Ronto Group, Wheelock Street buy lot for Echelon on Palm

BUYER: WSR-Sarasota LLC (WSREF II NRT LLC), Greenwich, Conn.
SELLER: Timothy and Kristen Beury
PROPERTY: 624 S. Palm Ave., Sarasota
PRICE: $1.3 million
PREVIOUS PRICE: $690,000, May 2004
LAW FIRM ON DEED: Foley & Lardner LLP, Tampa

PLANS, DESCRIPTION:
Naples-based The Ronto Group Inc. and equity partner Wheelock Street Capital LLC of Greenwich, Conn., purchased the former La Palme Royale Bed & Breakfast property for $1.3 million.

The Ronto Group plans to combine the parcel with an additional adjacent lot at 621 Gulf Stream Ave. to create a 1/3 acre of land to develop an 18-story condominium tower called Echelon on Palm.