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A Sarasota-based partnership led by prominent attorney David S. Band is working to sell a large urban, mixed-use tract in Bradenton for $8.05 million.
Oneco Associates LLC, a group led by Band, has retained Fort Myers-based commercial real estate brokerage firm LSI Cos. to sell the 51.5-acre site, at 4505 12th St. Court East.
The property is currently zoned for light manufacturing, but potential zoning adjustments could allow it to be developed for office or retail space together with a significant residential component, such as apartments.
The property represents one of the largest tracts in Bradenton to come to market in the past five years.
LSI has attached a price of $2.12 million to a 9.5-acre commercial portion of the property, which is bounded by U.S. 301, 44th Avenue East, 15th Street East and 49th Avenue East, and a $5.9 million price tag for 42 acres that are envisioned for future residential development.
“Paired with recent improvements to 44th Avenue, this property is unique positioned,” says Justin Thibaut, LSI’s chief operating officer. “It’s a distinctive mixed-use opportunity, with a good portion of the land potentially available as a site for either apartments, townhomes or single-family homes.”
Thibaut notes, too, that muiltifamily development in Bradenton has lagged other submarkets, especially Sarasota, Fort Myers and St. Petersburg.
“There are lots of new opportunities for growth in this area, as has been evident in recent years with the emergence of new projects,” he says. “With the lack of multifamily development in the area, there are a variety of ways a developer could be successful here.”
Over the past three decades, Band has been among the most active land purchasers and investors in Sarasota and Manatee counties. In addition to redeveloping the 10-acre Main Plaza/Hollywood 11 retail and office complex in downtown Sarasota, Band and partners have owned the Pen West office park; the former Doctors Hospital tract on Bahia Vista Street and Tuttle Avenue; and significant land around the IMG Academy, in Bradenton.
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