This week's items: PPi Technologies buys Northgate landSarasota firm to convert hotel to Comfort InnRose Radiology buys land for fourth centerSMR developing Technology Park planCanino Construction to build Venice headquarters
Real Estate Briefs (Sara/Mana edition)
buys Northgate land
It has taken about a year, but Sarasota's PPi Technologies LLC has finally moved into its new Northgate headquarters. Smartresource LLC, a company owned by PPi owner R. Charles Murray and his wife, recently completed the purchase of 1610 Northgate Blvd. in Sarasota from Donald and Susan Rinehart for $1.2 million. It had taken the company almost six months to build the 50,000-square-foot building on the site, but the final touches on the facility should be completed next week.
In addition to office space, the new building also offers a training area, a food-sciences laboratory, manufacturing space and a showroom.
"Now we have space to train our customer's operators on their new machines, " says Murray. "We started moving people over in November. But we finished moving in January. This was our fourth move in 10 years, but the good news is we should have space to grow here."
Smartresource LLC mortgaged the Northgate headquarters to Bank of America for $3.471 million.
Sarasota firm to convert
hotel to Comfort Inn
Sarasota's Shiv Shraddha LLC purchased the Hampton Inn at 5000 Tamiami Trail N. in Sarasota from EQI Financing Partnership I LP for $2.95 million. Dharmesh Patel, managing member of the hotelier, says that the group was attracted to the property because of its condition and location. "It is just a gorgeous property in a really great location," Patel says. "We aren't expecting to do any renovation there except for changing the signs outside and adding more amenities." Shiv Shraddha LLC plans to convert the property into a Comfort Inn and, at about the same time, convert an existing Comfort Inn motel at 4800 North Tamiami Trail, Sarasota, into a Quality Inn.
"They are all pretty similar," says Patel. "We will be adding coffee makers, hairdryers and ironing boards to the new Comfort Inn. There is not much (other) work that needs to be put in."
Patel says that all of the former employees from the 96-room former Hampton Inn were offered new positions.
As for any future hotel acquisitions, Patel says: "We are always looking for opportunities. But for the time being we are going to concentrate on this property and its punch list."
Rose Radiology buys
land for fourth center
Palm Harbor-based Rose Radiology Centers Inc. just bought a 5,000-square-foot building on the 4900 block (4915, 4917 and 4919) of Clark Road from Roland Askins and Alan and Laura Roberts for $891,000. The new radiology center will be the fourth location for the MRI/Radiology business, the brain-child of radiologist Dr. Manuel Rose, in the Florida market. Rose Radiology is known in the Tampa Bay market for being one of the only practices in the region to offer the multi-positional Stand-Up MRI.
Technology Park plan
Schroeder-Manatee Ranch Inc. plans to develop a Technology Park on about 8 acres in Lakewood Ranch Corporate Park. According to John Swart, president of Lakewood Ranch Realty, the plan has not been finalized, but as it is currently envisioned, the park would offer a total of 80,000 square feet of office or flex (office/warehouse) space in multiple buildings. "The single-story buildings would be designed for technology businesses," Swart says "These would be software companies, biotech and medical research. We think it is a good concept and plan to develop the building shell while we sell." The 8-acre parcel is located across from the Manatee Community College's Center for Innovation and Technology.
This year appears to be shaping up well for SMR's Lakewood Ranch. "I am feeling very bullishly optimistic for 2004," Swart says. "If you look at our already booked business and our signed contracts things look pretty good. Dooley & Mack (Constructors Inc.) is building a 28,000-square-foot building. L.E.C.O.M. (Lake Erie College of Osteopathic Medicine Inc.) is already under construction. Brian Pruett (president of Sarasota-based Pruett Builders Inc.) is about to start his new headquarters. John Cannon (president of John Cannon Homes Inc.) is about to start in June or July."
to build Venice headquarters
John Canino Jr., president of Venice-based Canino Construction Inc., is looking forward to the third quarter of the year. He hopes by that point to have completed a new headquarters for his condominium contracting company, Canino Construction. Canino is attempting to permit a 6,000-square-foot office building on the east side of the intersection of Interstate 75 and Jacaranda Boulevard in Venice. "I'm hoping to start (construction) in a month-and-a-half to two months," Canino says. "We will be taking up to 3,000 square feet of the space. We also will be looking for a tenant to lease the rest." Construction of the building is expected to cost about $400,000.
Rivolta Group plans
two new industrial condos
The Rivolta Group has filed a site plan to develop an industrial park on 51st Street in Sarasota. According to Terri Boyer, Piero Rivolta's assistant, the company plans to build two industrial condominium buildings: one 15,000 square feet and the other 16,500 square feet. The development, which is being called Anchor Industrial Park, is adjacent to a site for the Rivolta Group's new Rivolta Marine. The new Rivolta Marine building is expected to be 21,000 square feet.
The U.S. Tower Division of Taylor Woodrow is building a health and fitness center at Meridian Towers at the Oaks Preserve in Osprey. Project Manager Frank Cirillo says the 1,320-square-foot fitness center will be completed before spring. The U.S. Tower Division recently started construction on Meridian Towers IV, a 10-story condominium. Both buildings were designed by Curts Gaines Hall Jones architects and built by Boran Craig Barber and Engel.
The developer also announced plans to develop a beachfront condominium tower. The project, Beleza on Venice Beach, will feature 26 condominiums in an eight-story tower. The first phase of construction includes demolition and removal of the Best Western hotel on the site.
In other news, the Central Florida Division of Taylor Woodrow plans to relocate its offices next month from Bradenton to South Falkenburg Road in Brandon. The builder has leased 12,357 square feet of space in a new Brandon facility, which will include a design center.
× The U.S. Tower Division of Taylor Woodrow, has selected Tampa architects Smith, Barnes, Santiesteban to design Beleza on Venice Beach, an eight-story tower condominium at 811 The Esplanade N. in Venice. Sarasota-based WilsonMiller civil engineers was hired to provide site and infrastructure design services.
× Sarasota-based John Cannon Homes has been selected as one of four homebuilders for The Concession, a 1,232-acre gated community planned for Manatee County. The $600-million project will include 255 single-family homes, priced from $1.5 million to $8 million, on lots starting at one-half acre. Home sites are expected to start in the mid-$300,000s. The Concession will be located seven miles east of Interstate 75 near the Sarasota/Manatee County line, bordered on the north by State Road 70. The project will be built around a Jack Nicklaus Signature Golf Course Design, in association with four-time Ryder Cup Captain Tony Jacklin. At 520 acres, it will be three times the size of a typical golf course. Construction of the development is expected to begin in March, with completion set for late spring 2005.
× Transeastern Homes has unveiled its Priority Launch Program to kick-off the public offering of its first Sarasota condominium community, Villa D'Este at Villagio. The 18-month-old community is undergoing renovations that include new enclosed garages, additional carports and landscaping enhancements.
× Xtreme Accessories and Copiers Plus are leasing the final portion of phase III in Interstate Commerce Center, a mixed-use business complex at the northeast corner of I-75 and Jacaranda Boulevard in Venice. Construction is now beginning on the fourth and final phase. The project is being developed by Fort Myers-based MEL-RE. Jim Walter of Sarasota-based Richardson Kleiber Walter is the leasing agent for the center.
× Lennar/USHome has broken ground on the new clubhouse at Heritage Harbour's Stoneybrook Golf Course. The facility will be 13,000 square feet
× Sylvester Excavating Inc. purchased lot 21 in the Morris Industrial Park in Englewood for $68,376. Jim Walter, of Richardson Kleiber Walter, handled the sale.