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Hundred-year-old Bradenton building on the market

An office building sells, a new luxury housing development is on the way, and a much-needed affordable housing program about underway top the week's commercial real estate news.


  • By Louis Llovio
  • | 5:00 a.m. June 4, 2023
  • | 2 Free Articles Remaining!
LSI Cos. sold a 5.82-acre commercial property at 14590 Metro Parkway in Fort Myers for $2.2 million.
LSI Cos. sold a 5.82-acre commercial property at 14590 Metro Parkway in Fort Myers for $2.2 million.
Courtesy photo
  • Commercial Real Estate
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Naples/Fort Myers

Deal flurry: LSI Cos. has had a good few weeks. As May closed out, the Fort Myers commercial real estate firm announced three deals totaling just shy of $7 million, including the sale of 40.5 acres in Lehigh Acres. The deals include: 

  • A 5.82-acre commercial property at 14590 Metro Parkway in Fort Myers that sold for $2.2 million. The property was bought by an LLC linked in state records to Stevens Construction. According to a LoopNet profile of the property, it is across from the Mirage Bay townhome complex and about a half mile from the Gulf Coast Regional Medical Center.
  • A 1.5-acre parcel of commercial land at Three Oaks Parkway and Oakes Town Center in Fort Myers. It was bought for $965,000 by an LLC whose manager is listed as Troy J. Montpetit in the state’s Division of Corporation’s database. Montpetit, according to his profile on LinkedIn, is the owner of the Downtowner Car Wash East in Naples. The car wash’s address is also listed in the state database.
  • A 40.5-acre residential property in Lehigh Acres for $4 million. The property was bought by an LLC tied to Christopher Alan Homes in Fort Myers. The land is at 250 Homestead Road. S.

High end living: A new luxury housing development is coming to Naples. Seagate Development Group says it is going to begin work on the 51-home development on 50 acres at Vanderbilt Beach Road and Massey Street. It will be named Opus Stone, and sitework is expected to begin  the fourth quarter and construction will start soon after. The custom luxury homes will range between 3,200 square feet and 5,550 square feet. The average price of the homes was not disclosed.. Seagate, one of the most prolific developers in Southwest Florida, has several luxury developments, including Esplanade Lake Club and Hill Tide Estates in Boca Grande.


Tampa/St. Petersburg

Piece of the pie: A three-parcel site near downtown St. Petersburg has sold. The properties are in the city’s historic Roser Park neighborhood and brought $1.275 million. Bridgewater Commercial Real Estate, which represented the seller, Coady Development Partners, says the land is “ripe for multifamily development for up to 19 units.” The land at Dr. Martin Luther King Jr. Street and 11th Avenue South is three-quarters of an acre and is seven blocks south of the planned 86-acre redevelopment of Tropicana Field and The Historic Gas Plant District. Roser Park was the first subdivision in the city built outside of downtown. It is near the Salvador Dali Museum, Albert Whitted Airport and the University of South Florida’s St. Pete campus, making it an attractive spot for developers.

Crews are expected to begin construction June 7 on a four-story, 100-unit affordable housing apartment building named Casa Bel-Mar on South Manhattan Avenue in Tampa.
Courtesy photo

Affordable option: Work is about to start on an affordable housing project in Tampa. Crews are expected to begin construction June 7 on a four-story, 100-unit apartment building on South Manhattan Avenue. Casa Bel-Mar, being built on 1.7 acres in the heart of the city’s high-dollar South Tampa neighborhood, will have 63 one-bedroom units and 37 two-bedroom units. They’ll range from 619 square feet to 886 square feet. The building is a partnership between the Tampa Housing Authority, Orlando-based affordable housing developer Archway Partners and Tampa-based Signature Property Services. Funding for the project will include bonds and tax credits and include a $17.8 million construction loan from Bank of America; $3 million of funding from the housing authority; and $4.5 million in Hope Funds from the city and Hillsborough County. Once complete, residents will need to earn 30% to 80% of the area median income to qualify.

Office space: Highwoods Properties, one of the area’s largest landlords, has sold two properties for $40.2 million. One property, in Tampa, is One Independence Park, which is in the city’s Westshore district. It sold for $19.5 million. The building is 100% leased according to Highwoods. As part of the deal, the company provided the undisclosed buyer $9.8 million in financing. The second building in the deal is in Raleigh, North Carolina, Highwoods’ hometown. Among Highwoods’ office properties in Tampa are the Bayshore on Bayshore Boulevard, LakePointe One and Two on Dr. Martin Luther King Boulevard and Truist Place on Jackson Street downtown.


Sarasota/Manatee

Retail empire: A 101-year-old downtown Bradenton building with space for three retail tenants is for sale. The building at 530 13th St. W. has 10,344 square feet of ground floor space and 4,000 square feet of second floor loft space. According to SVN Commercial Advisory Group, which is handling the listing, there are three storefronts on the ground floor: the first unit is 3,045 square feet, the second is 3,212 square feet and the third is 4,077 square feet. As for the upstairs space, SVN says it can be part of the third unit or converted into apartments or lofts.  The building itself, according the listing, was built in 1922 and completely renovated and updated in 2000. The asking price: $1.85 million.


 If you have news, notes or tips you want to pass along, contact [email protected]. Or you can text or call 727-371-6944.

 

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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