Loading
BUYER: Mainsail AMI Marina LLLP (principals: Joe Collier and Julianne Corlew), Tampa
SELLER:Reliance Tidemark LLC
PROPERTY: 5325 Marina Drive, 5313 Gulf Drive and 5316 Sunrise Lane, Holmes Beach
PRICE: $2 million
PREVIOUS PRICE: $2.3 million, August 2001
SELLER: Beach Inn Partners III LLC
PROPERTY: 101 66th St., Holmes Beach known as lots 1 and 2, block 10, West Wind Shores
PRICE: $2 million
SELLER: Beach Inn Partners III LLC
PROPERTY: 101 66th St Holmes Beach known as lots 4 and 5 and A, block 10, West Wind Shores
PRICE: $2 million
LAW FIRM ON DEED: Kent Runnells PA, Safety Harbor
PLANS, DESCRIPTION: Tampa-based developer Mainsail Development Group LLC purchased the mortgages for the Tidemark Lodge and Marina development and the Beach Inn from Mercantile Bank for $8.25 million and took ownership in lieu of foreclosure of the two waterfront properties.
Twelve of the Beach Inn's planned 14 units have been completed, and the remaining planned two units and amenity level sit on a separate pad. The Tidemark's 62-slip marina is also completed and a 40-unit lodge is planned.
“First, this was a good project because it fit into our wheelhouse [of experience], which is lodging and development,” says Joe Collier, partner of Mainsail Development Group.
“The marina and beach properties fit just perfect with what we do. Second, it was a really good rate,” Collier says.
“Judging it just on the cost, we probably picked it up for 30 cents on the dollar,” he says. “Plus, we knew we could get the Beach Inn and the marina up and running relatively quickly and have that immediate cash flow.”
The new ownership plans to sell the Tidemark Lodge units as condominiums not as fractionals, which Collier says caused trouble for the former because of its higher sales threshold. Collier expects to start development on the lodge next year after making some changes to the interior.
The developer mortgaged the properties to South East Personnel Leasing Inc. for $3.5 million. Mainsail Development Group also raised $2.5 million from various investors, including Anna Maria Island businessmen Ed Chiles and Michael Coleman's Pine Avenue Restoration LLC.
BUYER: Venice Arlington Cove LLC, Toronto, Canada
SELLER: J-11 Properties LLC
PROPERTY: lots 1-28, 33-44, 53-62 and 69-74, Arlington Cove, Englewood
PRICE: $392,000
PREVIOUS PRICE: $2.45 million (includes additional property), March 2009
TITLE FIRM ON DEED: Riddell Title & Escrow LLC, Venice
PLANS, DESCRIPTION: A Toronto investment firm called Venice Arlington Cove LLC has purchased 50 home lots in Arlington Cove in Englewood from J-11 Properties LLC for $392,000. The purchase price equated to an average of $7,840 per home lot.
In March, New Jersey-based investment group J-11 Properties purchased 20 attached-homes in Hebblewhite Court and another seven attached-homes and 56 lots in Arlington Cove from Fifth Third Bank for $2.45 million. J-11 Properties hired Brian Corcoran, broker for The BRC Group in Boca Grande to market the properties.
“It is selling really fast,” Corcoran says. “We sold the seven completed [attached homes] to different individuals. People have closed on 16 of the units in Hebblewhite and that should be sold out in 30 days. We all had a felling it would go quickly, but we figured it would take a year or more. Now, I'm thinking more like three months.”
Low prices drove the quick sales, Corcoran says. He estimates that the lots and attached homes were sold off for nearly half of their previous market price.
Corcoran says, J-11 Properties early success has made it push up its plans to invest in additional REO property.
BUYER: Fontanot LLC (principal: Manuel Fontanot), Sarasota
SELLER: Sarasota Bay Construction & Development Co. Inc.
PROPERTY: 1690 Assisi Drive and a additional portion of Assisi Drive, Sarasota known as units 1, 3, 4, 6, 7, 11, 13, 14 and 15, Portofino on the Bay condominium
PRICE: $825,000
PREVIOUS PRICE: $1.15 million, September 2004 (included additional units)
LAW FIRM ON DEED: Levin Tannenbaum PL, Sarasota
PLANS, DESCRIPTION: Manuel Fontanot's Fontanot LLC purchased nine home lots and a 3,097-square-foot in the Portofino on the Bay community from Michael Tringali's Sarasota Bay Construction and Development Co. for $825,000.
The purchase price equated to an average of $82,500 per home lot. The gated community features boat slips along Little Sarasota Bay.
SchenkelShultz Architecture of Sarasota donated design services for Citrus County Child Advocacy Center's new 7,500-square-foot Jessie's Place, a facility named in memory of Jessica Lunsford.
Located near Lecanto, the facility will offer therapy services to physically or sexually abused children and non-offending family members.
The center will be divided into two areas: a public “outreach” zone for visitors that will feature a small lobby and conference rooms, administrative offices and a multi-purpose training room; and a private “embracing” zone for children receiving care. The private area will include a family room, therapy houses, counseling staff offices and a clinic.
The 15-year-old Caldwell Trust Co. has opened a suite of offices at 1561 Main St., Sarasota. The 3,600-square-foot, ground-floor building is located at the intersection of Main Street and Orange Avenue.
“We are very pleased with our new space,” Jan Miller, vice president and trust officer, said in a press release.
“It gives us increased visibility in the Sarasota area, along with the added convenience that results from being in the heart of downtown,” Miller says. “In addition, we have room to grow, and we have acquired new technological capabilities in our conference rooms.”
Headquartered in Venice, Caldwell Trust Co. manages more than $400 million in assets for clients throughout the United States.
The Manatee County Port Authority in Palmetto approved a $2.1-million bid to launch phase one of Port Manatee's long-awaited Berth 12 dredging project to Sarasota-based Spectrum Underground Inc.
The1,584-fool-long berth is designed to house containerized shipping and is expected to be operational by early-2010. Berth 12 will complete a nearly $150 million port expansion project started in 1999.
Phase one of the dredging project creates permanent underground five-foot diameter tunnel-features designed to house the hydraulic pipelines used to deliver dredge material to a certified uplands spoil disposal site.
The permanent features will be constructed under CSX Railroad's mainline at Port Manatee's front gate and under U.S. 41.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
