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Business Observer Friday, May 7, 2004 14 years ago

Real Estate Briefs (Sara/Mana edition)

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This week's items: Developers start second phase at Academy Park VillasBlackburn Point Marina Village underwayDevelopers start second phase at Academy Park VillasBullseye Properties plans Clark Road retail center

Real Estate Briefs (Sara/Mana edition)

Developers start second phase

at Academy Park Villas

The developers of the 60-unit Academy Park Villas, Sarasota attorney David Band and IMG Academies Director Greg Breunich, have started the second phase of the multifamily development. Jeri Bollettieri, director of residential villa sales, says that in phase two the developers plan to build five four-plex buildings next to the existing five buildings.

The individual units are priced from $425,000 to $555,000, which means each building is roughly valued at about $2 million.

So far 17 of the first 20 units constructed in the development have been sold. "The community will be gated and there will be two-car garages, clubhouse and pool," Bollettieri says. "It will take about six months to build (the second phase)."The entire development backs up to a woods. It's really pretty out there."

Blackburn Point Marina

Village underway

Construction has started on the planned 19-unit gated townhome development called Blackburn Point Marina Village. The development, located at 440 Blackburn Point Road in Osprey, is being developed by Dana Chase and will be built by Don Sutherland of Beyond Design. The units, which begin at 2,623 square feet, are priced from $400,000.

Chase's history is mainly in building custom single family homes in the greater Boston area. Blackburn Point Marina Village is his seventh condominium project.

The gated townhome project has an estimated completion date in December. The architect for the development is Dan Draper of Gillett and Associates, and the sales agent is Mike Burkert.

Developers start second phase

at Academy Park Villas

The developers of the 60-unit Academy Park Villas, Sarasota attorney David Band and IMG Academies Director Greg Breunich, have started the second phase of the multifamily development. Jeri Bollettieri, director of residential villa sales, says that in phase two the developers plan to build five four-plex buildings next to the existing five buildings. The individual units are priced from $425,000 to $555,000, which means each building is roughly valued at about $2 million.

So far 17 of the first 20 units constructed in the development have been sold. "The community will be gated and there will be two-car garages, clubhouse and pool," Bollettieri says. "It will take about six months to build (the second phase)."The entire development backs up to a woods. It's really pretty out there."

Bullseye Properties plans

Clark Road retail center

Ken and Claudia Bachman, principals of the commercial real estate development and property management firm Bullseye Properties Inc., are planning a 65,000-square-foot upscale retail center near the intersection of Clark and Sawyer roads.

"It's pretty early on," says Ken Bachman. "Right now we are calling it the Expo on Clark. We are still working on the site plans. But we are seeing a considerable amount of interest. We are negotiating with three different banks."

Bachman hopes to break ground by August for a March 2005 completion.

"That is one of last large parcels left on Clark Road," Bachman says. "We felt the time was right for retail businesses there. We developed a center similar to this in Fort Myers."

As currently envisioned, the center will feature a bank, an upscale restaurant, several home furnishings and/or improvement stores as well as other retailers. Tenant spaces in the development will start at 2,500 square feet.

Earlier this week, Bullseye Properties purchased a home at 1320 Point Crisp Road on Siesta Key from Cendant Mobility Financial Corp. for about $2 million. The Bachmans, who live next door, are viewing the home as an investment and plan to renovate the house.

Manatee County to acquire

nearly 1,000 acres of farmland

Manatee County recently purchased the first half of about 963 acres from Jones Potato Farm Inc. The county acquired about 650 acres of Florida scrub or wetland property from the farm for $3.36 million. "This property is about a quarter mile south of the Hillsborough County line," says Charlie Hunsicker, ecosystems administrator with Manatee County government. "It is supporting a healthy population of Gopher Tortoises."

The remaining several hundred acres is developed farm land, which the county plans to purchase in August. The state is paying for the purchase while the county paid for the due diligence expenses.

"This shows Alan Jones' demonstrated commitment to conservation," Hunsicker says. "We paid about $5,000 per acre. That was a fair value but it was well below the highest and best use he could get for either residential (or for mining)."

Pen West owners plan

new, smaller building

The Sarasota partnership of Pen West Associates LLP has filed a site plan to construct a building in the Pen West office complex, at 2801 Fruitville Road between Dodge and Allendale avenues. Sarasota attorney and real estate mogul David Band, who is managing partner of the group, says the developers will rezone part of the property.

"It will probably take us about six months to get started," Band says. "We have put it out for bid (to construction companies). It's going to be a little smaller (than the existing buildings) it will probably be about 20,000 square feet."

Osprey S.A. starts

Cattleridge Financial Center

Osprey S.A. Ltd. has started construction on the three-story shell for Cattleridge Financial Center, on the west side of Interstate 75 at 6000 Cattleridge Blvd. According to Brian Kennelly, director of leasing for Osprey Management Co. LLC, Bank of Commerce has agreed to lease 7,500 square feet in the 45,000-square-foot building.

"We are looking at January of 2005 (for a completion date)," Kennelly says. "The rental rate out there is going to be about $16 triple net."

The building permit for the center lists the cost of construction at about $2 million.

HealthSouth hospital

set to open next year

Birmingham, Ala.-based HealthSouth Corp. has confirmed plans to open a 40-bed long-term acute care hospital, just east of Interstate 75 and Bee Ridge Road, in January of 2005. The long-term acute care hospital will specialize in the medical treatment and rehabilitation of patients with chronic diseases or complex medical conditions.

"The new hospital is located close to the existing HealthSouth Rehabilitation Hospital to enable us to provide a full continuum of health-care services, from acute to post-acute," says Margaret Holloway, CEO of HealthSouth Sarasota.

The new 40-bed hospital will provide specialty programs for complex medical management, a wound care program and a pulmonary/ventilator management program. It will be a one story, 43,000 square feet building, designed with 16-semi-private rooms (32 beds) and 8 private rooms.

The facility is estimated to bring about 145 new jobs to the area. HealthSouth is the nation's largest provider of outpatient surgery, diagnostic imaging and rehabilitative health care services.

Ringling Square developers

donate house, money for move

Sarasotans Doug Tibbetts, Brian Sullivan, John Michael Smith and Boca Grande resident Gary Sligar, who go by the company name of Ringling Square LLC, have found a new home for the historic Wilson house at the southwest corner of Ringling Boulevard and Orange Avenue in Sarasota. Ringling Square LLC, which plan to build a 42,000-square-feet office and retail building on the site, gave the 1906 Dr. C.B. Wilson residence to the newly formed Friends of Sarasota County Parks along with a $50,000 donation to aid in the relocation.

The Sarasota Alliance for Historic Preservation, the Wilson family and others have also have contributed funds for the move and restoration of the home at the site of a planned county park at Bee Ridge Road and Honore Avenue. The house will be used as an educational pavilion and trail hub.

This is the second historic preservation project involving the relocation of a historic structure to a Sarasota County park. The first was a log cabin donated by the William W. Merrill family that is a welcome center and education pavilion at the T. Mabry Carlton Jr. Memorial Reserve.

Etc...

× Officials at Core Development of Sarasota have selected Sarasota Land Services Inc. to handle interior road construction at The Concession, a new $600 million, 1,232-acre, private, gated golf course community planned for State Road 70. Sarasota Land Services Inc. is also the contractor for the extension of University Parkway from Lorraine Road to the western edge of The Concession. The extension is slated for completion next February.

× Floria LLC has started construction on the 11-story The Savoy on Palm located at 401 S. Palm Ave. The condominium project features 24 units, which range in size from 2,975 square feet to 5,700 square feet. Floria is a joint venture of P. Wallenberg Development Co. Inc. and Placida Properties Inc. Turner Construction will manage and construct the project, and Christine Desiree is the interior designer. The project is being financed by Gold Bank.

× Construction continues on a 12,500-square-foot expansion of the Frances T. Bourne Jacaranda Public Library in Venice. The architect for the project is Carl Abbott, Architects/Planners PA, and construction is being handled by D.E. Murphy Constructors Inc. The entire project, including renovations of the existing library, is budgeted at $2.8 million, which includes a $500,000 state library grant, library impact fees and infrastructure surtax continuation funds. Construction is targeted for completion in August 2004.

× Robert and Mary Price purchased two 6,000-square-foot industrial buildings on 1.1 acres, at 6130 Porter Road in Sarasota, from Steven Reinoehl for $850,000. Bill Kleiber and Renee Richardson Kling, of Richardson Kleiber Walter Real Estate, handled the transaction.

× Frank Honackie leased a 3,500-square-foot building and about 4,000 square feet of industrial yard space located at 2074 47th St., Unit B, Sarasota, from Twin City Inc. Jon Kleiber, of Richardson Kleiber Walter Real Estate, handled the transaction.

× American Plumbing of Sarasota Inc. has been chosen as "Subcontractor of the Year" for 2003 by Boran Craig Barber Engel Construction Co. Inc. The award was presented at BCBE's annual company gathering at the Hyatt Regency Resort in Bonita Springs. The two companies have worked together for many years on projects along the West Coast of Florida, including The Beach Residences, The Orchid Beach Club and The Meridian at the Oaks.

× Paradise Plaza Ltd. has received a building permit to renovate the interior of Paradise Plaza shopping center at 3800 S. Tamiami Trail in Sarasota. The building permit estimates the cost of the remodeling at about $2.4 million.

× George Smith and Roy Jackson of Bradenton purchased vacant land in Myakka City from James Henderson, trustee, for $1.29 million. The new owners mortgaged the property to First National Bank & Trust for $250,000.

× Adult Care Management purchased the Park Place Estates from Demetree Builders for $825,000. Adult Care, which used the company name of Park Place Estates-Bradenton LLC for the transaction, mortgaged the property to the former owner for $450,000.

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