News & Notes

Dunedin food hall up for sale

In the week's top commercial real estate news, a retail and residential building is on the market in Sarasota, a St. Pete Beach hotel reopens, and a Fort Myers office building sells.


A food hall at 990 Broadway in Dunedin is up for sale.
A food hall at 990 Broadway in Dunedin is up for sale.
Image courtesy of Saunders Commercial
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Naples, Fort Myers and Charlotte

Encore Multifamily has borrowed $48.7 million in order to build a new apartment community in Fort Myers. The Dallas developer borrowed the fixed rate HUD loan to build at 13501 Powers Court. The property is at the Powerscourt Centre on the south side of Daniels Parkway, west of Interstate 75. Encore Daniels Falls, as the 240-unit complex will be known, sits on 6.73-acres and be made up of studio, one-, two- and three-bedroom apartments. Construction on the project began Dec. 16 and is expected to be ready for residents by the third quarter of next year. Encore Multifamily is a division of Encore Enterprises. Since being founded in 2008, it has completed 49 deals worth about $2 billion. The company says the division has bought, sold or developed more than 10,000 units. 

Construction on the 240-unit apartment complex Encore Daniels Falls in Fort Myers Construction on began Dec. 16, 2024.
Courtesy image

A Port Charlotte investor has paid $5.15 million for a Fort Myers office building. The two story, 23,370-square-foot office building is at 12751 S. Cleveland Ave. and occupied by a Wells Fargo branch, Dr. Schneider Center for Plastic Surgery and Dragonfly Yoga and Pilates. According to a listing posted on commercial real estate website LoopNet, all the tenants have long-term leases in-place with rent increases rents built in. The buyer is a Port Charlotte LLC whose address matches that of the Chapman Insurance Group. The property was previously owned by an LLC tied to the Illinois real estate investment firm ForeFront Properties. It paid $3.25 million for the building in 2018. Stan Stouder of CRE Consultants, which announced the sale, represented the buyer. Brock Rasmussen of Lee & Associates represented the seller.

Cape Coral’s first affordable housing community designated for families in more than 20 years has opened. Tampa based ReVital Development Group held a ceremonial ribbon cutting Jan. 23 to mark the completion of the 96-unit project which has been in the works for at least four years. The community —Civitas of Cape Coral — sits on 4.6-acres just off Pine Hill Road. ReVital, which paid $950,000 for the land in 2020, built it along with the Lee County Housing Authority. Civitas is made up of three three-story residential buildings with nine one-bedroom units, 57 two-bedroom units and 30 three-bedroom units. According to ReVital’s website, all the residences are set aside for families earning 80% or less of the area median income, with 23 set aside for tenants earning 30% AMI or below; 45 for tenants earning 60% AMI or below; and 28 for tenants earning 80% AMI or below. The development has a 6,100-square-foot clubhouse and residents will have access to an employment assistance program and financial management program. 


Tampa, St. Petersburg, Pasco and Polk

A Dunedin food hall and event space is up for sale. The 9,705-square-foot property is at 990 Broadway, just north of the Pinellas County town’s downtown district and the Dunedin Boat Club. According to a listing and a marketing email from Saunders Commercial in Lakeland, the New Orleans-style building comes with two walk-in coolers, a carousel bar and includes all the furniture, fixtures and equipment, which are valued at more than $750,000. The hall, named Dunedin Mix, already counts five established restaurants and retailers as tenants and, according to the materials, has a net operating income of $134,065 from 1,793 square feet with a potential value-add net operating income of $157,005 from an additional 3,489 square feet. It, Saunders says, “combines multiple revenue streams with stable cash flow." So, what will all this cost you? That depends. The listing doesn’t include a price and says it is “subject to offer.” The previous owner, an LLC named Paramount Development I, paid $680,000 for the property in 2018. It completed the structure in 2023. Saunders' Trace Linder and Sid Bhatt listed the property. 

Minneapolis developer paid $38 million for The Hotel Zamora and plans to transform it into 4-star luxury hotel.
Courtesy image

The Hotel Zamora on St. Pete Beach is back open. The property’s developer, Minnesota-based Sherman Associates, has just finished a $7.5 million renovation with changes to the property that will elevate it into a 4-star luxury hotel. The changes include upgraded guest rooms that now come with a spa shower, a high-end air purification system and vitamin C infused shower treatments. There have also been upgrades to the hotel’s amenities including the lobby, pool deck, pool bar and fitness center. The Hotel Zamora is a 64-room boutique property that sits on the intercoastal waterway. It has private dock access and a rooftop deck with views of the Gulf of Mexico. Along with the changes to the hotel, Azura Coastal Kitchen & Bar, a Mediterranean-themed restaurant, has replaced the upscale eatery Castile. Sherman paid $38 million for the hotel along with a neighboring former bank building in 2022. In all, the firm more than 7,000 multifamily units, more than 720,000 square feet of commercial space, five hotels, four Starbucks, three restaurants and two solar gardens.


Sarasota and Manatee

A three-story building with retail and residential space is for sale in downtown Sarasota.
Image courtesy of Ian Black Real Estate

Sarasota’s Ian Black Real Estate is marketing a three-story building in the city’s downtown. The property at 1345 2nd St. is a mixed use building across from the Selby Library branch. It is listed for $5.75 million. The current owner is Spectrum Trust, which paid $3.35 million for it in 2021, Sarasota County property records show. While the space is occupied now — a salon is on the ground floor, a med spa is on the second floor and residence on the third floor — the listing says the 8,165-square-foot building will be vacant when sold. But, as the saying goes, that’s not all. Included in the deal is a 5,250-square-foot parking lot just a couple of blocks away at 1374 Fruitville Road. The building, the firm says, is ideal for an owner-occupier looking to live above the businesses. Ian Black’s Steve Horn and Melissa Harris are the agents for the property.


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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