Real Estate Briefs (Sara/Mana edition)
Royal Palm Terrace Apartments
planned for north of theater
Andy and Beth Reasoner, of Royal Palm Nurseries, have teamed up with attorneys Greg Roberts and Bob Klingbeil, of Venice-based Klingbeil & Roberts PA, to develop the Royal Palm Terrace Apartments.
The 220-unit iaffordable luxuryi apartment complex is under construction at the 20-acre Royal Palm Nurseries site north of the Carmike Royal Palm 20-movie theater, which the Reasoners have owned for several years. Affordable luxury is Andy Reasoneris description of the project, which shares elements of both a private development and public U.S. Department of Housing and Urban Development project.
By committing a portion of the project for families with incomes 80% below the countyis median income, the developers o known collectively as Dazlbet Partners LLC o were able to develop additional units on the site. At the same time, Dazlbet Partners was also able to qualify for a government program where HUD acts as the guarantor on the private development loan. GMAC Commercial Mortgage Bank eventually backed the project in a $19.8 million loan.
iThis is going to be nicer than anything else that is affordable in town because of the location o next to the movie theater and Wal-Mart o and because of the density the county allowed us to build at,i Reasoner says. iThis allowed us to provide a much higher-quality housing project with essentially just about as many amenities as any other luxury apartment.i The development will offer 64 garages and a clubhouse with a fitness facility and computer center. The developer hired Vestcor Construction Services of Jacksonville as general contractor. Royal American Management, of Panama City, has been hired to run the property.
iI would be terrified with a more traditional loan on a development of this size,i Reasoner says, ibut with HUD looking over my shoulder, a novice owner and developer like myself can feel more comfortable. We are shooting to have the first units ready to rent around October. We should be completed in late spring or early summer of i06. We believe there is a big need in the county for a place for multifamily affordable space that is the last step before residents move onto single-family housing.i
Atlanta pays pretty penny
for Sarasotais Admiralis Walk
Atlanta-based Sarasota Residences LLC purchased the Admirals Walk apartments on Clark Road west of Interstate 75, Sarasota, from Orix Admiralis Walk Sarasota LLC for $33.9 million.
The 249-unit apartment complex was purchased for about $136,000 per unit, which according to Cushman & Wakefield officials is the highest price per unit apartment sale ever recorded in Sarasota.
Byron Moger, senior director of the Southwest Florida Division of Cushman & Wakefield negotiated the transaction,
Moger also recently negotiated the sale of Tampais 244-unit Forest Place Apartments, located off Fowler Avenue on 22nd Street, near the University of South Florida to Tampa-based Blue Rock Partners.
Splash Pools developing
Bradenton flex park
University Park-based pool contractor Splash Pools Inc. bought vacant industrial land on Lena Road from Opus Development LLC for $739,583.
The company plans to develop five 20,000-square-foot office/flex buildings, says Jim Dellinger, president of Splash Pools. iWe will occupy probably 10,000 square feet of one of them,i he says. iItis on the road, which goes from State Road 64 to State Road 70, and itis right up against the interstate where 85,000 cars travel every day.i
Dellinger expects construction to start in about 18 months. Bradenton architect Jerry Zoller is doing the land planning for the project. Dellinger expects to present the preliminary plan to Manatee County government on Feb. 9. Splash mortgaged the site to Coast Bank of Florida for $592,000.
A week earlier, Splash Pools, Joe Dellinger (Jim Dellingeris brother) and Larry Adami purchased a 60,000-square-foot building at 5947 Clark Center Ave., Sarasota, from Albritton Groves Ltd. Dellinger expects to occupy about 9,000 square feet in the Clark Center Road location and to add an additional 3,700 square feet. The space will serve as a second office for Splash Pools.
iThe Albritton building is our first priority,i Dellinger says. iOur thought process was if you draw a 10-mile circle around both the Clark Road site and S.R. 64 you cover the spots where most of the pools for the new home developments are being built. This is where we want to be for the next 10 years. But it was just a coincidence that they fell so close together.i
Dellinger hopes to open the Clark Center location in the next 90 days.
iWe have had continuous safe growth for seven years,i Dellinger says. iFinancially we are strong. We think the wisest way to diversify is by owning our real estate.i
Sarasota developers buy
17th Street church
Mark Miller, president of Westwater Construction, Chad Bratzke, formerly a defensive end for the Indianapolis Colts, and Gil Alvarez, broker and partner for the real estate brokerage Sarasota Select Properties, bought a church building at 3650 17th St., Sarasota, from Unity Church of Sarasota Inc. for $1.48 million.
iItis going to be 30 to 40 townhomes,i Miller says. iTheyire going to have a lower price (than Burns Court Villas). We are leasing the church to another congregation for the next year.i
Miller hopes to break ground on the project, which is being called Oliviais Garden after Milleris daughter, in the next 18 months. Westwater Construction will act as general contractor for the development, and Sarasota-based DSDG Inc. will be the architect.
The developers mortgaged the property to Coast Bank for $1.3 million.
Tringaliis G&T Land
buys 289 acres
Michael Tringaliis G&T Land Development LLC bought about 289 acres between Fruitville and University Parkway east of Interstate 75 from Capital Force Inc. for $18.2 million.
The land is currently zoned for development of one home for every five acres. iWe are planning to designate a section of the land here for a future school,i Trangali says.
Trangali is the developer behind the 79-home estate development St. Ives Northwest in Bradenton and the 20-home Portofino on the Bay.
G&T Land Development LLC mortgaged the land to Orion Bank for $13.15 million.
Realtor buys land,
plans two flex buildings
Michael Blaikie, a real estate agent with Michael Saunders & Co., bought 2.25 acres in Sarasota International Trade Center North from SITC Inc. for $525,000.
Blaikie plans to develop two office/warehouse flex buildings on the site. The first building would be 18,000 square feet, and the second will be 12,000 square feet.
iIim planning to have 10 different unit sizes available from 2,100 square feet and up,i Blaikie says. iThey will be for sale or for lease.i
The project is currently in for permitting, and both buildings should break ground in March. The buildings are slated for completion in the third quarter of 2005.
iThis is going to be a little fancier than the typical flex building,i Blaikie says. iItis going to have stonework on the outside with trim and fencing. It will have nine-foot ceilings with fire sprinklers. Itis also going to have rear ground level loading areas and three phase 200-amp electrical service.i
Halfacre Construction will be the general contractor for the two buildings.
Developers plan offices
on Manatee Avenue
Jamie Ebling and Lansing, Mich.-based The Bazaire Group LLC purchased vacant land at 516 19th St. W. on Manatee Avenue from Barry and Carmen Conrad for $425,000.
iWe own more than just that corner out there,i says Ebling. iWe are planning to develop about 25,000 square feet of professional office space there in about three buildings. We are in the beginning stages of putting that together. We have a rezone planned there that would change it to Planned Development Office.i
Ebling says the developer will probably prelease the offices after receiving major approvals from the city. iBut of course this is all subject to the city liking it,i Ebling says.
At the same time the developer, in a partnership with Dr. Charles Tomeo, is working on a project on 2.3 acres on State Road 70 near Lakewood Ranch Boulevard. That is envisioned as a single multilevel building with 15,000 to 18,000 square feet of office space.
Construction on both of the projects is slated to start before the end of the year. King Engineering is doing the initially engineering planning on both sites.
i Shayco Corp. purchased a 4-unit resort complex, located at 5225 Avenida Navarra on Siesta Key, from Partners III Inc. for $875,000. Ian Black and Steve Horn, of Ian Black Real Estate, and Miford Inganamort, of Maxpoint, handled the transaction.
i Scoop Real Estate LP purchased a BB&T branch at 100 34th St., St. Petersburg, from Belleair Development Group for $2,726,000. Steve Horn, of Ian Black Real Estate, and Bob Fraser, of Net Leased Investment Co., handled the transaction.
i Dr. Michael McClure signed a three-year lease for 1,450 square feet at 2055 Wood St., Sarasota, from Wood Street Investors LLC. Steve Horn, of Ian Black Real Estate, handled this transaction.
i National Constructors Inc. has starting raising the walls for the first of five new buildings at Sarasota Business Center II. The Sarasota Business Center II sits on 12 acres and is situated near Fruitville Road and Interstate 75, directly off Porter Road.
i Comfort Enclosures Roofing & Contracting Inc. purchased a 9,100-square-foot office/warehouse building, at 203-205 Base Ave., Venice, from Casey Key Associates Ltd. for $575,000. Jeff Button, of Richardson Kleiber Walter, Kleiber Partnership, represented the seller, and Mary Beth Wilson, of Preferred Properties of Venice, represented the buyer.
i David MacRae, as trustee, purchased a 2,322 square foot office/warehouse condominium unit within the Sarasota Business Center at 752 Commerce Drive, Venice, from SCP Condominium LLC for $235,000. Courtney Milligan, of Sarasota Business Center, represented the seller, and Jeff Button, of Richardson Kleiber Walter, Kleiber Partnership, represented the buyer.
i Mark & Joan Holdings LLC purchased an office/warehouse condominium unit at 2123 Porter Lake Drive, Sarasota, from Graphic Property Holdings LLC for $139,900. John Caragiulo, of Hembree & Associates, represented the seller, and Jeff Button, of Richardson Kleiber Walter, Kleiber Partnership, represented the buyer.
i Tru-Temp Heating & Cooling Inc. leased a 2,465 square foot office/warehouse unit at 4366 Independence Court. Jennifer and Jeff Button, of Richardson Kleiber Walter, Kleiber Partnership, handled the transaction.
i The Sarasota general contracting firm of Kellogg & Kimsey Inc. recently completed construction on two local projects. The firm completed the demolition, renovation and addition of an existing retail center to 43,000 square feet of new retail space in Paradise Plaza, located at U.S. 41 and Bee Ridge Road. In addition, Kellogg & Kimsey Inc. also recently finished work on Yankee Traveler on St. Armandis Circle for Casto Southeast. Kellogg & Kimsey remodeled the existing space to create 25,000 square feet of new retail space.
i Adam Wieand, of Venture Rentals Ltd. and Bayshore Rental Apartments, bought property at 2519 Ninth Ave. W. from Five Star 2 Manatee Inc. for $475,000. Wieand, who used the corporate name of Odyssey Properties Manatee LLC for the transaction, mortgaged the property to Coast Bank of Florida for $380,000.
i Ritchie Enterprises Inc. bought several pieces of vacant industrial land in the 1900 and 2000 block of 60th Place E. from Steve Solomon Inc. for a total of $835,000.
i Lennar Communities and U.S. Home announced that the first three homes put on the market at Tallon Bay in North Port sold in one day. Construction has begun on two models at Tallon Bay and land development is scheduled to be completed in six months, according to Squitieri. Home prices in Tallon Bay will range from the $250,000s to the $350,000s.
The 220-home, gated communityis planned entrance is located just west of Mineral Springs off U.S. 41 in North Port. The western-portion of Tallon Bay will abut the Myakka River. U.S. Homeis designs were created by architect Don Evans, of the Evans Group, in Orlando.
i Dan Abbott leased 1,000 square feet at 100 Wallace Ave., Sarasota, from H&M Holdings LLC for one year. Steve Horn, of Ian Black Real Estate, handled this transaction.