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News & Notes

$120 million hospital project to officially break ground in east Manatee

In the week's top commercial real estate news, a Pinellas County shopping center sells for $7.5 million, a Sarasota condo project sees double and Lee County keeps fighting for discount.


  • By Louis Llovio
  • | 6:00 a.m. June 9, 2024
  • | 2 Free Articles Remaining!
Lakewood Ranch Medical Center is building a patient tower that will double its number of beds.
Lakewood Ranch Medical Center is building a patient tower that will double its number of beds.
Courtesy image
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Naples/Fort Myers/Charlotte

Flooding in: The work to restore Lee County’s flood insurance discount continues. County officials told commissioners last week that documentation had been submitted on 414 properties the Federal Emergency Management Agency had identified when it decided to downgrade the county’s rating in the National Flood Insurance Program. The downgrade, which affects the county and five localities, costs policyholders a 25% discount — about $300 per year. The county pushed back hard on the decision, accusing the federal agency of springing the news on local officials in March, this despite letters showing there was ample warnings dating back to last year that the ranking was at risk. For its part, FEMA says it is working with each of the communities to retain the rating — and the associated discount — with each getting 60 days to submit additional documentation. “We are in the process of reviewing all documentation and anticipate providing results by mid-July,” says FEMA spokesperson Lea Crager. 

Damage caused by Hurricane Ian.
Photo by Reagan Rule

Checking out: A small North Fort Myers hotel has sold. The Riverview Inn at 13020 N. Cleveland Ave. was bought by Shree Kavya Hospitality, which also owns a nearby Days Inn. The company paid $3.18 million for the property, according to Lee County public records. The previous owner, an LLC named SW Sunshine, paid $1.57 million for it in 2017. The two-story hotel is close to North Shore Park and near where Cleveland Avenue crosses the Caloosahatchee River into downtown Fort Myers. According to the property records, the hotel was built in 1984 and has 28 rooms.


Tampa/St. Petersburg/Pasco/Polk

Factory sale: The Factory St. Pete, a cultural complex in the city, has sold. The buyer is a company led by entrepreneur Tom Gaffney named The Factory Investors of St. Pete. Pinellas County property records show it paid $8.04 million. The property at 2606 Fairfield Ave. S. is 6.5 acres and is made up of 90,000 square feet of buildings, according to AXXOS Commercial Real Estate, which represented the buyer. Among The Factory’s current tenants are Daddy Kool Records, Museum of Motherhood and more than 15 art studios. The anchor tenant is the immersive art experience FloridaRAMA. It recently changed its name from Fairgrounds St. Pete and is expanding with a new café. FloridaRAMA is owned by Liz Dimmitt, whose family trust was the previous owner. According to Pinellas property records, it paid $4.41 million for the property in 2018.

The Sabal Ridge Plaza in Palm Harbor was bought by the Tampa firm Point Acquisitions.
Courtesy image

Shopping trip: A 51,000-square-foot shopping center in Palm Harbor has sold. The Sabal Ridge Plaza was bought by the Tampa commercial real estate investment firm Point Acquisitions. Jesse Shemesh, the firm’s president, says in an email that the purchase price was $7.5 million. The shopping center is on U.S. Highway 19 at Nebraska Avenue and sits on 4.94 acres. It was built in 1986 and renovated in 1997. Point says it is fully leased with a tenant mix that includes Carrabba’s Italian Grill, Mike's Sushi and Sake Bar, RCI Flooring, and Level 10 Martial Arts College Florida. As for the firm, it has offices in Philadelphia along with Tampa and specializes in buying and running commercial properties nationwide.

Building up: Construction has started on an industrial complex in Polk County. The Centennial Business Complex is being built on 19 acres in Bartow and will have 93,600 square feet of space available. The project on Centennial Boulevard will be made up of two 46,800-square-foot flex buildings for office and industrial use, 160 parking spaces and five acres set aside for outdoor storage. According to a listing from SVN Saunders Ralston Dantzler, the center will offer customizable floor plans and flexible office space options as well as high ceilings and storage areas. The Lakeland commercial real estate firm says pre-leasing is underway for 5,000-square-foot to 40,000-square-foot spaces available in December. According to the listing, lease rates are 15 per square foot per year.


Sarasota/Manatee

Bed rest: Construction is set to officially begin on a $120 million building at the Lakewood Ranch Medical Center. The hospital is hosting a ceremonial groundbreaking June 11 at its facility at 8330 Lakewood Ranch Blvd. in east Manatee County. When done, the new addition will add 60 beds, raising the number of beds to 180. A second phase will add an additional 60 beds and bring the total to 240 — twice the current capacity. The five-story, 170,000-square-foot patient tower will also allow the medical center to expand its laboratory, pharmacy, pre-admission testing and food and nutrition services departments. Construction is expected finish in time for the addition to open late next year. This isn’t the first time Lakewood Ranch Medical Center has expanded. It underwent a $28.5 million expansion in 2019 that included two new operating rooms, an additional heart catheterization lab, a new advanced MRI system, and an expanded and enhanced surgical waiting area, preoperative space and post-surgical space.

One Park West will be a second tower of a planned Sarasota development.
Courtesy image

Double play: Miami-based developer PMG is adding an 18-story, 69-unit sister tower to its One Park development. According to the Sarasota Observer, sister publication of the Business Observer, the new tower will be built on Block 1 and One Park West, the second building, on Block 9. The original plan called for One Park to be built on both blocks and connected via a breezeway over Quay Commons. But in October a judge ruled that the air rights over the commons couldn’t be conveyed to PMG. Earlier that month, the Sarasota Planning Board had voted 3-1 to recommend the denial of PMG’s proposal to combine the two blocks. The Observer reports that One Park West will be the final block to be developed in the 14-acre cluster of high-end multifamily residences west of U.S. 41 between Boulevard of the Arts and Fruitville Road. It will feature one-, two- and three-bedroom residences as well as a penthouse collection, with units ranging from 1,033 square feet to 2,250 square feet. 


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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