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Construction to start on site of former Carousel Beach Inn

In the week's top commercial real estate news, two flex spaces sell, a Tampa hotel sells for $47 million, and a retailer plans to close two local stores.


  • By Louis Llovio
  • | 5:00 a.m. July 9, 2023
  • | 2 Free Articles Remaining!
The former Carousel Beach Inn on Fort Myers Beach is set to become the site of a luxury condo developments with prices for units starting at more than $4 million.
The former Carousel Beach Inn on Fort Myers Beach is set to become the site of a luxury condo developments with prices for units starting at more than $4 million.
Courtesy photo
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Naples/Fort Myers

Paid for plaza: An Ohio LLC has bought Resurrection Plaza, a small shopping center in Port Charlotte, for $1.35 million. The center, at 2032 El Jobean Road, was built in 2019 and is 5,520 square feet, sitting on just shy of an acre. According to the listing, it comes with five commercial suites, warehouse space and 23 parking spaces. It was fully leased at the time of the sale. The buyer is EMM Properties, an LLC.

Flexing: A flex space in the Naples Trade Center has sold, one of two light manufacturing facilities to change hands recently in the city. The property at 1892 Trade Center Way was bought for $2 million by an LLC with an address in Tequesta, a small town in Palm Beach County. The two-story building has 10,100 square feet of rentable space, according to a profile on LoopNet. The Naples Trade Center is an industrial park which, according to its website, has about 500 businesses. Also sold was an office and industrial building at 6300 Janes Lane. The 5,400-square-foot space includes five bays and has 2,875 square feet of office space, 2,522 square feet of warehouse space and a 216-square-foot mezzanine storage area, according to the sale listing. It was bought by a local LLC, PWP Naples, which paid $1.5 million for the property.

And so it begins: Construction is scheduled to start this week on the property that once belonged to Carousel Beach Inn on Fort Myers Beach. The work will be on the second phase of a luxury condominium complex, Gulfside Twelve, that is bringing 12 luxury condos with a starting price of $4.1 million. Four of the units have already been built on adjacent land. The Chicago developer, Dublin Real Estate Investment Group, bought the hotel for $7 million after it was destroyed during Hurricane Ian last year. The site of crews building multimillion-dollar condos on the property of what for more than 50 years was a family hotel known for its affordability, will confirm the worst fears of the residents, longtime visitors and city leaders who worry the devastation caused by Ian will draw developers looking to transform the community into another high-dollar beach town with prices unaccessible to average buyers and visitors. In a press release, the Illinois developer says the demolition of the Carousel makes “way for the luxury residential building, a representation of the continued transition of the region into a more modern era post-Hurricane Ian.”


Tampa/St. Petersburg

No vacancy: A Boston hospitality company bought The Westin Tampa Bay hotel at a steep discount, paying about $14 million less than what the previous owner paid for it in 2019. According to Hillsborough County property records, Pyramid Global Hospitality paid $43.36 million for the hotel at 7627 Courtney Campbell Causeway. The previous owner, Castlerock Asset Management of Nashville, paid $57.6 million for the property July 5, 2019. The 244-room, AAA Four Diamond hotel is in the city’s Rocky Point waterfront neighborhood as you exit — or enter — the city. Pyramid is a hospitality management company with 230 properties in the U.S., Caribbean and Europe, including 12 in Florida.

Orlando Health's Lakeland Highlands Hospital is being built at Polk Parkway and Lakeland Highlands Road.
Courtesy photo

Mum’s the word: Midweek last week Skanska issued an alert to investors coupled with a press release saying it had been awarded a contract to build a $109 million hospital in Lakeland. The hospital, according to the statement, is going to be a seven story “acute care facility featuring medical and support services including imaging, lab and pharmacy.” Construction is scheduled to be complete in 2026. What the Swedish construction giant failed to mention was who it was building the hospital for or where it was going. Citing its client’s wishes, a company spokesperson says in an email that “unfortunately Skanska cannot disclose any more details about the project.” The hospital in question could be — is likely? — Orlando Health's Lakeland Highlands Hospital being built at Polk Parkway and Lakeland Highlands Road. It too is seven stories and is expected to be completed in 2026. And Skanska recently completed a project for the health system in Orlando. Orlando Health officials did not respond to a request for comment.


Sarasota/Manatee

The Grinch came early: The Christmas Tree Shop is closing its store at University Town Center in Sarasota — less than a year after opening. The Massachusetts chain, which filed for Chapter 11 bankruptcy in May, defaulted on a $45 million loan and was unable to stay afloat. That means that its 70 remaining stores will have to shut down. A federal judge in Delaware, where the company filed for bankruptcy protection, approved the liquidation procedures at a hearing July 7. The 49,398-square-foot store UTC store opened in December with a statement saying, “many people have been eagerly waiting to shop this store.” The company will also shutter its 35,000-square-foot store at Coconut Point in Estero. It too opened last year.

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Updated: The location of the company that bought Resurrection Plaza has been updated.

 

author

Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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