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Manatee-Sarasota
Business Observer Friday, Oct. 31, 2003 14 years ago

Real Estate Briefs (Sara/Mana Edition)

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This week's items: Triton Realty Capital to turn Villagio apartments into condosOpus South starts Laguna at Riviera condosWaterford plans Island Park condosDavie company buys three local service stations

Real Estate Briefs (Sara/Mana Edition)

Triton Realty Capital to turn

Villagio apartments into condos

Miami-based Triton Realty Capital purchased the Villagio apartment complex, 2950 12th Street, Sarasota, from Regent Sarasota LP for $29 million. Triton Realty Capital is a new company - comprised of Art Falcone, president of Transeastern Home, and Jose Bochetti and Martin Caparros Jr., two principals of Prestige Builders Group - designed to convert apartments into condominiums.

"We are hoping to start sales there in January," says Caparros. "It is a gorgeous building."

It is also a young building. The Villagio opened in April of 2002 as a luxury apartment complex. The 320-unit complex was built for about $25 million by Regent Partners of Atlanta. The apartment complex offers a fitness center, playground, tennis courts, a car wash, volleyball court and screened-in grillroom. The units, which range in size from 830 to 1,247 square feet, feature hardwood cabinets, ceramic tile, computer rooms, 9-foot ceilings and security alarms.

Caparros says it was the luxury components and its location near downtown that made the property attractive. He says that the only required renovations involve building more garages and adding landscaping. The conversion is expected to be as inexpensive as $650,000; about $50,000 for the legal work and $600,000 for the cosmetic and garage work.

Existing tenants are being offered first right-of-refusal. Sale prices will start at $125,000.

Julio Robaina, president at Triton Capital Realty, will be in charge of the project. Triton Realty Capital mortgaged the property to Ocean Bank for $26 million.

Opus South starts

Laguna at Riviera condos

Tampa-based Opus South is an emerging player in the Manatee County waterfront condominium industry. Last week, the company purchased about 14 acres in Riviera Dunes form Riviera Dunes Land Asset Holdings Inc. for $6 million.

George Smith, real estate manager for Opus South, says that while looking for Manatee land to develop, he came upon a multi-family parcel on the waterfront in the Palmetto development. Smith says: "The community just stands on its own." It didn't take the Opus South team long to come up with the Laguna at Riviera Dunes development concept. The $110 million development will feature 210 condominiums in five Mediterranean-style seven-story buildings. Further, Opus decided to partner with Frank Maggio, CEO of First Dartmouth Realty Inc., who developed all the single-family homes in Riviera Dunes. Opus South designed the facility and will also serve as general contractor.

Smith says the units will range in size from 1,700 to 4,800 square feet and will cost from $350,000 to $1.2 million. "We have started the first building," Smith says, "and we should have it completed by the end of November or December first (2004). They will all take about a year to build, but we are planning to overlap them."

Opus South is best known in Manatee as the designer and builder of the Tropicana Products Inc.'s Bradenton headquarters. Primarily an office and industrial developer, Opus has been doing more condominium development including work on a planned 30-story mixed-used development in St. Petersburg called Park Shore Plaza.

Opus South mortgaged about 14 acres parcel to BankAtlantic for $29.2 million.

Waterford plans

Island Park condos

Buildco of Venice Inc., a Waterford Co., has purchased vacant property at 950 Cooper St., Venice, from Southwest Florida Retirement Center Inc. for $1 million. Michael Miller's construction company plans to build the Island Park Condominiums, a 48-unit complex in four, three-story buildings. The company expects to break ground on the first building in December. Units will start at $250,000. The estimated cost of construction for the development is $9.7 million. Buildco of Venice mortgaged the property to Republic Bank for $4.8 million.

Davie company buys

three local service stations

Davie's Onecorp. recently bought the Florida service station properties of Bayrock Energy Inc. In the Sarasota-Manatee county area, the purchase consists of two Sarasota Exxon stations, at 10 Tamiami Trail and 35 Washington Ave., and a Bradenton station at 7305 S.R. 70 E. Michael Stern, a Onecorp. partner, says the local stations were a particularly important part of the purchase because of their locations and high sales volume.

ETC...

× Re/Max Effort Realty Inc. purchased the building at 665 Tamiami Trail N., Nokomis, from Edward and Susan Cooper for $375,000. Jim Walter of Richardson Kleiber Walter, handled the sale.

× The Sarasota/Manatee division of US Home is working on the final phase of sales and construction in the Woodlands at Rivendell on the border of The Oscar Scherer State Park in Palmer Ranch. The Woodlands feature single-family and maintenance-free homes priced from the $200s to the $600s. To date, more than 400 homes have been sold in the Woodlands at Rivendell and only 11 preplanned homes are left.

× Bradenton-based Neal Communities finished its Whitemarsh neighborhood in The Country Club at Lakewood Ranch. The enclave, comprised of 70 single-family homes overlooking the Legacy Golf Course, sold out in two years. Neal Communities' total revenue from Whitemarsh sales was $29,579,383, making the average new home sales price $422,563. Additionally, Neal has monitored resale activity in Whitemarsh, reporting two resales to date, one at $485,000 and the other at $495,000.

× Construction has started on the 10-unit Majestic Bay condominium on Golden Gate Point. Amenities include garages, storage areas, a wine cabinet, fitness center, pool and spa. Coveted boat docks with lifts can be purchased separately; five docks remain. Prices begin at $1.2 million and go as high as $4.49 million. The developer, Majestic Bay of Sarasota LLC, hired W.G. Mills as the general contractor and The Lawson Group as the architectural firm.

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