Canadian developer buys sites at Fruitville, U.S. 41

BUYER: Solmar Developments Inc. (principal: Fausto Palombo), Lakewood Ranch

SELLER: HHRD LLC

PROPERTY: 1241 Fruitville Road, Sarasota

PRICE: $800,000

PREVIOUS PRICE: $213,000, May 2001

SELLER: Fifth Third Bank

PROPERTY: 1230 and 1240 Fourth St., 1225 and 1233 Fruitville Road and 332 N. Tamiami Trail, Sarasota

PRICE: $1.9 million

PREVIOUS PRICE: $10.72 million, January 2007

LAW FIRM ON DEED: J Kevin Drake PA, Sarasota

PLANS, DESCRIPTION: Toronto-based Palsar Development Inc. purchased 1.28 acres at the northwest corner of Fruitville Road and U.S. 41 for $2.7 million.

The property, six parcels, excluded a small city-owned parcel at the corner. Just north of downtown Sarasota, the entire property houses five buildings with a total of 19,722 square feet.

“The Palsar team believes this parcel is a true Sarasota jewel with its proximity to the Ritz Carlton complex, Van Wezel entertainment venue and the other Sarasota cultural and lifestyle opportunities,” the firm says in a statement. “The eventual resurgence of the defunct Proscenium and Sarasota Bayside (Quay) projects along with the growing downtown area developments will undoubtedly add further appeal and value to the properties.”

Palsar, previously known as Solmar, has no specific plans yet for the property. The firm has developed several residential and commercial communities in Southwest Florida and Canada.