Jebco Ventures Inc. purchased 2.05 acres of commercial land north of Morrill Street in Sarasota for $1.5 million.
BUYER: Jebco Ventures Inc. (principals: James and Ronna Bridges and Ingrid Clark, Sarasota
SELLER: Fifth Third Bank
PROPERTY: 1750 Ringling Blvd., Sarasota
PRICE: $1.5 million
PREVIOUS PRICE: $12.36 million, October 2005
LAW FIRM ON DEED: Zimmerman Kiser & Sutcliffe PA, Orlando
PLANS, DESCRIPTION: Atlanta- and Sarasota-based developer Jebco Ventures Inc. purchased 2.05 acres of commercial land north of Morrill Street in Sarasota for $1.5 million.
The price equated to $730,638 per acre.
“We're probably going to do some residential there,” says James Bridges, owner of Jebco Ventures. “We think there is definitely a market for downtown living. It's a great residential site. We could currently build 72 residential units there. We might build townhomes or possibly cottages.”
He expects Jebco Ventures to start on the permitting process for the project this year. The firm is working with Brent Parker of the Parker Walter Group on the design of the project.
Jebco Ventures also has a hotel proposal on the lot next to the Palm Avenue parking garage being considered by city of Sarasota staff. The company is also building a future Goodwill Super Store on North Tamiami Trail.
Randy Thibaut and William Rollins of Land Solutions Inc. represented the seller, Fifth Third Bank.