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Manatee-Sarasota
Business Observer Friday, Aug. 20, 2004 14 years ago

Real Estate Briefs (Sara/Mana edition)

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This week's items: Emercor Holdings LLC plans new Ellenton condosTortuga Partners buy phase three of Tortuga InnCleveland attorney to start Gulf Coast title companyTwo Venice residents buyformer Venice Beach Resort

Real Estate Briefs (Sara/Mana edition)

Emercor Holdings LLC

plans new Ellenton condos

Local real estate investment group Emercor Holdings LLC filed a site plan to build 48 luxury condominiums, several guest units and a clubhouse on the Manatee River in a development called The Montecino. The project, at 6701 U.S. 301 N., Ellenton, is envisioned as a Mediterranean-style residential development in a gated community on six acres.

Emercor officials expect pre-sales to commence within 30 to 60 days. The St. Petersburg-based firm of Wedding, Stephenson & Ibarguen is the architect for the project.

Features planned for the community include large floor plans; terraces overlooking a lagoon, pool and river; docks; and a clubhouse with a fitness center, home theater, business/internet cafe and a special gathering area called the 'Piazza.' Other luxury amenities include a resort-style pool and spa with a large cabana and pool bar, along with a chipping/putting green and paths for walking and biking.

The first phase of the development consists of residences ranging in size from 1,500 square feet to 3,200 square feet. Pre-construction prices are set to run from the high $300,000s to the mid-$800,000s.

Tortuga Partners buy

phase three of Tortuga Inn

David Teitelbaum and his investment group Tortuga Partners LLC are moving forward with the third phase of the redevelopment of the Tortuga Inn, at 1325 Gulf Dr. N., Bradenton Beach. Tortuga Partners LLC purchased the vacant property between the two existing Tortuga Inn buildings from Tortuga Investors LLC for $6 million.

"Phase one was the existing building in the front (on Gulf Drive)," Teitelbaum says. "Those have all been sold. In fact, some have already been resold for 50% more than we sold them for."

Phase two included six units in the rear and six boat slips.

The first two phases call for Teitelbaum to consolidate the hotel complex from 42 units to 32 units. In phase three, Teitelbaum plans to build a 23-unit building at a cost of about $5 million.

Teitelbaum says the developer plans to close on the second phase of the development in December while construction on the new building in the third phase is still underway. All 55 condominiums will be rented by the Tortuga Condominium Association Inc. and managed by ResortQuest.

"Phase three is going to go into late '05 or early '06," Teitelbaum says. "The project is already approved, and we have a building permit."

Teitelbaum says recent anti-development moves by the city commission forced him to find creative ways to avoid having to come under the purview of the commission. One creative decision was to use permeable concrete for the parking lot to avoid problems with rainwater runoff.

Tortuga Partners LLC mortgaged the property to Tortuga Investors LLC for about $5.1 million.

Cleveland attorney to start

Gulf Coast title company

Kevin Blum, an attorney and title company executive in Cleveland, Ohio, is developing a new title company on Florida's Gulf Coast. Blum and his business partners, using the corporate name of S&K Florida Ventures LLC, purchased a 1,750-square foot-office condominium at 3277 Fruitville Road, Sarasota, from Roy Yahraus for $390,000.

"I have lots of contacts in the Sarasota market," Blum says. "I have been coming down there for years ... to Sarasota and Longboat Key. We will probably close on an office in Naples or Fort Myers in the next six months."

The new company is being called National Title and Escrow Services of Florida LLC.

Blum also plans to form a second company in the area a few months later. "That is going to be a Web-based company for Cleveland Ohioans moving to Sarasota, Naples or Fort Myers," Blum says. "I'm tied in with a lot of large investors down there, and I have heard that there are huge service lapses. If you call a Realtor, you are lucky if they call you back. We will be organizing existing relationships with lenders and Realtors to drive the business toward them. (Similarly) title work to a certain extent is a commodity, and it all comes down to service. We know what it takes to provide good customer-focused services ... to make it a smooth process."

Blum plans to open the title company with an office manager and several sales representatives.

S&K Florida Venture LLC mortgaged the office condominium to AmSouth Bank for $331,500.

Two Venice residents buy

former Venice Beach Resort

Hoteliers Kevin and Lori Klasing purchased the former Venice Beach Resort, at 501 Venice Ave. W. in downtown Venice, from Amedio Inc. for $1.5 million.

"We are not going to put a condo building there," Kevin Klasing says. "We are planning to remodel it and rent it out. We are renaming it the Venice Beach Villas."

The new 13-unit complex joins a 10-unit complex with the same name that the Klasings own at 505 Menendez Street. "We are hoping to combine the marketing efforts," Klasing says.

Klasing plans to increase the number of tourist clients he gets from his online marketing. "Those clients seem to be more productive," he says. "They seem to stay longer and are more upscale."

The couple is also considering other buildings in the Venice area, he says, adding, "The older buildings are really tempting. There is a lot of money to be made in Venice."

The Klasings mortgaged the Venice Avenue property to Coast Bank for $1.2 million.

Homes by Towne

continues development

Developer Homes by Towne of Florida Inc. has received another eight building permits for 19 buildings in the Watercrest condominium development at Lakewood Ranch.

The 180-unit development, located along Lake Uihlein, has been cited repeatedly as one of Homes by Towne's most successful developments in the two-county market. As of mid-July, the developer's sales team had sold all but four of the buildings.

"I have worked for the company for over 10 years and this project has been by far the best," says Janet Wilson, "and I have been working in Lakewood Ranch."

Prices range from $400,000 to $700,000. Watercrest is one of the first multi-level condominiums in Lakewood Ranch. According to the building permits, six of the buildings were estimated to cost about $2.6 million, while the final two were valued closer to $1.8 million.

Watercrest should have company soon though. W.G. Mills Inc. and Schroeder-Manatee Ranch Inc. have filed a site plan for an 130-unit, six-building condominium development on the west side of Lakewood Ranch Boulevard called Lake Vista Residences.

Manasota Optics buys

second Northgate unit

David Lowery's Manasota Optics Inc., which operates from 1743 Northgate Blvd., Sarasota, bought a nearby retail condominium from NG LLC for $1.09 million.

Jonah Lowery, material manager for Manasota Optics, says the 1749 Northgate property will double the company's available space to 10,000 square feet.

Etc...

× HTC USA Inc. leased 4,875 square feet of warehouse space at 60th Place East from Steve Solomon Inc. Jon Kleiber and Christine Walter, of Richardson Kleiber Walter Real Estate, handled the transaction.

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