Loading
Kadampa Meditation Center plans Buddhist temple
BUYER: Kadampa Meditation Center New York, Glen Spey, N.Y.
SELLER: Dick Lee, individually and as trustee of the Dick Lee Revocable Trust
PROPERTY: 730 N. Washington Blvd., Sarasota
PRICE: $1.25 million
PREVIOUS PRICE: $600,000, September 1988
TITLE FIRM ON DEED: MSC Title Inc., Sarasota
PLANS, DESCRIPTION: Kadampa Meditation Center New York purchased a 9,500-square-foot office building on the east side of U.S. 301 between 7th and 8th streets for $1.25 million.
The purchase price equated to $132 per square foot.
The new ownership plans to develop the property into a Buddhist temple along with associated residential space.
The Kadampa Meditation Center New York, which is the U.S. headquarters for the group, will own the Sarasota property while Kadampa Mediation Center Florida will lease and operate the property, according to Kelsang Dornyi, administrative director for Kadampa Mediation Center Florida.
The 1.1-acre Washington Boulevard property would be the fourth location for the group, which leased space along U.S. 41 and then Central Avenue and finally bought property on North Lockwood Ridge Road.
“The Southwest Florida Water Management District required retentions ponds on the [Lockwood Ridge] land that basically meant we would not be able to put a building on the site that could function as a meeting hall,” says Dornyi.
The next step for the group, Dornyi says, is to work with an architect to start planning out the renovation of the building and beginning the permitting process. The residential portion of the project will be developed to provide housing for the managers of the center and other volunteers.
“We are part of an international temples project by which there is support to build temples around the world,” he says. “My understanding is [the property is] zoned downtown edge, which does allow mixed-use. Since we are a religious organization we are allowed to have the residential space as an ancillary use. We would like to start the renovation as soon as possible.”
Dornyi says the group was attracted to the property because of its location and the building itself, which he describes as in good condition with high ceilings.
Once the Temple is completed, the Kadampa Mediation Center Florida expects to sell its 2016 N. Lockwood Ridge property.
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.
