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Coffee Talk (Sara/Mana)
Arena troubles halt bowling developers
The construction stoppage for the Lakewood Ranch hockey arena is causing a delay in another significant entertainment piece for Schroeder-Manatee Ranch's master planned development. The Hubbard family had to slow down its plans for an about 55,000-square-foot bowling center with retail space, outdoor patio, meeting rooms, and ice cream parlor, cafe and restaurant.
"We are really in a holding pattern right now," Tom Hubbard says. "We were planning to go in right across the street. But now we have to wait and see what becomes of it."
Hubbard says the family's plans for the site are predicated on being closely connected to an open active hockey arena that he is considering other locations in Lakewood Ranch.
"We are definitely going to Lakewood Ranch," Hubbard says. "We still have the contract to buy the site next to the arena, but we need to know a lot more concretely what is happening with the arena. The people at Lakewood Ranch have just been great working with us. They couldn't be any more accommodating."
Planning does continue on the new bowling facility.
"We have the architectural plans almost complete," Hubbard says. "The land planner is moving right along. Everything is just going a little slower now."
Hubbard says DVA Sports LLC, the developer behind the arena, had offered the family an investment position in the arena or the option of buying space in the 35,000-square-foot building affiliated with the arena. The Hubbards ultimately rejected both options.
Drug store, office or both?
Wagner Realtor Stan Rutstein has a significant bite for one of the five former Eckerd drugstores in Manatee County. As the Review reported in March, Rutstein took on the task of divesting the CVS drug store chain of five of its former Eckerd properties.
Larr Properties LLC has contracted to buy the building at 4455 S.R. 64., Bradenton, to reposition it as an office condominium. Larr Properties LLC is an investment group made up of Realtors or owners of the real estate firm of Latitude 27 Realty Group Inc.: Erwin Andersen, Rob Walker, Lynda Melnick and Randall Walker.
"We were looking for space for the real estate office near the entrance to the Inlets when we found it," Rob Walker says. "We are also considering acquiring the sister building down the road."
The soon-to-be owners, slated to close on the property this June, are offering space in the development starting at 1,400 square feet. Estimated lease price: $30 a square foot.
Walker says the contracted owners have been experiencing interest in the building from medical-users, attorneys, dentists CPAs and health club owners.
Different approach, same vision
Douglas R. Beath doesn't find economic statistics to be a good way to predict the future direction of global commerce.
The vice president of research at H.C. Wainwright & Co. Economics Inc. says price data is a better predictor.
"Economic statistics are usually lagging indicators," Beath told a meeting of Tampa Bay area financial analysts, investment advisers and portfolio managers earlier this month.
Instead, Beath studies the historical prices of precious metals, U.S. Treasury bills, foreign currencies and industrial commodities and uses that knowledge to spot trends that could foreshadow where world markets are headed.
When he is done, however, Beath is saying many of the same things as others who use unemployment figures or other supposedly dated data.
Beath, who previously worked at Merrill Lynch & Co. and Chemical Bank, says economic growth will be good but will slow during the next 12 months. Inflation will pick up, despite the Federal Reserve continuing to tighten the money supply. The stock market is probably going to be flat. The dollar and oil prices will decline.
At least the experts are coming to the same conclusions, even if they take different routes to get there.
Joining the parade
The banking unit of a huge Orlando-based real estate and finance outfit is the latest bank to open up shop in Sarasota.
CNLBancshares Inc., with $500 million in assets, is moving into space at the former Arthur Andersen complex off Fruitville Road with what President and Chief Executive C. Michael Collins says is an experienced banking team with local ties.
Collins has picked up two bankers with extensive experience in Sarasota from competitors that recently went through mergers.
Mauro A. Harto is leaving BB&T, which bought Republic Bank, to be executive vice president for residential lending at the new CNLBank office, which will serve Manatee and Sarasota counties.
Larry O. Berkery is coming from RBC Centura, which bought Provident Bank, to be CNLBank's senior vice president for commercial real estate.
Both Collins and Berkery worked at Barnett Bank of Southwest Florida during the 1990s.
CNLBank will emphasize real estate lending, insurance and wealth management as it moves beyond Orlando into other metropolitan areas in Florida.
With operations in Orlando, Jacksonville and now Sarasota, Collins has his eye on the Tampa Bay area next.
"While we know where we want to be, when we get there is dictated by the availability of talent," says Collins.
CNLBank doesn't plan an extensive network of branch offices. Collins says couriers and the Internet can serve its clientele of mostly business owners.
Unlike a community bank, CNLBank is backed by the resources of a $15 billion parent headed by real estate investment mogul James M. Seneff Jr. "We're not a five-year grow-and-sell story," says Collins, referring to the stereotypical plan of a community bank.
Yet the corporate parent, CNL Financial Group Inc. is based in Florida and isn't likely to be bought by an out-of-state conglomerate, says Collins. "We're only interested in being a Florida-headquartered bank," he says.
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