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Business Observer Friday, Dec. 9, 2005 14 years ago

Real Estate (Sara/Mana)

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Sarasota Memorial Starts Construction on InstituteDugans acquire 14th Street motelDeveloper files plan for Ranch retail centerWhitfield Park Loop buys warehouse
by: Adam Hughes Staff Writer

Real Estate (Sara/Mana)

Sarasota Memorial Starts Construction on Institute

Sarasota Memorial Health Care System has started construction on its new 82,400-square-foot Institute for Advanced Medicine at 5880 Rand Blvd., one mile west of Interstate 75 near Clark Road in Sarasota. Opening in early 2007, the medical campus will offer neurological, rehabilitation and diagnostic outpatient services and the area's medically oriented fitness club. The additions represent an investment of $16 million.

"The institute will bring together nationally noted researchers and specialists and high-quality rehab, neurological, educational and support services," says Gwen MacKenzie, Sarasota Memorial CEO. "The establishment of this state-of-the-art ambulatory medical center represents a huge step forward in our strategy to develop a network of conveniently located outpatient services throughout Sarasota County."

The new institute will specialize in advanced neurological and rehabilitation services. The facility will include a division devoted solely to the diagnosis, treatment and management of Parkinson's disease and other movement disorders.

The new facility also will include Healthplex, a medically oriented fitness center that will serve the public as well as people who need rehab services and those with chronic conditions such as diabetes or arthritis. The 42,400-square-foot Healthplex will include an indoor lap pool, a warm-water therapy pool, basketball/volleyball, a strength-training area, cardiovascular fitness and aerobics. The center will offer memberships this summer.

A radiology center will be housed in the institute, including a PET/CT scanner, an MRI, a CT scanner, nuclear camera and a specialized women's imaging suite that will feature mammography, ultrasound and bone density scans.

BMK Architects Inc. designed the new building.

Dugans acquire

14th Street motel

Buyer: Troy and Donna Dugan, Bradenton

Seller: NKRP Inc.

Property: 1715 14th St. W., Bradenton

Price: $1.2 million

Previous Price: $650,000, February 2003

Law firm on deed: James Wallace, Esq., Bradenton

Plans, description: Troy and Donna Dugan purchased the 26-unit Classic Inn on 14th Street and additional properties surrounding the motel. Combining a tri-plex to the south, a vacant parcel and two houses, the Dugans own an entire city block.

Troy Dugan says he doesn't have any development plans for the sites yet. Dugan says he was drawn to the area by the recent efforts of the Downtown Development Authority to improve the region.

At about the same time, the city's DDA was expected to purchase the Manatee Inn, 1405 14th St. W., for $1.7 million. Additionally, developer William Manfull is expected to buy the 45-acre Bradenton Tropical Palms mobile home park on the 2300 block of 14th Street for $88 million.

The Dugans mortgaged the property to First National Bank & Trust for $1.09 million.

Developer files plan

for Ranch retail center

The Fort Myers office of North American Properties will develop a 79,730-square-foot retail development project north of State Road 70 and west of Lakewood Ranch Boulevard in Manatee County. According to John Swart, president of Lakewood Ranch Realty, North American Properties has completed the rezoning for the new retail development and recently filed for preliminary site-plan approval.

The Publix Super Market portion of the development is slated to be about 45,000-sqauare feet. Swart expects construction on the project to start in the second quarter around May or June for an opening in late 2006 or early 2007.

Whitfield Park Loop

buys warehouse

Buyer: Whitfield Park Loop Associates LLP, Sarasota

Seller: Extra Closet Sarasota Inc.

Property: 1909 and 1905 Whitfield Park Loop,

Price: $895,000

Previous Price: $570,000, November 1995

Law firm on deed: Lowndes Drosdick Doster Kantor & Reed PA, Orlando

Plans, description: Katherine Machovec, president of Designer Warehousing in Sarasota, purchased an 18,500-square-foot warehouse for additional indoor storage.

Machovec, whose company name for the transaction was Whitfield Park Loop Associates, mortgaged the property to Bank of Commerce for $716,000.

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