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Business Observer Monday, Nov. 14, 2005 15 years ago

Real Estate Briefs (Sara/Mana)

Sarasotan Buys Land for Atrium on RinglingWaterford Cos. buys fourth phaseDeveloper announcesVenice's Charleston PlaceSarasota developer plans full-service I-75 hotel
by: Adam Hughes Staff Writer

Real Estate Briefs (Sara/Mana)

Sarasotan Buys Land

for Atrium on Ringling

Buyer: The Atrium Ringling LLC (principal Leonard Garner), Sarasota

Seller: Seventeen Fifty Co.

Property: 1730 and 1750 Ringling Blvd. and 1759 and 1753 Morrill St., Sarasota

Price: $12.36 million

Previous Price: $190,000, July 2000, $575,000, July 2002 (for three of the four parcels

Law firm on deed: Williams Parker Harrison Dietz & Getzen, Sarasota

Plans, description: Leonard Garner's The Atrium Ringling LLC in Sarasota has purchased about 2 acres to develop a 17-story office/retail/condominium project called The Atrium on Ringling. The development is planned as 88 condominium units, 40,000 square feet of offices space and 4,500 square feet of retail space on the ground floor.

The residential units, priced from $699,000 to about $1.5 million, are being marketed by Prudential Palms Realty agent Cheryl Loeffler. John Harshman, president of Harshman & Co. is selling the commercial space.

Garner hopes to start construction in about five months. Additional amenities planned for the 180-foot project include a 4,000-sqaure-foot safe room, a full-service health club with swimming pool, media room and about 400 parking spaces.

Atrium Ringling LLC mortgaged the property to Fifth Third Bank for $9.3 million, and Atrium Ringling LLC, Sunrise Village Investments LLC, JRG Developments LLC and Garner mortgaged the property again to Bridge Funding Inc. for $1.9 million.

Waterford Cos.

buys fourth phase

Buyer: B Guran of Venice LLC (principal Bohdan Guran), ZJ Guran of Venice LLC (Zenon Guran) and Waterford Waterfront Properties II Inc. (Michael Miller), Venice

Seller: Edward Kalin, Trustee

Property: 165 E. Venice Ave., Venice

Price: $1.2 million

Previous Price: $1.01 million, November 2003

Law firm on deed: Abel Band Russell Collier Pitchford & Gordon Chartered, Sarasota

Plans, description: The Waterford Cos. and two of its investors, Bohdan and Zenon Guran have purchased land for phase four of the Waterfront on Venice Island development. According to Pat Waguespack, site and development coordinator for the Waterford Cos., the company has just broken ground on the third phase of project for a 34-unit high-rise condominium. The fourth phase of the development will likely include a mixture of hotel, restaurant, residential and retail use, but the plan is still being refined.

Developer announces

Venice's Charleston Place

James M. Lombard, Paul Hostetler and Bill Morse plan to build Charleston Place, a three-story 95-unit residential community on Venetia Bay Boulevard in Venice later this year. The project will be a mix of one- and two-bedroom condominiums and townhomes, ranging in size from about 1,200 to 2,100 square feet.

Charleston Place will include a 2,500-square-foot community meeting house designed by Linda Stevenson of Stevenson Architects Inc., the firm that oversaw the $15 million restoration of Ca'd'Zan. The meeting house will also have a fitness center, catering area and game/gathering room.

James F. Soller, of James Soller & Associates, designed the residences at Charleston Place. The general contractor for the development is Manhattan Construction Co.

Sales of the Venice community will be headed by the New Homes and Condominiums division of Michael Saunders & Co. The first phase will feature 36 residences and a community meeting center.

Sarasota developer

plans full-service I-75 hotel

Buyer: Lepore Holdings LLC (principal Michael Lepore), Sarasota


Property: 5954 Cattlemen Road, Sarasota

Price: $3.1 million

Previous Price: $1.72 million, October 2004

Law firm on deed: Saba & King LLP, Sarasota

Plans, description: Sarasota developer Michael Lepore has purchased 2.79 acres near Fruitville Road and Interstate 75 next to a Bob Evens Restaurant with plans of developing an about 100-room full-service hotel. Lepore says that he is in negotiations with officials from Radisson Hotel & Resorts, Sheraton Hotels and Hilton Hotels Corp. for future branding of the site. Construction on the hotel, which is still being designed, is scheduled to start in 6 to 9 months, for a 2007 opening. The new hotel is expected to be outfitted with a cocktail lounge, restaurant and meeting facilities.

Lepore, and his MPL Properties Inc., is best known for developing business parks in the market including Fruitville Business Park, Blackburn Business Park, Osprey Business Park and Franklin Field Business Center. Lepore Holdings mortgaged the property to LandMark Bank for $2.3 million.

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