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Real Estate Briefs (Sara/Mana edition)
Developer gears up
for Alinari start
Coscan Homes of Fort Lauderdale is about to start development of the 205-unit Alinari at Rosemary Place in Sarasota. The developer has received a permit to build the 18-story condo development at 800 N. Tamiami Trail. A groundbreaking is planned for the first week in January.
Earlier this month, Americais Capital Partnersi ACP/Alinari LLC, the new owner of Alinari, hired Coscan Homes. Officials with the New Home division of Michael Saunders & Co. say 50% of the condominiums, which range in price from about $400,000 to more than $1 million, have been sold. Units range in size from 1,076 to 3,218 square feet. The building permit lists the estimated cost of the project $44.4 million.
Miami-based Americais Capital Partners, a property investment firm, is one of the largest owners of office buildings in Florida. Coscan Homes has built more than 5,000 homes in more than 20 communities in South Florida. Coscan Construction is the general contractor for Trump Palace, the tallest residential high-rise south of New York City being constructed in Sunny Isles Beach in South Florida. Other projects include NOLA Lofts in Fort Lauderdale, Uptown Marina Lofts in Aventura and Ice in Miami.
Stokes & Griffith buys
270 acres in Parrish
Jacksonville-based Stokes & Griffith Propertiesi Parrish Plantation LLC purchased about 270 acres at 12323 and 12221 State Road 62, Parrish, from Richard Smith, individual and trustee of the M.W.R. Revocable Trust for $6.5 million.
Scott Griffith, an official in the firmis Tampa office, says development plans are not yet final. iIt will likely be a residential community,i Griffith says, ibut it is going to take about a year just to rezone the property.i
Stokes & Griffith Properties is developing about 260 homes on about 77 acres between the Fox Ridge and Citrus Acres on State Road 54 in Wesley Chapel.
National Constructors
breaks ground on new park
National Constructors Inc. started construction on Sarasota Business Center II, a 12-building office/warehouse condominium development off Porter Road near Interstate 75 and Fruitville Road. Units in the development will range in size from 2,325 square feet to 30,500 square feet and will feature storefront entries and rollup doors on the exterior.
David Howell, president and CEO of National Constructors designed the industrial business park to appeal to independent, mid-sized businesses that want to own their office/operations property.
National Constructors Inc. is developing another business park, Sarasota Business Center, at Jacaranda Boulevard and I-75 in Venice. Phase two of that park is scheduled to break ground by the first of 2005.
Sarasota County buys
railroad for rec trail
Sarasota County purchased the 12.8-mile railroad corridor, which runs from Clark Road to Center Road. The 155 acres was previously owned by CSX Transportation Inc. and had been leased to Seminole Gulf Railway. The Trust for Public Land purchased the property and quickly turned around and sold it to Sarasota County for $11.75 million.
The parcel connects several county and state parks, including Oscar Scherer State Park; spans two waterways, Shakett Creek and Roberts Bay; and also features the Venice Train Depot.
TPL, a national nonprofit land conservation organization, will donate $150,000 toward the building of the trail system. This is the second trail segment TPL has acquired from CSX Transportation in the past two months. The first project was in Leesburg in Lake County. TPL also is working with CSX on projects in several other Florida communities, including St. Petersburg, Tallahassee, and Gainesville.
The project was funded by telecommunication taxes, ad valorem taxes and the infrastructure surtax continuation funds.
As the next step, county staff will meet with representatives of the Florida Department of Transportation about a possible partnership on development of a recreational trail along the corridor. After discussions with FDOT, the county probably will proceed with development of a master plan for the project.
Boca Raton resident
buys Lloydis Trailer Park
Frank Bruno of Boca Raton purchased the 70-space Lloydis Trailer Park, 1419 26th Ave. W., Bradenton, from Isaac Forrest and William Mullen for $750,000.
iWe are cleaning the park up right now,i Bruno says. iIt was in pretty bad shape. We spent some money just getting all the debris out of there.i
Next up on Brunois planned redevelopment of the center is improving and updating the water system.
iWe are taking contracts from companies to do the water system and put the water meters in there,i Bruno says. iWe are going to straighten up the laundry room. The tenants there are very nice people and deserve a nice place to live.i
As for rents, Bruno says he knows they iare pretty much at a maximum. O We think in three to four years we should have a good solid valuable investment. This is my first investment like this, but I am familiar with it from an investment standpoint.i
Currently, 61 of the 70 units are occupied.
Bruno, who used the corporate name of Milford LLC for the transaction, mortgaged the mobile home park to Imperial Capital Bank for $525,000 and to the former owners for $112,500.
Famous Craft buys
manufacturing facility
The Bradenton-based boat manufacturer Famous Craft Inc. bought an industrial warehouse at 7921 15th Street E., Bradenton, from Palm Distributing LLC for $1.84 million.
iWe have been manufacturing there for about three years,i says Ronda Lee Rinker, company president. iWe just decided it was time to buy.i
Famous Craft mortgaged the property to John Rinker for $2 million.
EtcO
i Tropex Plant Leafing Inc. filed a site plan to build a 9,900-square-foot packing and shipping facility. Charlie Lenger, owner of Tropex, expects to have the building completed by June.
i Sarasotais Kellogg & Kimsey, Inc. was awarded two Barnes & Noble tenant finish projects. Both jobs are located in Arizona, one in Phoenix and the other in Gilbert.
Each bookstore interior is about 25,000 square feet and will be completed in early 2005. Kellogg & Kimsey Inc. has completed more than 150 Barnes & Noble projects nationwide.
i Nokomis-based S&J Properties of S.W. Florida purchased land on Country Road in Sarasota County from Eli and Vera Herschberger for $2.5 million.
i Tampais WRB Enterprises Inc. bought land from Dan Blalock Jr., trustee, for $2 million. WRB converted the venerable Ybor Square into a mixed-use office and retail development. In residential housing, WRB is a joint-venture partner in various single-family lot developments throughout the Tampa Bay area.
WRB owns a portfolio of real estate holdings, including a 2,000-acre cattle ranch near Dade City and more than 3,000 additional acres of commercial and agricultural properties throughout the Southeast United States.
i Hal Gillihan, a sales associate in the Bradenton office of Michael Saunders & Co., set a record sale for Key Royale in November closing on 613 North Point Dr. with selling agent May McNeill for the record price of $1.6 million.
The highest sales price ever recorded for the Key Royale area, the property sold by Gillihan and McNeill is located in North Point Harbour, an exclusive waterfront community in Holmes Beach. The home features three bedrooms-plus-bonus room, soaring ceilings, fireplace, caged heated pool and Jacuzzi, plush landscaping, circular brick paver drive and a 73-foot dock on a deep sailboat water.
i Sarasota County has agreed to purchase 11 acres of environmentally sensitive land on Lemon Bay, by action of the Board of County Commissioners. The acquisition involved some of the only undeveloped bay shoreline remaining within Sarasota County and expands the countyis Lemon Bay Park. The acquisition also provides 565 feet of bay frontage. Purchase price of this joint project between two county offices: the Environmentally Sensitive Lands Protection Program and Parks and Recreation, is $2.6 million.
The property is adjacent to the 196-acre Lemon Bay Park and will provide entry to a previously inaccessible section of the park.
i Michael and Melinda Voigtis Apricot Holdings purchased industrial and light warehouse space at 901 Apricot Ave., Sarasota, from Thomson Ltd. LLC for $330,000. Apricot Holdings mortgaged the property to Landmark Bank for $528,000.
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