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Business Observer Friday, Jul. 15, 2005 17 years ago

Real Estate Briefs (Sara/Mana)

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Construction Starts on San Marco PlazaFlorida Apple buys land for North Port Applebee's Taylors buy third phase for Bella Villino condominiumDevelopers expand plans for Rye Road Medical ParkDevelopers buy Myakka land for luxury home communityGulf Coast foundation buys property for land trust
by: Adam Hughes Staff Writer

Real Estate Briefs (Sara/Mana)

Construction Starts

on San Marco Plaza

Buyer: San Marco Development Co. of Sarasota Inc. (Karen Cook, Gary Moyer and Barbara Appel), Bradenton

Seller: Schroeder-Manatee Ranch Inc.

Price: $1.6 million

Property: Corner of Town Center Parkway and Natures Way in Lakewood Ranch

Law firm on deed: Grimes Goebel Grimes Hawkins Gladfelter & Galvano PL, Bradenton

Buyer: San Marco Holding Co. LLC, Bradenton

Seller: San Marco Development Co. of Sarasota Inc.

Price: $870,000

Law firm on deed: Williams Parker Harrison Dietz & Getzen, Sarasota

Property: San Marco Plaza Land. Unit 2

Plans, description: The three partners behind the San Marco Plaza in Lakewood Ranch purchased land for the large-scale retail development and have kicked off construction. The lifestyle development is set for completion in the first quarter of next year.

Developers have commitments for 70% of the space, which is being offered for sale or lease. The 65,000-square-foot retail/restaurant/office complex, which is designed after St Mark's Square in Venice, Italy, will feature a seven-story Venetian-style clock tower. The European-style architecture will also emphasize alfresco dining, open balconies and arched balustrades. An official ground breaking ceremony is planned for August.

Halfacre Construction Co. Inc. is the general contractor, and Sarasota architect Don Lawson designed the plaza.

"I think the public will be very excited as we continue to roll out the San Marco story," says Karen Cook, partner and leasing agent for the project. "The list of merchants who will surround the Golden Apple Dinner Theatre will complement the European theme that we have created. Next month's event is expected to be a great celebration."

RBC Centura provided the $9.45 million construction loan.

Florida Apple buys land

for North Port Applebee's

Buyer: Florida Apple 1 LLC, West Palm Beach

Seller: Sumter Crossing LLC (Frank Menke)

Property: Tamiami Trail, North Port

Price: $1.1 million

Previous Price: $5 million, July 2002 (additional property)

Law firm on deed: Lutz, Bobo & Telfair PA, Sarasota

Plans, description: Florida Apple LLC, which owns Applebee's Neighborhood Grill & Bar restaurant franchises in Fort Myers, Fort Pierce, Vero Beach, Jacksonville, Naples, Sarasota and West Palm, bought land in Sumter Crossing, a development in North Port already designated for a Wal-Mart Supercenter and Home Depot. The company's planned Applebee's marks the first sit-down chain restaurant in North Port.

Florida Apple LLC officials did not return calls before deadline. Applebee's Neighborhood Grill & Bar is the largest casual dining concept in the world, both in terms of the number of restaurants and marketshare.

Taylors buy third phase

for Bella Villino condominium

Buyer: BV Development III LLC (principals James "David" and Elizabeth Taylor), Venice

Seller: La Venezia Sarasota LLC

Property: Building C of 4100 Central Sarasota Parkway, Sarasota

Price: $10.1 million

Previous Price: $33 million, January 2003 (entire development)

Law firm on deed: Williams Parker Harrison Dietz & Getzen, Sarasota

Plans, description: The Taylor family has closed on the third phase of the La Venezia Apartments in Palmer Ranch (69 units in about four buildings). The Taylors are converting the 348-unit complex from apartments to condominiums and renaming it Bella Villino.

"Of that 69 we have contracts on 50 of them," David Taylor says. 'We are expecting to start closings this week (ending July 8)."

Prices range from $169,000 to $289,000.

The new owners have invested in a $1-million clubhouse renovation, new appliances, new carpeting, carports and landscaping upgrades.

Bella Villino Realty is handling sales of the units.

Developers expand plans

for Rye Road Medical Park

Buyer: Rye Road Associates LLC (principals Stanley Sabuk and Julie Aranibar), Bradenton

Seller: Manatee Joint Venture

Property: northeast corner of Rye Road and State Road 64, Bradenton

Price: $1.4 million

Law firm on deed: Greene & Schermer, Bradenton

Plans, description: Rye Road Associates, which is planning a 15,000-square-foot medical office building on the northwest corner of Rye Road and State Road 64, east of I-75, bought land on the northeast corner to add to it.

"We bought about 5.79 acres there," Stan Sabuk says. "We are looking to take it through a rezone to planned development office. Ultimately we are hoping to develop a project that mirrors the medical offices we are approved for on the northwest side."

With the additional land, the new development is envisioned as two about 15,000-square-foot buildings.

The entire development is being called Rye Road Medical Park. Sabuk says that about 11,000 square feet in the first approved 15,000-square-foot building are under contract. The entire development is being offered for lease or sale. Sale prices start at $285 per square foot including tenant buildout, and the lease price is $18.50 per square foot triple net.

Sabuk's construction company Skyline Builders Inc. has been tapped to build all three buildings.

"We are probably about 90 days from starting the first 15,000-square-foot building," Sabuk says. "We should have the first one done in the first quarter of 2006. We are probably about 12 months out from starting the second phase."

Developers buy Myakka land

for luxury home community

Buyer: Bridle Creek LLC (principals Frank and Adam Buskirk and Steve Summers), Bradenton

Seller: Rodney and Dale Willis, individually and revocable living trust

Property: 31625 Clay Gully Road, Myakka City

Price: $1.7 million

Previous Price: $525,200, March 2001

Title company on deed: MSC Title Inc., Sarasota

Plans, description: The Buskirks and Steve Summers bought 101 acres on Clay Gully Road to develop about 15 6- to 10-acre luxury estates.

"My son Adam is going to be the active day-to-day guy," Frank Buskirk says. "These are going to be lots in a private gated subdivision that we will sell to residents."

Buskirk, who previously developed the Panther Ridge residential community in Eastern Manatee County, expects the home sites to sell for $350,000 to $400,000.

The purchase entity Bridle Creek LLC mortgaged the property to United Bank of the Gulf Coast for $2.25 million.

Gulf Coast foundation

buys property for land trust

Buyer: Gulf Coast Strategic Investments Inc., Venice

Seller: Mark and Paula Caithness

Property: About 146 acres on Laurel Road near I-75, Venice

Price: $16.08 million

Law firm on deed: Andrew Britton PA, Venice

Plans, description: The Gulf Coast Community Foundation of Venice's supporting organization, Gulf Coast Strategic Investments, purchased 146 acres for development of Sarasota County's first land trust. The foundation was faced with an extremely quick closing, which has delayed most of the planning for the actual structure of the land trust.

"This is not something we had 90 days to sit back and ponder," says Teri Hansen, the foundation's chief executive officers and president and chairperson of the Gulf Coast Strategic Investments. "We had to do our due diligence and be ready to close."

Next up for the foundation is determining a good development partner for the project.

In broad strokes, the land trust is designed to create worker housing by limiting the amount of appreciation for the housing.

Andrew J. Britton, a former member of the foundation's board of directors, represented the supporting organization at closing and handled the title work. The investment board is financing the deal through a line of credit with Northern Trust.

Etc...

• Aurora Ministries Inc. and one of its directors Georgia Aleppo purchased land on Medical Boulevard, Englewood, from Palmetto's Stillwater Sarasota Inc. for $1.57 million.

• RSVP Associates, a full-service real estate firm specializing in country estate, equestrian and unique recreational properties, has opened new corporate offices at 10960 State Road 70, Bradenton, just east of I-75. RSVP recently relocated its Panther Ridge satellite office to its new 2,000-square-foot corporate location. Prior to the move, the company was the dominant resale brokerage firm for Panther Ridge, a 4,500-acre estate and equestrian community in eastern Manatee County; RSVP listed 60% of the community's listings, according to CEO/Broker Al Horrigan.

• Sweetbay Supermarket has opened a new location at 6100 N. Lockwood Ridge Road, Sarasota.

• Laser Innovation Inc. leased a 1,860-square-foot space in Ranch Lake Office Park, at 9030 58th Drive E. on State Road 70, Bradenton, from Thomason & Thomason LLC. The three-year lease term and options were negotiated by Raymond Tucke, president of the regional laser acupuncture and pain management company, and Bob Brillon, of Michael Serry & Associates, the landlord's agent.

• In an internal transaction, the Richardson family transferred property on Executive Drive, Venice, from Sunshine Venice Commercial Park LLC to SCIBC Phase Two LLC for $570,000. The change represents internal modifications in the percentage of ownership of family members.

• Welcome Hospitality of Sarasota LLC, a partnership of Ravi Patel of Sarasota, SUNIL GANDHI, of Hernando and Dhimant Shah of Lake Mary, purchased the 117-unit Days Inn Airport, 4900 N. Tamiami Trail, Sarasota, from Ishavashy Am Inc. for $3.5 million.

• The Tampa-based manufactured-home community company Steiner Communities LLC (Cortez LLC) bought a mobile home park at 616 Cortez Road W., Bradenton, from Charles and Marcia Doty for $1.5 million. Company officials did not return calls. Steiner Communities mortgaged the property to the former owner for $1.3 million.

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