Sarasota real estate developer buys Venice commercial land

BUYER: Jacaranda Roundabout III LLC (principal: William Saba), Sarasota

SELLER: Synovus Bank formerly known as Columbus Bank and Trust Co.

PROPERTY: 2970 and 2980 Executive Drive, Venice

PRICE: $1.1 million

PREVIOUS PRICE: $3.21 million, June 2005

ATTORNEY ON DEED: William A. Saba, Sarasota

PLANS, DESCRIPTION: Sarasota real estate developer Bill Saba purchased two vacant lots in Sarasota County Interstate Business Center South for $1.1 million.

The price equated to $226,012 per acre.

The acquisition included a 2.76-acre parcel and an adjacent 2.1 acres. Located across the street from a Publix-anchored retail center, the two parcels are both zoned for planned commercial development.

The 4.87-acre purchase follows Saba's acquisition in late June of 10.14 acres of general commercial land at the northeast corner of Jacaranda Boulevard and Venice Avenue for $1.9 million.

Saba says the properties were purchased an investment and that he would consider developing them sometime in the future.

“I think Jacaranda is just a sleepy area that's going to come alive when the market comes back,” he says.

The purchase entity Jacaranda Roundabout III LLC mortgaged the property to Synovus Bank for $500,000.