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News & Notes

Fort Lauderdale firm starts work on Venice multifamily development

In the week's top commercial real estate news, a Sarasota hotel rebrands, Polk land hits the market, and a Naples office building sells.


  • By Louis Llovio
  • | 5:00 a.m. January 7, 2024
  • | 2 Free Articles Remaining!
Construction has started on 81 cottages in Venice.
Construction has started on 81 cottages in Venice.
Courtesy rendering
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Naples/Fort Myers

Medical handoff:  A medical office building in Old Naples has sold. The single-story, single-tenant building is at 49 8th St. N. and brought $1.6 million. The buyer, according to Collier County property records, is an LLC out of Canton, Michigan, named Cappo Holdings. State corporation commission records tie the LLC to the Victory Automotive Group, a family owned Michigan dealership group. The previous owner paid $710,000 for the 2,012-square-foot building in 2007. Mike Rivera with the Naples commercial real estate firm Saggio Realty says a local pharmacy is expected to move into the space but must first win approvals from the city. Saggio represented both parties in the deal.


Tampa/St. Petersburg

Two Polk County properties on the market could bring more than 100 apartment and homes.
Courtesy image

Lots of land: Two parcels totaling about 33-acres have hit the market in Polk County and could bring more than 100 new homes and apartment to the area. The pieces of property — one 22.7 acres and the other 10.51 acres — are off of Interstate 4 and near U.S. Route 27. The 22.7-acre parcel is a former orange grove with a lake taking up about three acres. The land is near a booming retail corridor that’s transforming what for decades was a part of the state reserved for quite country living and is slowly becoming a bedroom community between Tampa and Orlando. The asking price is $1.02 million. The 10.51-acre parcel is close to downtown Davenport. The property, 3.7-acres of which are in a flood zone, was annexed by the city in 2022 and has high-density residential zoning with a conceptual plan showing a density of between 135 and 165 units. Another option is commercial development with a zoning change, according the listing. The asking price is $2.8 million. SVN Saunders Ralston Dantzler in Lakeland is the broker for both.

A room & a haircut: Downtown St. Petersburg is not quite Mayberry but it will soon have its own Floyd’s barbershop. Floyd’s 99 Barbershop, a national chain with 135 locations, is opening in the Moxy by Marriott Hotel in the city’s Edge Collective development. PTM Partners, the Fort Lauderdale investment and development firm behind the project, says the chain has signed a long-term lease for 1,265 square feet on the ground floor of the soon-to-be-completed hotel. Floyd’s is described as a “modern-day barbershop known for its expert services in an amplified environment.” It will be open to guests and the public. This will be Floyd’s seventh location in Florida and its second along the Gulf Coast. The other one is in Clearwater. PTM, which is developing the downtown multi-use project along Central Avenue, also signed a lease for space with the Pilates studio [solidcore] recently. Along with Moxy, the Edge Collective will include 24,000 square feet of commercial space and 4,000 square feet of retail. The second phase, due to be finished in 2026, will include 16,000 square feet of commercial space, 328 apartments and 13,000 square feet of retail.


Sarasota/Manatee

Cottage industry: Construction has started on an 81-unit development in Venice. Fort Lauderdale-based Marquesa Capital Partners broke ground last week on the multifamily project just off of Jacaranda Circle. The development is not a traditional apartment complex, but a series of cottages — “horizontal multifamily” — with private backyards. These cottages will be one-, two- and three-bedroom units, some detached and some undetached. Marquesa says the units will have quartz countertops, stainless steel appliances and walk-in showers. The firm’s founder and principal, Peter Olesiewicz, says in an email that it is finishing up a similar 140-unit horizontal multifamily project on Alico Road in Fort Myers. Marquesa is a privately-owned investment firm that develops residential rental communities and invests in commercial real estate projects. The firm expects the first residents to begin moving into the Villas at Venice in the summer of 2025.



Retail space: A Sarasota investor has bought a 5,625-square-foot retail plaza in Englewood. MJE Property Investment Group paid $3.7 million for the building at 2761 S. McCall Road. The property is fully leased with tenants Aspen Dental and AT&T. SVN Commercial Advisory Group, which represented MJE, says the recently completed property was attractive “given the location and strong lease agreements already in place.” The seller was a Miami LLC named Corta Englewood. This isn’t the first time the commercial real estate firm and the MJE have worked together. In a news release announcing the sale, SVN says it helped the investor put together deals for several properties over the past few years, including BubbaQue’s BBQ and Jack’s Donuts in Bradenton.

Holiday escape: A Holiday Inn near Sarasota Bradenton International Airport has a new name. Vinayak Properties says its 135-room property at 8009 15th St. E. in Sarasota is now operating under the Hilton flag and has become the DoubleTree by Hilton Sarasota Bradenton Airport. As part of the rebranding, the hotel underwent a multimillion-dollar upgrade to its rooms, public areas and guest rooms. The changes include digital key locks, new mattresses and smart TVs in the rooms and a new fitness center with Peloton and Precor equipment. Vinayak Properties first opened the hotel in 2009. It changed the name last month.


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 commercial real estate 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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