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Ruben's Back
By Sean Roth
Real Estate Editor
Not long ago, he was like the 800-pound gorilla. As the Florida partner for Benderson Development Co. Inc., Wayne Ruben was responsible for establishing one of the company's most productive and high-growth markets. His successes included the turnaround of a depressed outlet shopping center and development of a Home Depot-anchored retail center, both on eastern University Parkway. In his 15 years with Benderson, Ruben, the Review's 2001 Top Entrepreneur, was a development dynamo, building or acquiring more than 50 medium- to large-scale developments all over the state.
Then in 2004, Ruben all but disappeared. A bad back forced him to quit working - or at least try to quit. Ruben also resigned from Benderson.
Today, he is back. Ruben and his friend and partner, contractor Roger Holland, form Ruben Holland Development, which has more than five projects set for construction in 2006 or early 2007.
Asked how the work load compares to his time with Benderson, Ruben responds, "I'm as busy as I ever was."
Ruben Holland's most prominent move to date occurred in early April, when the company was mentioned in connection with the commercial development of a parking lot behind the Hollywood 20 movie theater and Main Plaza at U.S. 301 and Fruitville Road in Sarasota. Ruben Holland is in the process of acquiring a share of the ownership, headed by general partner Sarasota attorney David Band. The $100 million project, currently called Premiere at Main Plaza, is planned as two 16-story condominium towers with 118 units on top of a 508-space parking garage, office and retail space.
"We are trying something pretty unique with these," Ruben says. "We are trying to make them true live-work condominiums. There will be 20 office suites that are solely available to unit owners ... on the fifth floor. There will be an additional 25,000 square feet of office space for lease to the public."
So far, the partnership has held its first pre-application Development Review Committee meeting on the project with the city of Sarasota, which should allow the development to qualify under the city's present zoning/development code.
"It's completely parking neutral," Ruben says. "Right now, the parking lot has 300 spaces, and we will be creating 508. If anything the restaurants are really excited about this because it should be a major improvement (from a demand perspective). Right now there are two whole decks of the (840-space) parking garage that are readily available during the day. This is really just a continuation of the tremendous demand for property along Fruitville Road."
Ruben is hoping he can start construction early next year.
Ruben Holland has also invested as a co-general partner in the former Bradenton City Hall property at Manatee Avenue West and 15th Street in downtown Bradenton. Band is the other co-general partner. The project is described as 104 condominium units in two towers along with office and retail space anchored by BB&T Bank. NDC Construction Co. demolished the building late last year, and NDC officials say the project is still on track to start in late 2005.
"We are in the design process now trying to get the site plan approved," says Ron Allen, president of NDC Construction. "We're happy to have them (Ruben Holland). It is always nice to have some new, creative ideas injected into a development."
Ruben Holland hopes to begin a third development, a mixed-use project on State Road 64 and Kay Road in Bradenton west of the Wal-Mart Supercenter in the last quarter of 2006. Called Park Plaza, the development proposes to build a 150,000-square-foot shopping center next to the Wal-Mart and 372 townhomes curving north toward the back of the development.
"We should break ground on that about a year from now," Ruben says. "We have a great lineup of tenants that are committed to it, both local and national tenants. The townhomes are surrounded by some of the most gorgeous views you'll ever see."
Also in Manatee County, next month Ruben Holland expects to file site plans for a luxury bayfront single-family residential project next to the El Conquistador Country Club golf course. Questioned about a possible connection with the golf course/club's new owner IMG Academies, Ruben would only say it's a possibility.
For its fifth development scheduled for construction at Laurel Road and Interstate 75 in Venice, Ruben's consulting and retail development work have converged. Ruben first started looking in that area as a development consultant for Sarasota Memorial Hospital. He eventually recommended and the hospital board approved buying a 66-acre parcel on Laurel and Pinebrook roads.
"Part of the hospital (administration's) vision was for Sarasota Memorial to have a South County healthcare campus," Ruben says. "This gives them a great location near the Interstate."
The second piece of the plan is housing for the related medical staff. "It is a challenge for the entire medical community to find convenient affordable housing for its staff members," Ruben says. "Just think about where the current hospital is located. The housing component was really huge in making the healthcare campus site work. So the CFO of the hospital (Michael Rolph) recommended I talk to the Gulf Coast Community Foundation (of Venice)."
According to Teri Hansen, the foundation's chief executive officer, the foundation already had been discussing creating a land trust, but Ruben and the hospital offered an attractive site. The hospital had a contract to purchase 146 acres along Laurel Road east of I-75, which was unnecessary to the creation of the healthcare campus.
"(Ruben) really gave us a lot of information and answered our questions when we were trying to figure out whether we could buy it," Hansen says. "Wayne and his son were very helpful throughout the assignment of the contact from SMH. He obviously knows his business very well. He was just great. This wasn't something he was going to make money on, but it felt pretty clear that he went to extra lengths because he wanted to see the development we hope to achieve there."
At the same time, Ruben Holland bought three parcels on the east side I-75. The development company has plans to build a 42,000-square-foot shopping center on one of the parcels. Plans for the other two parcels are still being worked out.
"We would have gone there just because of WCI's community (The Venetian Golf & River Club)," Ruben says. "But there are a lot of other home builders going out there as well, including Lee Wetherington's Willow Chase. Plus Triple Diamond Industrial Park is nearing sellout. There was certainly a lot of pent-up demand there for retail. These people have to travel 6 miles to the Nokomis Publix for a loaf of bread."
The groundwork for Ruben Holland started with a friendship that developed in early 2000. Ruben met and sold about 30 acres of land from the University Place master-planned development to developers: Larry Lieberman, president of the Barrington Group, and Holland, president of Hanover, Pa.-based Hostetter Construction Corp., to construct the townhome community Carolina Landings. The three became friends.
"We had to teach Wayne how to operate a boat," Lieberman says. "The three of us would go out boating together. We also started having a Sunday morning breakfast club. The three of us would share our ideas and talk. It got to the point that most of the island restaurants started to charge us rent by the hour instead of by the meal. We would go out for breakfast and come back four hours later. We were really spending most of the weekend together."
In late 2003, Ruben developed a back problem, which required surgery. The first surgery didn't completely fix the back injury so a second surgery was performed in January, 2004. Faced with a lengthy recovery and extensive physical therapy, Ruben left his job at Benderson.
Unable to stay idle, Ruben joined Lieberman and Holland to form RLH Development.
'Wayne tried like hell to come to work and be productive, but he was in terrible pain," Lieberman says. "He didn't really get back on his feet until the latter part of approvals for Long Bar Pointe (the first development of the new partnership) in November."
When he was healthy again, the drive for more development and real estate acquisition set in. "I got the itch again," Ruben says.
But while Ruben and Holland wanted to do more development, Lieberman wanted to concentrate on Long Bar Pointe and another of his developments, Savannah Preserve.
"I decided we needed to concentrate," Lieberman says. "I didn't want to be in too many things at the same time. But at the same time I didn't want to hold up those guys."
So Ruben and Holland left RLH to form Ruben Holland Development.
"This was not a divorce," Lieberman says. "I basically said, 'OK, you guys go ahead and do this.' We are all still good friends. It was really a win-win."
As for the makeup of new partnership, Holland, who splits his time between Pennsylvania and Sarasota, says Ruben carries a heavier load on deal making and local governmental approvals and permitting. Holland of course, takes a bigger role in the construction decisions.
"Wayne is 100%, which for a lot of us would be 150%," Holland says. "Obviously, I had tremendous respect for his business practices and the way he handled himself. It's not that hard to see why anyone would want to be partners and friends with him."
Another reason motivating the new partnership for Ruben was the chance to bring his son, Aaron, into the company. The 23-year-old Ruben recently graduated from the University of Central Florida with a bachelor's degree in legal studies. Ruben's sole development experience to that point had been some construction supervision work for his father in a hotel development.
"I've been driving around in a car with my dad looking at sites since I was seven," Ruben says. "This is real hands-on learning. This is my first major job out of college. I love it; it's a great new challenge."
Holland is also supportive of Aaron Ruben's involvement.
"I think that gives (Wayne Ruben) a sense of future purpose," Holland says. "My son has worked here since college so I know the feeling. It's about a legacy. Nothing beats a Ph.D. in experience."
Ruben and Holland expect their development firm staffs to grow to include land planning, but with the help of outside consultants the company is already a full-service development company.
"It's hard to really even talk about this like it's a new company," Ruben says. "Nothing is really different since I started in 1992. We're just going to continue explore the closest opportunities within a three-hour drive."
Ruben Holland Projects
• Park Plaza, State Road 64 and Kay Road, Bradenton, a 150,000-square-foot shopping center next to the Wal-Mart Supercenter and 372 townhomes running behind the development.
• Premiere at Main Plaza, U.S. 301 and Fruitville Road, Sarasota, two 16-story condominium towers (118 units total), a 508-space parking garage, offices and retail space. Ruben Holland is part of the ownership in the development.
• Sarabay residential community, bayfront property next to the El Conquistador Country Club golf course, Bradenton, a single-family home community.
• The Shoppes at Laurel Square, Laurel Road and Interstate 75 interchange, Venice, 42,000-square-foot shopping center. Ruben Holland also owns two other large commercial parcels nearby.
• Unnamed, former Bradenton city hall building, Manatee Avenue West and 15th Street, Bradenton, 104 condominium units in two towers along with office and retail space anchored by BB&T Bank. Scheduled to start in October. Ruben Holland is co-general partner in the development partnership along with David Band.
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