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Business Observer Friday, Apr. 9, 2004 14 years ago

Real Estate Briefs (Sara/Mana edition)

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This week's items: Cargill Crop Nutrition buys mine for $19 million Econo Lodge owner buys Sand, Sea Motel Malco Industries plans Rye Wilderness subdivision Developers close on land for 1350 Main St.Waterside Investment Group buys lan

Real Estate Briefs (Sara/Mana edition)

Cargill Crop Nutrition

buys mine for $19 million

Riverview-based Cargill Crop Nutrition completed its purchase of the 7,500-acre Wingate Creek Mine from Nu-Gulf-Wingate Holdings LLC, an affiliate of Credit Agricole Indosuez, for $19 million. Company officials say the mine has vast deposits of phosphate rock that can be mined and processed for agricultural use. Cargill Crop Nutrition is working with Manatee County officials to transfer permits from Nu-Gulf-Wingate to the new owner.

The phosphate rocks mined at Wingate Creek will be processed at one of Cargill Crop Nutrition's processing facilities near Bartow.

Cargill Crop Nutrition is the business unit of Cargill, an international provider of food, agricultural and risk-management products and services. The company employs about 101,000 people in 60 countries.

Econo Lodge owner

buys Sand, Sea Motel

Gary Lewison, of Palm Harbor, purchased the Sand & Sea Motel Apartments, at 2412 Gulf Drive on Bradenton Beach, from Sand and Sea Corp. for about $2.76 million. "We have leased it for the past nine years," Lewison says. "We fully renovated the motel in the fall of 2003. I thought it was a good value ... just based on how things have been appreciating on the island." All 18 of the motel's rooms face the Gulf of Mexico.

Lewison has owned the Econo Lodge Surfside, at 2502 N. Gulf Drive, Bradenton Beach, since 1995. Last year he converted 30 of the 54 motel rooms into a 21-suite condominium development called Club Bamboo. Asked if he had similar plans for the Sand & Sea Motel, Lewison says, "No. Right now, I am content just to run it as a motel."

Malco Industries plans

Rye Wilderness subdivision

Sarasota's Malco Industries purchased grazing land in Manatee County on Rye Road from Thomas Forrest and Paula Ward for $2.2 million. According to Neil Malamud, president of Malco Industries, the company plans to develop the land as the Rye Wilderness subdivision with about 130 single-family home lots.

"We will get started as soon as we get our permits," Malamud says. "The home sites will be a minimum of half an acre."

The new owner mortgaged the property to First National Bank for $2.4 million.

Developers close on

land for 1350 Main St.

Boca Raton-based Southcoast Partners Inc. and Jacksonville-based LB Jax Development LLC are gearing up for their planned $55 million Thirteen Fifty Main project in downtown Sarasota. The two partners, who use the corporate name of Sarasota Main Street LLC for the project, purchased about three-quarters of an acre near Main Street and Palm Avenue from Landchess LLC for about $3.3 million. The developers plan to build a 17-story, 134-unit condominium tower along with about 7,000 square feet of retail space.

Michael Langton, with LB Jax Development, says the developers plan to apply for building permits in July or August and would likely start building in September. Construction is expected to take about 18 months to complete.

The condominiums are slated to range in price from $260,000 to $800,000. A sales office for the project, at 1310 Main Street, is scheduled to open soon.

Sarasota Main Street LLC mortgaged the property to AmSouth Bank for $5.1 million.

Waterside Investment Group buys land, building

It has been a couple of busy weeks for the Sarasota-based luxury waterfront homebuilder Waterside Investment Group Inc. The two partners, Mark Miller and Terry Conti, completed the purchase of several acres in Forest Lakes Country Club from NB&R LLC for $4.2 million.

"Our plan there is to build 105 condominium units," Miller says. "We will also be building a new clubhouse. We should start on the clubhouse in early fall and the condominium units by spring of '05." The Forest Lakes project will be a total of five buildings near the intersection of Webber Street and Beneva Road. The units are projected to cost from $200,000 to the mid-$300,000.

At roughly the same time, the two partners purchased a building at 1233 Fruitville Road from Aambell Corp. for $605,000. The facility, which is next to Waterside Investment Group's headquarters at 1225 Fruitville Road, is a multifamily residential building with 14 units.

"We are considering demolishing that building (1233) and this building (1225) and developing a commercial building," Miller says. "It's zoned residential, but what is interesting, is under the downtown master plan, the property is being converted to commercial space. I am not sure if we will go in for a variance or just wait for the rezone to go through."

Asked if the building would be mixed-use, Miller responded, "I think we are going to stay away from residential. Sarasota's downtown is getting a little top heavy in residential. But that is our two-year plan for it."

Swedish family plans

new residential community

The Thurell family of Sweden purchased 12 acres on the northern side of Cortez Road in western Manatee County before the bridge to Anna Maria Island from Kathy Velinoff for $1.75 million. The development will be called Hunters Hill.

"We are going to build it as a residential development with a little marina," says Peter Thurell. "Our original plan was to relocate historic structures onto it ... buildings that are running the risk of getting flattened to the ground. So we actually started out moving three houses from Anna Maria Island. Then we realized the bureaucracy was just overwhelming, and we also got a building that had just been completely rotted out. So instead this is going to be a community with new homes that has that old Florida home look."

Thurell says land is zoned for six units per acre, but he will likely build four per acre.

"We are planning for a slow development process," he says. "We are not in a hurry. We just want to get the look right. We are not going to have houses with canal fronts. Instead we are going to build a canal boardwalk for all of the neighbors. We are looking into setting up an association to make sure the development looks and feels rights. We may even go as far as to build the houses and rent them out."

The Thurells developed the cardiovascular drug Adenosine in Europe and he has licensed the drug to a separate company in the United States.

Etc...

× When SLAB LLC closed on land for the Ritz Carlton Golf Club it paid $4.2 million for 8.6 acres in Lakewood Ranch. That equates to roughly $488,201 per acre.

× Mobile Medical Industries Inc. leased 2,160 square feet of office space at 355 Interstate Blvd., located in the Interstate Park Corporate Center, Sarasota. Michael Falk of Michael Falk & Co. LLC represented the lessor; David Greenfield of 1st Property Group Inc. represented the lessee.

× The Peterson School of Florida Inc. leased 2,680 square feet of professional office and classroom space at 581 Interstate Blvd., located in the Interstate Park Corporate Center, Sarasota. David Greenfield, of 1st Property Group Inc., handled the transaction.

× Whitehall Quality Homes Inc. leased 1,080 square feet of professional office and showroom space at 375 Interstate Blvd., located in the Interstate Park Corporate Center, Sarasota. David Greenfield, of 1st Property Group Inc., handled the transaction.

× BMG Realty Inc. now offers international and nationwide relocation services through its "International Relocation Services."

× PKL LLC purchased land near the intersection of Highway 675 and State Road 64 in Manatee County from S&J Land of Manatee LLC for $1.24 million. PKL mortgaged the land to Wauchula State Bank for $1.2 million.

× Wein Investment Group LLC purchased office/warehouse units 308 and 309 at 7353 International Place in Lakewood Ranch from Noeson Ventures LLC for $275,000. Both units have a combined total size of 2,500 square feet. Jon Kleiber, of Richardson Kleiber Walter, represented the buyer.

× Slam Dunk Properties LLC purchased a 9,750-square-foot office/warehouse building at 1899 60th Place E., Bradenton, from Steve Solomon Inc. for $954,195. Jon Kleiber, of Richardson Kleiber Walter, handled the transaction.

× Hubert Steenbakkers purchased 3.5 acres of light manufacturing land at 1801 University Parkway from Barron and Associates for $400,000. Bill Kleiber, of Richardson Kleiber Walter, handled the transaction.

× Attorney Todd Perkins leased 800 square feet of space on the fourth floor of the SunTrust Center, at 101 Third Ave. W. in downtown Bradenton.

× The Sarasota-based waterfront luxury-home builder ML Collingwood agreed to build homes in The Concession, a new $600 million gated community in Manatee County. The 1,232-acre luxury development will include a 520-acre Jack Nicklaus Signature Golf Course, designed in association with Tony Jacklin. The Concession marks the first time ML Collingwood will be building ultra-luxury homes inland. The firm builds custom luxury residences ranging from 5,000 square feet to over 12,000 square feet.

× Construction started on the $9.9 million improvement project on State Road 64. The section of the road, from Interstate 75 east to Lena Road, will be widened to six lanes and additional sidewalks, traffic signals and highway lighting will be added. USHome/Lennar acted as the project facilitator and provided the advance funding and expertise for the improvement project. Harbourvest LLC is the contracting entity for the roadway improvement project. The project is scheduled for completion in the summer of 2005.

× Taylor Woodrow Homes of Central Florida acquired 59 luxury home sites at The Founders Club in Sarasota. Lonnie Herman, vice president of sales and marketing at the Central Florida division of Taylor Woodrow Homes, says the homebuilder acquired 39 eighty-foot home sites by the golf club. Taylor Woodrow Homes will start presales in April, and construction of model homes will start this summer. Taylor Woodrow will build homes that range from 3,700 square feet of living space, with prices, including the home site, that begin in the $800,000s.

× Real Property Specialists Inc. has hired Tandem Construction to construct an about 16,000-square-foot upscale retail center in what was the parking lot of the former Scotty's on South U.S. 41 in Sarasota. Stores in the retail center will start at 1,500 square feet.

× Bradenton-based Bruce Williams Homes plans to start presales within the next 60 days at Northwood Park, off Interstate 275, Erie Road, 69th Street East and Ellenton-Gillette. Peter Mason, vice president of sales and marketing at Bruce Williams Homes, says construction of two model homes with three- and four-bedroom floor plans will start within the next few weeks and are expected to open in the fall. Altogether, 110 home sites are available at Northwood Park, and three-, four- and five-bedroom homes, as large as 3,000 square feet, will be priced from the $200,000s.

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