- April 16, 2024
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Entrepreneur Jesse Biter has taken two significant steps to prove his vision, that his adopted hometown, Sarasota, could be more than a retirement haven.
The first step: Biter bought 11,000 square feet of retail space on the ground floor of the Palm Avenue parking garage from the city of Sarasota. Biter agreed to pay $1.6 million for the space, just off Main Street. It's considered one of the best real estate parcels in the city.
Biter tells Coffee Talk he's in discussions with several brand name, highly recognized restaurant chains to anchor the space. He'd like to sign up some high-end retailers, too. He hopes to have a few tenants in place by late fall 2012.
Biter's second move is subtler, yet it could produce a heftier impact for the business community.
That move revolves around the Hub, a for-profit business incubator launched in 2009 to provide space, advice and, potentially, capital, for technology-related startups. Biter plans to move the Hub, which is currently in the Rosemary District, north of downtown Sarasota, into new space, literally and figuratively.
Literally, the Hub will move a few blocks, into the former Century Bank building on Fruitville Road and Goodrich Avenue. Biter, through Biter Idea Vault LLC, bought the 41,617-square-foot building in May for $2.8 million. Biter plans to spend at least another $1.5 million on a massive building renovation that covers everything from new floors and elevators to adding a coffee shop.
Biter, who sold his $16 million auto sales software firm in 2010, further plans to redefine the scope of the Hub. He plans to create spaces and opportunities for technology startups, infant-stage and growth-stage companies. “We're not just letting anybody in,” says Biter. “This is strictly for technology companies that want to grow.”
Biter says he will work out leases with tenants that could involve space for equity in the company. Biter also plans to launch an idea-based hedge fund for the Hub, where tenants can pitch their company to prospective investors, like the Shark Tank TV show.
“A big goal I have is to create a technology incubator and facilitator,” says Biter. “I want this to be the Silicon Valley of Florida.”
