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Real Estate Briefs (Sara/Mana)
Githler, Knight kick off sales for yacht club
After facing opposition to a larger condominium project, developers Charles Githler and Steeven Knight have reconfigured their plans to redevelop the 100-year-old boatyard on Whitaker Bayou and are now promoting the venture as a five-acre private yacht club called Sarasota Harbour Yacht Club.
The project is being billed as a dockominium, an arraingement in which the facility's boat slips or racks are sold off individually.
The development site will feature a facility housing 290 enclosed racks, a new sea wall and docks offering 38 wet slips. Whitaker Bayou is also scheduled to undergo dredging this year, designed to allow easier access to Sarasota Bay and the Gulf of Mexico. Dredging permits are in place, and the club's developers are in final negotiations with dredging contractors.
Knight is developing a sister club called the Sanibel Harbour Yacht Club, which is still under construction.
Sarasota Harbour Yacht Club is also being promoted as a members club. For a monthly membership fee, owners will have access to concierge service; wholesale prices for fuel; drinks and food and other boat services.
The facility is slated to open by the end of 2006. So far 20 docks have been sold.
Residential Developers
Buy Reasoner Tree Farm
Buyer: Lockwood Ridge Development LLC (principal Larry Starr), Longboat Key
Seller: Alan and Ward Reasoner
Property: 5855 E. 45th St. and other property, Bradenton
Price: $7.5 million
Law firm on deed: Barnes Walker Title Inc., Bradenton
Plans, description: Longboat-Key hospitality maven Larry Starr and a silent partner have purchased a 40-acre tree farm along Lockwood Ridge Road in Bradenton from the 125-year-old firm of Reasoner & Sons Landscaping.
"We're giving them a year out there before they have to relocate," Starr says. "It really works for both of us. During that time we can be pressing our plans for the community through planning and zoning. The timing is just right."
Starr plans to develop a residential subdivision on the site, but he says the density of the development is dependent on a zoning change.
"The property is zoned agricultural," Starr says. "Right now we could probably build about 114 single-family homes (in a three-units-per-acre arraignment). But the future land use is for six units per acre."
The question surrounding the future density will affect whether the project will also feature multifamily products, Starr says.
"This is the last meaningful property this side of Route 70," he says.
Starr says the partners have not decided whether the development will be sold to home builders, homeowners or a mixture of the two.
Starr, the Review's Top Entrepreneur in 2000 for his success with Florida Vacation Accommodations, has been known most prominently for his work with Memphis-based ResortQuest International Inc., which purchased his previous company.
"This is not really a departure for me though," Starr says. "I am really just looking for a good opportunity on the island or not."
Lockwood Ridge Development LLC mortgaged the property to LandMark Bank Florida for $5.8 million.
Reasoner & Sons Landscaping is one of Manatee County's longest running businesses. The company has occupied its current location for about seven years.
At the same time Starr is developing the Lockwood Ridge development, he is part of a four-person partnership, Bay Isles Development LLC, developing The Enclave at Bay Isles. The 12-unit condominium village is located behind the Publix Super Market on Longboat Key.
"We just got approval (recently) from the planning and zoning board so we are moving forward with marketing and construction drawings," Starr says. "We already have six reservations."
Appliance Depot, partner
purchase Tamiami location
Buyer: 4Q-Dep LLC (principals Chad Gates and DEP Marketing LLC), Sarasota
Seller: LHR Ventures 2 LLC
Property: 6414 14th St. W., Bradenton
Price: $1.95 million
Previous Price: $1.75 million, May 2003
Law firm on deed: Levin Tannenbaum Wolff Band Gates & Pugh PL, Sarasota
Plans, description: A company owned by Sarasota attorney Chad Gates and Appliance Depot's real estate holding company DEP Marketing purchased property on Tamiami Trail that Appliance Depot currently leases. The nearly 2.5-acre property houses two buildings totaling 20,000 square feet.
"They might try to combine the two buildings together later," Gates says. "Appliance Depot started leasing it about a year ago. It was a lease with an option to purchase it. So now they still have to pay rent, but they own half of it."
The purchase company 4Q-Dep LLC mortgaged the property to Century Bank for $1.56 million.
First America Bank
buys headquarters land
Buyer: First America Bank, Osprey
Seller: Grand Pavilion Shopping Center LLC
Property: 1301 S. Tamiami Trail, Osprey
Price: $1.09 million.
Previous Price: $3.6 million, December 2003 (larger parcel)
Law firm on deed: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
Plans, description: First America Bank has purchased the property where its new corporate headquarters is being built. The bank is constructing a two-story 8,500-square-foot headquarters and hopes to have the facility ready by December.
"We are going to have a branch on the bottom floor, but we are going to leave the top floor unfinished," says Kelly Ellis, senior vice president. "We're going to leave it as a shell until we grow to such a size that we can open it up as an operations office."
The general contractor for the development is Sarasota-based Square One Contracting Inc.
Equity Inns finishes
purchase of Courtyard
Buyer: Equity Inns Inc., Germantown, Tenn.
Seller: McKibbon Brothers Inc.
Property: 850 University Parkway, Sarasota
Price: $540,000
Previous Price: $515,000, October 1994
Plans, description: Equity Inns Inc., a hotel real estate investment trust, has completed its purchase of the 162-unit Courtyard by Marriott from the McKibbon Hotel Group, a hotel developer and management company. The hotel purchase was part of three hotels Equity Inns purchased for $30.3 million, including the assumption of $12.8 million of debt. The other two hotels were both Residence Inns, one of which is in Sarasota and the other in Fort Myers.
The Residence Inn and Courtyard in Sarasota are located across from the main entrance to the Sarasota-Bradenton International Airport. The Residence Inn in Fort Myers is the company's second acquisition in that market.
Pat, Darla Cook
buy S.R. 64 land
Buyer: PDC Properties LLC (principal Darla Cook), Bradenton
Seller: Tom Brown Real Estate Investment LLC
Property: 5301 4th Ave. Circle E., Bradenton
Price: $500,000
Law firm on deed: Feldman & Roback, Bradenton
Plans, description: Pat and Darla Cook, owners of Bradenton-based Pat Cook Construction Inc., purchased land running along State Road 64 in 64 Center East next to a new Brighthouse Networks building.
"This is really a spec venture there," says Darla Cook, secretary and treasurer of Pat Cook Construction and general manager of PDC Properties. "We are hoping to develop a 10,000- to 12,000-square-foot new corporate headquarters for a local business that is upgrading in a big way. The property is undeniably important because it is so close to the interstate. We are seeing a merging of the area from Fort Myers to Tampa; people are seeking property in Manatee County because it is centrally located to that entire area. It was a good buy for us either way."
Cook says because of the way the Brighthouse and RMC/Singletary Concrete buildings are laid out, their property will have direct signage on S.R. 64.
Pat Cook Construction will perform its own construction work.
The new owners mortgaged the property to Sun Coast Bank for $521,500.
Etc...
• Michael Saunders & Co. has opened a new location near Venice Beach at 992 Laguna Drive. The office will act as a "satellite" location for the Venice Island branch at 110 Nokomis Ave. N. and the Venice mainland office at 490 Rockley Blvd.
• The Gibraltar Cos. has started construction on a 32,000-square-foot office building located on Lakewood Ranch Boulevard directly south of the new Lakewood Ranch Medical Center and one block from Main Street. Bank of Commerce, the law firm of Icard, Merrill, Cullis, Timm, Furen & Ginsburg, PA and the Gibraltar Cos. have signed on as tenants for the new building. The Gibraltar Cos., a developer of upscale residential and commercial properties headed by principals Albert Sanchez and Jerry Blumberg, will move its corporate headquarters to the Lakewood Ranch building and occupy the remaining space. Bank of Commerce will occupying the first floor with a full-service banking center.
Regions Bank is financing the $7.5 million building. Jackson & Associates is the general contractor. Construction is expected to take about a year.
• ATP Engineering South leased 900 square feet from Bersam Exprix Technologies for one year at 7680 Matoaka Road in Sarasota. Debbie Anglin, of Ian Black Real Estate and Steve Ross of Hembree & Associates Inc. handled the transaction.
• Sarasota Business Center has sold its 3,000-square-foot executive office sales office, located in Phase I of Sarasota Business Center, Venice. Sarasota Business Center will continue to run its sales and marketing division out of this office located at 740 Commerce Drive, Suite 11.
"Since we have sold out all of the office/warehouse units in Phase I, it was logical to sell our office as well," says Tony Dunfee, director of sales for Sarasota Business Center. "By doing so, we have closed out Phase I, and we are now able to focus all of our energy on sales in our remaining phases."
• Aurora Ministries Inc. and one of its directors Georgia Aleppo purchased land on Medical Boulevard, Englewood from Palmetto's Stillwater Sarasota Inc. for $1.57 million.
• RSVP Associates, a full-service real estate firm specializing in country estate, equestrian and unique recreational properties, has opened new corporate offices at 10960 State Road 70 in Bradenton, just east of I-75. RSVP recently relocated its Panther Ridge satellite office to its new 2,000-square-foot corporate location. Prior to the move the company was the dominant resale brokerage firm for Panther Ridge, a 4,500-acre estate and equestrian community in eastern Manatee County; RSVP listed 60% of the community's listings, according to CEO/Broker Al Horrigan.
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