Real Estate Briefs (Sara/Mana edition)
Waterford Cos. builds
Island Park Condominiums
FRC LLC, a division of Veniceis Waterford Cos., purchased land near the intersection of Field Avenue and Cooper Street, Venice, from Southwest Florida Retirement Center Inc. for $875,000. The land is the second of two designated for the four-building 48-unit Island Park Condominiums.
The first building will be completed Feb. 1, says Pat Waguespack, a company official.
iProperty on the island is few and far between,i she says. iThis is one of the very few open parcels that is convenient to Sarasota and Port Charlotte. Units there have been selling like crazy.i
The Waterford Cos. has also contracted to buy land in Palmetto to develop two high-rise condominium towers, called The Palms at Riviera Dunes. The buildings will be connected by a clubhouse and recreational facilities, Waguespack says.
Waterford employees are working out of a trailer at the site, she says, adding, iWe havenit even put up our signs yet, but I hear we are getting calls already for presales.i
buys 460 acres
Town & Country Developers of Florida, now known as Stratlin Homes, has purchased about 460 acres, including the Lester Ranch, on Mendoza Road west of Interstate 75 in Ellenton from Jerold Daniel, trustee for the Daniel Family Trust, for about $16.1 million.
Bill Furst, the companyis senior vice president, says Stratlin Homes plans to focus first on the ranchis 192 acres, developing a subdivision with about two homes per acre. Company officials plan to design the community around the old railroad tracks, which are being abandoned to make way for the future Willow-Ellenton Bike/Pedestrian Trail.
iWe have no plans for the rest of it yet,i Furst says. iThat area is just really hot. Itis turning into the bedroom community for St. Petersburg-Clearwater. Plus is isnit very often you can find a 460-acre tract that somebody hasnit grabbed up.i
Neal partners with SMR
on residential development
Frank Cassata and homebuilder Pat Neal bought 372 acres across from Lake Erie College of Osteopathic Medicine in Lakewood Ranch from Schroeder-Manatee Ranch Inc. for $16.8 million.
iItis going to be a joint development with SMR and Pat Neal,i says Linda Gross, a spokesperson for Neal. iThey are going to develop family housing. Construction should start in early 2006. These are going to be moderately-priced family homes.i
Although no final prices have been set, the price range is expected to range from $200,000 to $500,000 for a single-family home.
plan upscale storage on 301
The Winterroowd family and Kelly Abercrombie purchased commercial land at 1027 Washington Blvd. N., Sarasota, from Roger and Yvonne Wolfe for $1.25 million.
Abercrombie says the new owners, who used the corporate name of 1027 N. Washington LLC for the transaction, plan to build an 86,400-square-foot upscale self-storage facility. Construction should begin by the first quarter of 2005 and be completed by yearis end.
iWe just think this is something that is pretty unique and needed in the county and the city,i Abercrombie says. iItis going to be more in the image of upscale condominiums like the Ritz-Carlton. Itis going to have nice finished marble.i
The general contractor for the project is Heatherwood Construction of Naples.
The buyer, 1027 N. Washington LLC, mortgaged the property to the former owners for $275,000.
Coast Bank of Florida
buys in University Commons
Bradenton-based Coast Bank of Florida bought land in University Commons, and its parent company announced plans to acquire or lease four Pinellas County bank locations. The bank purchased vacant commercial land at 3802 84th Ave. Circle E., Bradenton, from University Commons Land Development LLC for $850,000.
iWe are really just land banking it for now,i says Brian Peters, president and chief executive officer. iBuilding a new bank location is pretty time consuming and costly.i
Peters says that Coast Financial Holdings Inc.is planned expansion into four Pinellas bank locations should happen much quicker. The expansion, which still needs regulatory approval, could allow the bank to open the new locations in the first or second quarter of 2005 and at what is expected to be a significantly lower cost than building new branches in those locations. The bank hopes to open branches in downtown St. Petersburg, St. Petersburg, Kenneth City and Seminole.
iWe believe we bring unique and valuable products and services to a market that has largely been disrupted by a string of acquisitions by out-of-state banks,i Peters says. iOur management team has significant experience in the Pinellas market and we are confident in our ability to successfully grow the franchise in that market. We have had great success when we used this strategy in Manatee County.i
Peters says he hopes to continue to expand the bankis presence in Manatee, but its current options are limited to building a new banking facility. The $358-million asset bank now operates seven full-service branches. Coast Bank offers asset and investment management services through an arrangement with Raymond James Financial Services Inc.
First Watch moves
into new headquarters
First Watch Restaurants Inc. has moved its headquarters to 9027 Town Center Parkway in Bradenton from 6910 Professional Parkway E. in Sarasota, both of which are in Lakewood Ranch
The new 5,200-square-foot space is almost twice as large as the companyis former office. First Watch has opened eight restaurants during the past two years, bringing its total number of restaurants to 52.
iWeive reached the stage where we need to add some key management positions, including a director of personnel and training, COO, director of franchising, and director of real estate and construction,i says CEO Ken Pendery.
In addition, the company recently received a significant capital investment to fuel an aggressive expansion program. First Watch will initially expand within Florida, but company officials are also considering expansion into northern Ohio, Atlanta, Washington, D.C., and Philadelphia. Company plans call for operating about 100 restaurants by the end of 2006.
First Watch has restaurants in Arizona, California, Kansas, Florida, Ohio, Kentucky, Oklahoma, Missouri and West Virginia.
Nisley Homes owner
buys on Palmer Boulevard
Andy Nisleyis Ni-Der Corp. purchased about 68 acres on Palmer Boulevard, one-and-a-half mile east of Cattlemen Road, in Sarasota from Teo Zacchini, trustee, for $2.4 million.
iIim planning to hold it for now,i says Nisley, president of the Sarasota-based homebuilder Nisley Homes Inc. iTo be honest, part of the reason I bought it was I just sold a big piece of land near the interstate and Fruitville Road, so this saves me on the taxes. Eventually Iill probably build residential out there. Itis near a (planned) new school and is south of where they are doing some development right now.i
One of the biggest obstacles to future development of the land, Nisley says is an eagleis nest on the property.
iIim hoping in the long-term that the eagle decides to leave,i he says.
Technology Performance Group
relocates to 58th Drive East
Melissa Weise and Mark Wolfgram, the principals of Bradenton-based Technology Performance Group, purchased an office building at 9050 58th Drive E., Bradenton, from Thomason & Thomason LC for about $1.19 million.
The company had previously leased about 2,000 square feet at 4132 20th Street W. The new owners are renovating and building at the 58th Drive location, which is expected to grow to 5,884 square feet.
iItis close to I-75 with easy access to both airports,i Weise says. iThis will give us a little over 3,500 square feet of extra space. We really bought this because of our two-year projection for growth, which is pretty considerable.i
Technology Performance Group assists manufacturers in maximizing their production capability, efficiency and equipment reliability.
The two partners, who used the corporate name of Mambo LLC for the transaction, mortgaged the building to Community Bank of Manatee for $871,250.
Steve Pimlott, of Bosshardt Realty Services, represented the buyer, and Robert Brillon, of Realty World-Sarasota, represented the seller.
i Christopher and Mary Sullivan of Bradentonis Chris Sullivan Insurance purchased an 1,000-square-foot condominium at Peridia Office Park, Bradenton, from developer Borderlake LLC of Tampa for $175,000. The new home auto and general-liability insurance agency is slated to be fully operational early next year. Robert A. Brillon, of Realty World - Sarasota, handled the transaction.