This week's items: PGT Industries buys building, land for plantBroadway Promenade condos half reservedLongboaters buy SeaSide, a Bradenton Beach motelManatee County buys Merrill Lynch building
Real Estate Briefs (Sara/Mana edition)
PGT Industries buys
building, land for plant
Venice-based PGT Industries Inc. purchased a 15,000-square-foot building at 3429 Technology Drive, adjacent to the company's existing main manufacturing facility, from P.E.H. Investments LLC for $3.98 million.
Dave McCutcheon, vice president of engineering, says PGT Industries plans to build a 27,000-square-foot addition. "This will allow us to get into the simulated wood market," McCutcheon says. "We are planning to use the space for powder coating the new product. This product has all the benefits of metal - it doesn't rot, it's extremely strong, with the aesthetics of wood."
The facility is scheduled for completion by year's end, and the paint plant is slated to be fully operational by the first quarter of 2005. McCutcheon says PGT Industries might hire an independent powder-coating company to produce the simulated wood product.
"This was the idea from a company in Italy," McCutcheon says. "They approached us around September of last year. We took a trip to Italy to see the equipment and the process. This will get us into markets that we are not currently in. From a Ducker survey in 2000, we estimate that 12% of the Florida window openings are filled with wood products."
McCutcheon says the new paint plant does have the potential for PGT Industries to expand its building product offerings. "We are going to start right now with our core competency, which is window openings," McCutcheon says. "A lot of (our hiring) will depend on the success of the line. Overall, we estimate hiring about 12 to 15 people per shift, and we plan to start out with one shift until the volume increases."
McCutcheon estimates PGT Industries is making a total capital investment of about $3.5 million for the paint plant.
condos half reserved
In first two weeks that reservations were available for the 187 condominium units in the Broadway Promenade, a $45 million mixed-use project being developed in a joint venture by Ram Development and RMC Property Group in Sarasota, half have already been reserved.
The project will feature a 28,000-square-foot Publix grocery store with an additional 5,000 square feet of retail space, a six-story (over parking) condominium building, a four-story condominium building with office space and a standalone restaurant/bar. The project is bordered by U.S. 41, Cocoanut Avenue and 10th and 11th streets and will occupy the site of the existing Broadway Bar.
"Demolition should start in the next few months," says Karen Riscinto, vice president of residential development. "We are going to go vertical in September. We are expecting completion in June of 2006."
The project has received site plan approval from the city, but the developer has not yet filed building permits.
Units currently start in the $180,000s and run to more than $500,000.
"We made these luxurious condominiums available at an attractive price and the value translated into an incredible response," says Mike Hammon, managing partner of residential development at Ram Development Co. "Other projects of this scale often take up to two years to sell out, so having reserved 50% of our residences in only two weeks shows that Broadway Promenade filled a need in Sarasota."
Coldwell Banker the Condo Store is the exclusive broker for the project.
Longboaters buy SeaSide,
a Bradenton Beach motel
Longboat Key residents Aaron Huffman and Barbara and Charles Palmer purchased the SeaSide Motel and Resort, at 2200 Gulf Drive N. on Bradenton Beach, from Kevan and Fawn Ker for $2.55 million. "We are expecting to keep everything the same," says Huffman who will operate the motel. "It was just a hand over in ownership. We have no big plans for changes."
Huffman says the 10-room property was attractive because of its location on the Gulf of Mexico and its good condition.
"It's pretty small, which is just the right size to function in and out of season," Huffman says.
Manatee County buys
Merrill Lynch building
Manatee County government purchased a parking lot and the Merrill Lynch building near the intersection of Manatee Avenue West and 10th Street in Bradenton from Dan Blalock Jr., as trustee, for $990,000.
According to Jim Staple of Manatee County's land acquisition department, the building and parking lot were purchased in anticipation of construction on the new judicial center. "We are going to have to relocate different employees there," Staple says. "We need to handle a lot of operations there on a temporary basis. After that, we will most likely raze the building for additional parking."
Investor buys more space
in Hillview Park Medical
Hillview Park Inc. purchased about 6,400 square feet on the third floor of Hillview Park Medical Complex, 1852 Hillview St. in Sarasota, from the Sarasota County Public Hospital Board for $1.64 million. Fred Howard, of West Bloomfield, Mich., and Longboat Key, is the president of Hillview Park Inc. and was part of the team that developed the building. He owned the entire second floor and all but the 6,400-square-foot space on the third floor.
Developers plan Creekwood
flex condo project near I-75
Creekwood Place LLC filed a site plan to build a 31,000-square-foot office/warehouse building in a new development north of State Road 70 on the east side of Interstate 75. Robert Martin, partner and general contractor for the project, expects to start construction in the next two months.
"It's going to be a condominium project," Martin says. "We have designed it for a total of 16 units. This will be targeted more at the warehouse user ... Someone who needs to handle a small inventory."
The purchase rate for the space is set to run about $105 a square foot. Harry Robbins, of Lloyd Robbins Realty, is the listing agent. "We are planning to develop on two other lots in that park," Martin says.