Loading
BUYER VIA MORTGAGE ASSIGNMENT: TCTL Properties LLC (principals: Thomas and Tommie Santilli), Sarasota
SELLER: Sabal Palm Bank
PROPERTY: 301 Seventh St. W., Bradenton
PRICE: (estimated) $1.2 million to $1.5 million
PREVIOUS PRICE: $4.29 million, January 2006
PLANS, DESCRIPTION: Sarasota investors Tom Santilli and his wife, Tommie Santilli, purchased the assignment of foreclosure sale for the rundown Harbor Apartments for a reported $1.2 million to $1.5 million.
Sabal Palm Bank had purchased the 24-unit property at a foreclosure auction but in turn sold the assignment to the foreclosure to the Santillis within the 10-day redemption period.
In 2006, Sarasota developer Enterprise Associates of Sarasota purchased the 2.6-acre site with plans to demolish the apartments to develop a high-rise condominium with a grocery store and office space. Faced with a recession and the death of its owner, Sam Hamad, the Metro Marquee proposal was never developed.
“Over the long term, we plan to develop it,” says Tom Santilli. “We want to develop something larger there. In the short term we are planning to rehab them with the hope of having it carry itself until times are better. Ninth-five percent of the people that saw it would have just turned around and run. We saw the character and the location.”
Santilli says the couple has done several rehabs of historic or dilapidated properties in Gainesville. He has budgeted $300,000 for the renovation.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
