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Building self-storage units, luxury waterfront homes and a soundstage for a college doesn't scream cohesive business.
But for the Baldwin family, based in Sarasota, those pieces are the blocks of a fast-growing commercial real estate and development entity. It starts with Brad Baldwin, who has developed residential communities and other projects, from St. Petersburg to Boca Grande, for 30 years. Baldwin's son J.B. Baldwin, previously in commercial loans for Florida Shores Bank and commercial mortgages with Thomas D. Wood & Co., is another key player.
Project activity is heating up, the Baldwins say, even while challenges and obstacles complicate some developments. “There is a lot of risk associated with what we do,” J.B. Baldwin says. “We are putting out our own money, and we are putting ourselves on the line.”
There's also J.B. Baldwin's wife, Kelly Baldwin, a residential agent with Michael Saunders & Co., and Brian Baldwin, J.B. Baldwin's brother. Brian Baldwin is a commercial agent at Marcus & Millchap, based in Tampa, with a focus in self-storage facilities in the southeast.
Current Baldwin family projects include:
Self-storage: The Baldwins, believing self-storage is ripe for growth, especially with the multifamily boom, have at least 3,000 units planned or in development. “There are not a lot of products that have come on the market in the last few years,” J.B. Baldwin says.
The Baldwins have at least five self-storage projects, including ones in Clearwater, Sarasota and Venice. Some are straight-up construction, while a Pinellas Park project is part rehab of an old building, part new construction. The Baldwins are also converting a K-Mart in Columbia, S.C., into self-storage. That includes a new roof, new paint and multiple other upgrades. “It's easier than starting from scratch,” says J.B. Baldwin.
Residential: Brad Baldwin and a business partner, through FH Anna Maria LLC, paid $5.32 million for 15 vacant lots on the north end of Anna Maria Island in December 2013. The recession stifled previous projects on the property.
The Baldwins' project, Angler's Cove at Villa Rosa, is a gated and deed-restricted community, with a canal on three sides. Homes start at $1.4 million and empty lots start at $500,000. Seven lots have sold and two of four model homes are under contract. “This will be the only street on Anna Maria where everything will be new,” Kelly Baldwin says.
The project has a host of challenges. Anna Maria officials have enacted several strict building rules in recent years, including moratoriums and house size-to-lot ratios. “Some changes have been positive and some negative in our opinion,” says Baldwin, “and fortunately we were able to buy a great piece of property at a good price and so far the market has been receptive.”
Soundstage: The Baldwins are part of the team working with Ringling College of Art and Design in Sarasota on a 30,000-square-foot soundstage and post-production studio. The family got into this project, in the early stages, through a business partner.
The variety, taken in total, makes work interesting for all Baldwins. Says Brad Baldwin: “We work on something different every day.”
Follow Mark Gordon on Twitter @markigordon
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