — deciding not to build upward might not have been a viable financial option under the standard zoning regulations. In 2008, however, the city passed a series of alternative zoning rules for the Golden Gate Point neighborhood, opening up the possibilities for shorter projects.

Click here <—–====== for full story

150 units for sale on the Gulf coast of Florida – Confidential – Principals Only

150 units for sale on the Gulf coast of Florida – Confidential – Principals Only

All interested parties must sign a confidentiality agreement

All interested parties should have a history of experience in multi-family ownership/management

A hidden gem of a property, nestled in a bustling area.

A large lake is the centerpiece of the property surrounded by lush and mature vegetation and trees.

The property consists of large studios, one bedrooms and two bedroom units.

Each unit has its own private lanai, central A/C and spacious closets.

The property offers swimming pools, tennis court, a grilling area and other amenities.


For additional information, contact Sean Dreznin at srqcre@gmail.com or directly at (941) 961-8199

Developer plans high-rise on historic property in Downtown Sarasota

Developer plans high-rise on historic property in Downtown Sarasota

by: David Conway via yourobserver.com

The downtown home of two historic buildings could soon be the site of a high-rise condominium, as a development firm has taken a step toward finishing a project first approved in 2006.

The owners of the DeMarcay Hotel and the Roth Cigar Factory buildings, located at 33 S. Palm Ave. and 30 Mira Mar Court, sold the properties for $2.75 million in March. The purchasers, XAC Developers LLC, filed a development application with the city in July to construct an 18-story, 39-unit mixed-use condominium building on those parcels.

In addition to the residential units, the plans call for 1,921 square feet of retail space on the 8,641-square-foot parcel along Palm Avenue. In total, the proposed development is 153,955 square feet.

The city approved a site plan for the land in 2006 under the Downtown Residential Overlay District, which has since expired. Still, that site plan is valid through October 2015, and XAC Developers intends to apply for its building permit before that deadline.

The planned development is a blow for downtown leaders and other citizens who hoped to preserve the historic properties in their current state. Following the sale of the property and the eviction of its last remaining retail tenant, the Downtown Improvement District discussed possible options for preventing the demolition of the Palm Avenue building.

At that time, board members bemoaned the potential loss of historic property — a practice that several people said is becoming too common in the city.

“We just keep chipping away at the historic buildings, and it’s almost embarrassing,” Downtown Improvement District Chairman Ernie Ritz said. “People keep saying, ‘Where’s the historic district?’ You’re looking at it.”

CLICK HERE <—-===== for complete article

Marcus & Millichap Brokers Largo Multifamily Sale


Marcus & Millichap Brokers Largo Multifamily Sale

By John Jordan | Tampa via Globe St


The Bay Pointe Apartments development here has traded for $18 million or $43,165 per unit.

The sale of the 417-unit apartment complex was brokered by Marcus & Millichap. Francesco Carriera andMichael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller and the buyer in the deal. The brokerage firm did not divulge the parties in the transaction.

Bay Pointe is located on approximately 21 acres at 2770 Roosevelt Blvd. in Largo, four-tenths of a mile east of U.S. Highway 19 and two miles from the St. Petersburg-Clearwater International Airport.

Paradise Plaza sells for $27 million — I’d have SOLD it for $32 million…

Paradise Plaza sells for $27 million — I’d have SOLD it for $32 million…

NAI Tampa Bay Logo Small

A new owner has taken over the Publix-anchored Paradise Plaza, and has plans for improvements and a large vacant space.

Pittsburgh-based ECHO Realty LP bought the 139,000-square-foot shopping center located at the corner of South Tamiami Trail and Bay Road for nearly $27 million earlier this month. Publix, PETCO and CVS anchor the property, which also features the 21,000-square-foot skeleton of a former Borders bookstore and two smaller vacancies.

“It’s in an exceptional location,” says ECHO Realty Senior Vice President Drew Gorman. “It enjoys tremendous visibility along U.S. 41. It has been part of our strategic goal to acquire outside of our existing commercial markets in Pittsburgh and Cleveland, Ohio. So when we identified Florida as a targeted area for growth, we found this was a compelling piece of real estate.”

The center’s new owner expects to divide the Borders space and is in negations with two tenants to take over the space, Gorman said. He was unsure why the former Borders space has stayed vacant, but said the market certainly has gotten healthier recently.

CLICK HERE for full story <—–======

Vertical Horizon – Hotels coming to Sarasota in 2014-2015

Vertical Horizon – Hotels coming to Sarasota in 2014-2016

by: David Conway

Hotel Sarasota
North Palm Avenue and Cocoanut Avenue

When a city committee selected Floridays Development Co.’s proposal for a hotel at the corner of North Palm Avenue and Cocoanut Avenue in 2012, it was with assurances the ensuing project would be attention-grabbing.

Floridays founder and Sarasota resident Angus Rogers said he was excited to bring his company’s work to his hometown, and he promised a signature hotel that would stand out as one of the best in the state. Now, the company has provided renderings of what its vision for that hotel looks like.

“We wanted to keep it as timeless a design as anything,” Rogers said. “We’re certainly very excited about what this is going to look like as part of the skyline in the arts district.”

Although the city chose Floridays’ concept for a boutique hotel on the property next to the Palm Avenue garage two years ago, the project has been in a state of limbo for much of the time since.

Another firm that sought to develop the same land filed a suit that prevented Floridays from moving forward before dropping it last year. Other elements of the redevelopment agreement with the city still need to be addressed, but Rogers said he hoped to begin construction later this year.


Embassy Suites
Second Street and North Tamiami Trail

Jim Bridges’ firm, Jebco Ventures, was a strong contender for the property that eventually went to Floridays in 2012, but Bridges didn’t abandon his plans for downtown Sarasota.

Jebco Ventures, which is also behind the Ringling Boulevard housing complex The Q, announced plans to build an 18-story Embassy Suites hotel along U.S. 41 last year. Construction is scheduled to begin this fall, with a targeted completion date of winter 2015-16.

In addition to the 200-suite hotel, the building is slated to include a 4,000-square-foot restaurant, a 4,000-square-foot ballroom and a six-story, 200-space parking garage.

Jebco Ventures was the most recent company to announce its intentions to construct a hotel in downtown Sarasota. It submitted planning documents to the city last August, but Bridges said he wasn’t concerned about a potential overcrowded market.

“We looked at the surveys we’ve done, and the timing’s right,” Bridges said.


Westin Sarasota
North Gulfstream Avenue and North Tamiami Trail

The Vue Sarasota Bay development was mired in controversy earlier this year due to a traffic study, but construction is now underway on the condominium and hotel project.

Located at the busy intersection of U.S. 41 and North Gulfstream Avenue, residents of nearby condominiums questioned whether initial traffic studies — which the city was poised to approve — adequately measured and mitigated the impact of the new development, which will feature 275 hotel rooms and 144 condominium units.

The Kolter Group, the development firm behind the twin 18-story tower project, had targeted a vertical construction date of around June at the beginning of the year. Although the traffic study issues caused a slight delay in the project, work on the site officially began earlier this summer, with vertical construction scheduled to begin before the year’s end.


 For Complete article and others, CLICK HERE <—-

Kimpton Hotel
Main Street and North Washington Boulevard

It was a split decision, but the Sarasota County Commission moved forward with the proposed development of a Kimpton Hotel at U.S. 301 and Main Street earlier this year.

The project came about as the County Commission looked to get county-owned properties out of the government’s hands and onto the tax roll last year. SHD Partners, a development group including Sarasota company Civix, targeted a property at 20 N. Washington Blvd.

In summer 2013, Civix teamed up with Kimpton Hotels and Restaurants as it planned to construct a 10-story, 150-room hotel on the .95-acre tract. The planned Sarasota hotel is geared toward business clientele.

Some commissioners expressed a concern that the hotel proposal could fall through after the Dec. 31 closing date on a land swap between the county and SHD Partners, but Civix President Rod Connelly says the group is committed to its plans — even as the competition grows.

“It doesn’t impact us,” Connelly said of the other plans. “We’re full steam ahead, and we’re a different model than your typical hotel.”


Aloft Sarasota
South Palm Avenue and Ringling Boulevard

Construction began on Aloft Sarasota, the first downtown hotel to break ground since the recession, at the beginning of the year.

The 139-room hotel is part of a larger mixed-use development, One Palm, which also includes 140 apartment units. The hotel is expected to open in August 2015.

The project is spearheaded by JWM Management Inc., Sarasota attorney John Meshad commercial development firm. The company originally submitted plans for the 10-story building last summer, but the site was targeted for housing and hotel projects even earlier than that.

The property has been undeveloped since 1986, when a planned 250-room Radisson Hotel development failed to come to fruition. Another firm planned to construct a luxury condo tower on the site before the last sale of the land in 2006.


For Complete article and others, CLICK HERE <—-




Apartments For Sale in Florida – QR Code

Apartments For Sale in Florida – QR Code


NY Multifamily Lender Enters Miami Market – Daily News Article – GlobeSt.com

NY Multifamily Lender Enters Miami Market – Daily News Article – GlobeSt.com.

Benderson Development among bidders for Quay site in Sarasota, FL

Benderson Development among bidders for Quay site

Picture via Sarasota Herald Tribune Archive

Picture via Sarasota Herald Tribune Archive

By Josh Salman via Herald Tribune

Benderson Development Co. is among 15 prospective buyers to submit offers on the former Sarasota Quay land before the listing broker’s deadline this month.

HFF Florida’s multi-housing team is still reviewing those offers to select a winning bidder, said Jaret Turkell, the firm’s managing director. He declined to comment on prices, identify any of the bidders or specify how soon a deal for the 15 acres could get done.

But a trio of sources confirmed that Benderson — one of the area’s most aggressive commercial real estate developers — filed a $10 million offer for the coveted bayfront tract, just a fraction of the $40 million that the Miami brokerage was asking.

If the Manatee County-based company were to land the Quay site, it would join a series of other ambitious mixed-use projects by Benderson, including the University Town Center mall, Siesta Promenade and a business park on East Fruitville Road.

Representatives from Benderson and HFF declined to comment on the bid, citing confidential agreements.

But after dropping the asking price by $10 million, Turkell said the pool of offers was strong enough that with some follow-up negotiations, he is confident the long vacant land will soon have a new owner and a viable development plan in place.

For complete article CLICK HERE <_——=======