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BUYER: Swift Center LLC (principal: Jon Swift), Sarasota
SELLER: The Plaza Hotel Group Inc.
PROPERTY: 630 and 640 S. Orange Ave., Sarasota
PRICE: $1.1 million
PREVIOUS PRICE: $1.5 million, December 2005
LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota
PLANS, DESCRIPTION: Jon Swift purchased a vacant 12,851-square-foot commercial building for $1.1 million.
The price equated to $86 per square foot.
Miami developers purchased the building in late 2005 as part of a plan to construct a hotel covering much of Orange Avenue. That development failed, however, due to the real estate market decline.
Swift, who runs Jon F. Swift Inc., a Sarasota-based contracting firm, bought the property as an investment in a short sale. He now plans to redevelop the exterior of the building, create retail storefronts on the first floor and change the parking lots.
“The building on the inside is in good shape,” Swift says. “It really looks like the part of the building on the street is the back. What we are going to do is open the first floor to the sidewalk. Because of the price we bought it for, it is still a good investment if takes a year to a year and half to rent. This also allows us to rent it for a very desirable rate.”
The renovations, to cost between $300,000 and $400,000, should be completed later this summer. The redeveloped building will be called the Swift Center.
Mark Davy of SouthBay Investment Group LLC will market the space for lease to retail and office users.
AM Engineering is designing the parking lot changes and Wm. Thorning Little Architect is handling the design for the center.
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