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Business Observer Friday, Mar. 4, 2005 17 years ago

Top 20 Projects

The following pages highlight the 20 largest private construction projects in the Sarasota-Manatee region. To qualify for the list, land must have been cleared for construction or construction started between March 10, 2004 and March 4, 2005. Both commercial and multifamily projects were included. The ranking is based on an assessment by The Construction Guide and independent research.
by: Adam Hughes Staff Writer

Top 20 Projects - By Sean Roth, Real Estate Editor

1. Alinari at Rosemary Place

Site: 800 N. Tamiami Trail, Sarasota

Estimated construction value: $64 million

Start date: February 2005

Estimated completion: First quarter 2007

General contractor: Kraft Construction Co., Naples

Owner: America's Capital Partners, Miami

Details: Alinari at Rosemary Place is a 17-story, 205-unit high-rise condominium on an 11-acre site next to The Renaissance. The development features units as small as 1,070 square feet and as large as 2,797 square feet, priced from $429,000 to $1.6 million. America's Capital Partner has hired Fort Lauderdale-based Coscan Homes as the fee-based developer to handle the day-to-day development responsibilities of building Alinari at Rosemary Place.

The condominium tower offers poolside cabanas, guest suites, roof gardens, a fitness center, electronic building access, a business center and climate-controlled storage.

2. Broadway Promenade

Site: 1032 N. Tamiami Trail, Sarasota

Estimated construction value: about $50 million (total project)

Start date: March 2005

Estimated completion: September 2006

General contractor: Current Builders, Pompano Beach

Owner: Broadway Promenade Holdings LLC (RMC Property Group Inc. and RAM Real Estate)

Details: Broadway Promenade is a mixed-use project in downtown Sarasota on U.S. 41, across the street from the Van Wezel Performing Arts Center. The development features a 28,000-square-foot Publix Super Market, 25,000 square feet of retail and commercial space (including a new building for the Broadway Bar) and 186 condominiums.

"This gives a competitive alternative to Whole Foods (Market)," says Carolyn Heath-Hausmann, a partner in the development and owner of the Broadway Bar. "It certainly provides easier access, especially for some citizens that aren't comfortable driving right in the center of downtown. It will extend the neighborhood walk feeling north of 10th Street. I just want to tell people don't forget about the Broadway Bar. We will be back serving the Sarasota area and theatre district before you know it."

3. The Promenade at Riverwalk - River Dance

Site: 400 Third Ave. W., Bradenton

Estimated construction value: $40.5 million for building one and $135 million for the total project

Start date: October

Estimated completion: First quarter 2006 (building 1); end 2007 (total)

General contractor: Thomason-Stevens LLC, Atlanta

Owner: Hatfield Development Co. LLC, Atlanta, and Jan Smith and Co., Bradenton

Details: River Dance, the first of three condominium towers planned for the former Sandpile Third Avenue site, is sold out. The first building, a 115-unit, eight-story condominium tower in downtown Bradenton offers residents a business center, conference room, media center, exercise facility, card rooms, billiard room, swimming pool and community kitchen. All three towers will provide similar amenities and will share three tennis courses, a sports court, other outdoor sports facilities and an outdoor grilling area. Sales in the second tower are slated to start in the next few weeks and units, excluding penthouses, are expected to range from $200,000 to $600,000.

The development, along with the $16-million Mainstreet at Bradenton apartment project that preceded it, are fueling added development interest both in the Riverfront property and in the remainder of downtown.

4. Manatee Memorial Hospital Patient Tower

Site: 206 Second Street E., Bradenton

Estimated construction value: $40 million

Start date: November (relocation and renovation of existing operations in the hospital for demolition of existing building)

Estimated completion: Summer or fall 2006

General contractor: Manhattan Construction Co., Tampa

Owner: Universal Health Services Inc., King of Prussia, Pa.

Details: Manatee Memorial Hospital plans to demolish the back radial of the main building to build a new 176,000-square-foot medical building and 450-space parking garage. Renovation and relocation of existing departments to accommodate the affected departments has started, and demolition will start later this month. The four-story medical tower, which is expandable at a later date by two additional stories, will have 219 private and 50 semi-private patient rooms as well as administrative office suites, medical staff offices and lounge and a community auditorium. The tower will also feature medical classrooms in anticipation of the medical students attracted to the area by the new Lakewood Ranch campus of the Lake Erie College of Osteopathic Medicine.

5. Rivo at Ringling

Site: 1771 Ringling Blvd., Sarasota

Estimated construction value: $38 million

Start date: November 2004

Estimated completion: Late summer of 2006

General contractor: Kraft Construction Co., Naples

Owner: Rivo at Ringling LLC (Piero Rivolta, principal, Sarasota)

Details: The Rivo at Ringling, a 92-unit, 15-story condominium tower, is the centerpiece of a five-project development by The Rivolta Group on a two-acre Ringling Avenue site. Ninety-seven percent of the condominium units, which range from 1,440 square feet to 3,460 square feet, are currently under contract, according to Gary Johnson, president of Tivoli Homes and project manager for Rivo. The remaining units start at $1.1 million. Parking is contained on the bottom five levels. The third level will feature a pool, conference room and exercise facility.

"It exceeded our expectations, and we had high expectations," Johnson, says. "The market was exceptionally strong in our earlier pricing levels, which started around $360,000, but were mainly in the ($400,000) and ($500,000). The upper end takes a little bit longer but we are very happy where we are in presales."

On either side of the condominium, The Rivolta Group plans to build a two-story, 10,800-square-foot retail/office space building; a two-story, 9,000-square-foot bank with a drive-through and two two-story (over parking) office buildings, each 7,840 square feet.

6. 1350 Main

Site: 1350 Main St., Sarasota

Estimated construction value: $30 million

Start date: February 2005

Estimated completion: Late 2006

General contractor: Kraft Construction Co., Naples

Owner: Sarasota Main Street LLC (LB Jax Development LLC, Jacksonville and Southcoast Partners Inc., Boca Raton)

Details: Thirteen-fifty Main is a 134-unit, 17-story condominium development in the center of downtown near the intersection of Main Street and Palm Avenue. The development features a club/media room, business center, conference room, gym, pool, grill area and a guest suite. As of late February, 133 of the 134 units were under contract leaving only a $1 million penthouse on the market. The development will also offer 6,200 square feet of retail space and 239 parking spaces.

7. Kanaya

Site: 505 S. Orange Ave., Sarasota

Estimated construction value: $23 million

Start date: December

Estimated completion: Third quarter 2006

General contractor: W.G. Mills Inc., Sarasota

Owner: Kanaya LLC (Dr. Harvey Kaltsas, Sarasota)

Details: Dr. Harvey Kaltsas, a Sarasota doctor of integrative medicine and a local real estate developer, is developing what he is marketing as a healthy condominium project called Kanaya. The 14-story project will feature 35 residential units, two commercial/retail units and a rooftop garden. The architectural firm for the condominium was Sarasota's Lawson Group Inc. Architects. Units in the development range from 2,600 square feet to 3,000 square feet and start at about $1 million.

"I hope our healthy design will inspire other builders in the area," Kaltsas says. "It is not that expensive to incorporate healthy building techniques to make a building a healthier place to live."

8. The Savoy on Palm

Site: 401 S. Palm Ave., Sarasota

Estimated construction value: $21 million (hard costs)

Start date: April

Estimated completion: September

General contractor: Turner Construction Co., Dallas

Owner: Floria LLC (P. Wallenberg Development Co. and Placida Properties Inc.)

details: After a three-year delay, the 24-unit, 11-story Savoy on Palm is under construction in the arts district. The development features private two-car garages, a fitness center, guest suites, social dining area, library, rooftop terrace, lounge, locker rooms with a sauna, pool and heated lap pools. Only four units and one penthouse are still available, and they range from $1.52 million to $3.65 million.

9. Laguna At Riviera Dunes Building II

Site: 606-615 Riviera Dunes Way, Palmetto

Estimated construction value: $18 million (per building)

Start date: November (building 2)

Estimated completion: December 2005 (building 2)

General contractor: Opus South Constructors

Owner: Laguna Riviera Ventures LLC (Opus South Development LLC, Tampa)

details: Laguna at Riviera Dunes is constructing a five-building 210-unit high-rise condominium development. Each building has six residential levels over parking, with about 42 units in each building. The first building, which was completed in January, is sold out. According to George Smith, director of real estate development for Opus South, only five units are still available in the second building. Units in the development range from 1,702 square feet to 4,239 square feet and are priced from the mid-$400,000s to $1.75 million.

10. Crescent - Siesta Key

Site: 6512 Midnight Pass Road, Siesta Key

Estimated construction value: $13.7 million

Start date: October

Estimated completion: First quarter 2006

General contractor: Skanska

DEVELOPER: Bella Vista Group Inc., Tampa

details: The 5-story, 26-unit Crescent condominium is situated on an a two-acre parcel on the beach that was formerly the home of the Crescent View Beach Club Hotel. The development was designed by architect Walton H. Chancey & Associates. Sales in the development started in February of 2004, and about 90% of the units have been sold to date. The units, which have an average sales price of $1.2 million, range in size from 1,630-square-foot to 2,100-square-foot. According to Bella Vista's marketing department, the development, which has two swimming pools, uses a modern architectural design that emphasizes fluid buildings lines and glass to accentuate the waterfront views.

The Bella Vista Group developed the Seagrove and Somerset Cay on Heron Lagoon condominiums on Siesta Key.

11. Phillippi Landings

Site: 1840 Phillippi Shores

Estimated construction value: $12-13 million (first building); $100 million (total project)

Start date: July

Estimated completion: Fall (first building); winter (second building); 2006 (total project)

General contractor: W.G. Mills South Inc., Sarasota

Owner: PL Development (Ramar Group Cos. Inc, manages the development)

details: Phillippi Landings is planned as a five- or six-building, 180-unit condominium development along the water. The upscale development will also feature 37 boat slips and a clubhouse. Robert Morris III, executive vice president with the Ramar Group Cos. Inc., says that 50 units in the development have been sold. The units, as small as 1,700 square feet and as large as 2,800 square feet, are priced from about $400,000 to $1.95 million.

12. San Marco

Site: 1188 N. Tamiami Trail, Sarasota

Estimated construction value: $12.8 million

Start date: December 2004

Estimated completion: November 2005

General contractor: Kellogg and Kimsey Inc., Sarasota

Owner: San Marco LLC (JM Communities lead developer, Sarasota)

details: The San Marco condominium is a six-story, 23-unit condominium being developed along U.S. 41 just north of The Broadway Promenade site. The development features 5,000 square feet of retail space and meeting rooms on the bottom level, plus 2,300 square feet of office space on the second floor. According to James Moynihan, president of JM Communities, 15 of the development's condominiums are under contract. Units, as small as 1,843 square feet and as large as 4,000 square feet, range in price from $400,000 to $1.2 million.

The development is located in a designated redevelopment area, which means it can qualify for tax credits and other incentives.

13. Windsor of Lakewood Ranch

Site: 8220 Nature's Way

Estimated construction value: $11 million

Start date: June 2004

Estimated completion: August 2005

General contractor: Tom Wessel Construction Inc., Sarasota

Owner: Lakewood Senior Living LLC (Cathy Layton, Pete Russell and Tim and Gail Buchanan)

details: The Windsor of Lakewood Ranch is Lakewood Ranch's first assisted-living facility and the third facility in the area for the ownership group. The 63,170-square-foot two-story building will have 80 residential units and will feature an open courtyard at its center. Near Lakewood Ranch Medical Center, the Windsor provides a formal dining area, cafe dining, multiple libraries, country kitchen areas, a media room and a game room.

"About 60% of the suites have views of either the lake or a nature preserve," says Cathy Layton. "Two weeks ago, we began to assign specific rooms, and thus far, we have 15 rooms reserved. This is really designed for people who work or live in Lakewood Ranch, so they can be near their parents or grandparents."

14. Publix in Beachway Plaza

Site: 7208 Manatee Ave. W., Bradenton

Estimated construction value: $10 million

Start date: March 2004

Estimated completion: December 2004

General contractor: Benning Construction Co., Smyrna, Ga.

Owner: Beachway Partners LLC (RMC Property Group, Tampa)

details: When RMC Property Group bought the 120,308-square-foot Beachway Plaza early last year, it knew the quarter-century old center needed both a facelift and major tenants. The main focus of its work was to demolish a former Beall's Department Store and replace it with a 45,000-square-foot Publix Super Market. The new grocery store, which has been completed, is largely credited - along with two other major tenant changes - with reinvigorating the shopping center.

15. Ringling Square

Site: 1626 Ringling Blvd., Sarasota

Estimated construction value: $10 million

Start date: September 2004

Estimated completion: December 2005

General contractor: Kellogg and Kimsey Inc., Sarasota

Owner: Ringling Square LLC (Sarasotans: Doug Tibbetts, Brian Sullivan, John Michael Smith and Boca Grande resident Gary Sligar)

details: Ringling Square is designed as a five-story, 42,220-square-foot commercial building and four-story, 144-space parking garage at the corner of Ringling Boulevard and Orange Avenue. About 38,000 square feet in the commercial building is reserved for office space, and AmSouth Bank has signed on as the anchor tenant. The development was designed by Mark Sultana of Sarasota's DSDG Group.

A similar group of developers renovated and refurbished the Hillview Square, at 1830 Osprey Ave. S., Sarasota, and is developing the Hotel Indigo.

16. Tropicana Products Inc.

Site: 1001 13th Ave. E., Bradenton


Start date: April 1, 2004

Estimated completion: Mid-May 2005

General contractor: Enerfab Inc., Cincinnati

Owner: Tropicana Products Inc., Bradenton

details: Tropicana is in the midst of installing additional juice tanks for aseptic cold storage within its current processing plant. In this fourth phase, Tropicana is constructing a 27,100-square-foot, 85 foot-tall building to enclose six, 1.5-million gallon storage tanks. The company has received approval for two additional phases of the development, which would entail 14 additional 1.5-million gallon tanks in multiple buildings.

16. Bay Pointe at Terra Ceia Bay Country Club

Site: 2715 Terra Ceia Bay Blvd., Palmetto

Estimated construction value: $9 million (Bay Pointe); $36 million (all three buildings)

Start date: February 2005 (Bay Pointe)

Estimated completion: About March 2006 (Bay Pointe)

General contractor: Current Builders, Pompano Beach

Owner: Manatee Fruit Co., Palmetto

details: Bay Pointe is the first of three new condominium projects planned for the gated Terra Ceia Bay Country Club neighborhood, which is being developed by first-time developer Manatee Fruit Co. Manatee Fruit Co. purchased three of the remaining parcels in the 474-home country club in Palmetto.

Bay Pointe is planned as a 36-unit, seven-story residential building, with views of Terra Ceia Bay. The following two planned condominiums, the first of which is called Bay Club at Terra Ceia Bay Country Club, will be 48-units each and nine-stories high.

"Once you get up five or six floors you can see three bodies of water," says Carlos Escalante, vice president Manatee Fruit Co. and project manager. "Because of where it is situated you can be in downtown St. Petersburg as quickly as you can be in Sarasota. We have sold 32 of the 36 units."

18. Magnolia Green III at Lakewood Ranch

Site: 6901 Professional Parkway E., Sarasota

Estimated construction value: $8 million

Start date: July 2004

Estimated completion: June (shell); November (tenant work)

General contractor: KM Development Corp., subsidiary of Homes by Towne

Owner: Schroeder-Manatee Ranch Inc. and Homes by Towne

details: Magnolia Green III is the third office building in the highly successful Magnolia Green section of Lakewood Ranch's Corporate Park. The newest building is about 50,000 square feet of class-A office space. John Swart, president of Lakewood Ranch Realty, says no major tenants have yet been signed.

19. University Health Park building III

Site: 2415 University Parkway, Sarasota

Estimated construction value: $6 million

Start date: October 2004

Estimated completion: October

General contractor: W.G. Mills Inc., Sarasota

Owner: University Medical Park III Inc. (a physician group managed by Dr. Don Harvey, president, Sarasota)

details: The third building in Dr. Don Harvey's medical office development, University Health Park, is 27,411 square feet. Currently, the facility is 91% preleased. The main anchor of the building is Eye Associates and other tenants in the facility include a large radiology group, a sleep center, pediatric neurology, an Easter Seals specialized pediatric-rehab center, an infectious disease group and orthopedics. Harvey says the pediatric-rehab center is one of the only specialized rehab centers in the two-county market. The closest comparable center is in St. Petersburg.

"We anticipate taking a major jump forward because of the all the construction on University Parkway and University Groves," Harvey says. One of the most significant impacts of the new building is that it will boost patient and physician volume so that a physician-owned surgery center in a fourth building is viable.

19. Rosa Del Mar

Site: 2510 Gulf Drive. N., Bradenton Beach

Estimated construction value: $6 million

Start date: February

Estimated completion: December

General contractor: D. L. Porter Constructors Inc., Sarasota

Owner: GSR Development LLC, Anna Maria (Robert Byrne and Steve Noriega)

details: Waterfront condominium developer GSR Development LLC bought four homes on Bradenton Beach (2508, 2510, 2512 and 2516 N. Gulf Drive) for about $7.7 million to develop a 14-unit upscale condominium called Rosa Del Mar. Prices in the Mediterranean-style condo start at $1.7 million, and the developer has seven presales.

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