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Sarasota-Manatee
Business Observer Friday, Oct. 5, 2018 1 year ago

Property sells for $5.3M, new owner plans $60M hotel development

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The proposed development includes an eight-story, 251-room Sheraton Hotel and a second 126-room freestanding hotel.

BRADENTON — A 12.53-acre property in Palmetto adjacent to the Bradenton Area Convention Center has sold for $5.3 million. The new owners plan a hotel development on the site. 

The property was purchased by BACC Hotel LLC and In Development Partners of San Francisco from Pinzon LLC of São Paulo, Brazil, according to a press release. Fischler Property Co. facilitated the sale of the property.  

The proposed development plan is an eight-story, 251-room Sheraton Hotel with rooftop lounge and a second 126-room freestanding hotel, the release states. 

Plans also include a two-story connector linking the convention center and Sheraton; an area for expos and other outdoor community events; and an additional parcel for restaurant and retail space.

The estimated total construction cost is $60 million, the release states. 

“The new hotel should have a tremendous impact on Palmetto as well as surrounding areas,” says Palmetto Mayor Shirley Groover Bryant in the statement. “There has long been a shortage of hotels here. As presented, it will become another local venue for social gatherings. The hotel also should develop even more use of the newly renovated convention center, making it much more functional for groups looking to hold conferences and events."

The transaction process began in February 2015. It involved multiple contract modifications, a public-private agreement and city and county entitlement changes.

“This is a story of perseverance,” says Phil Fischler, founder and principal of Fischler Property Co., in the statement. “Though the project faced significant complications, we persisted and found a way to reach an agreement that benefited all sides. We are proud to have facilitated a transaction that will positively impact the Palmetto community for years to come.”

 

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