Longboat Key Club Expansion

The Longboat Ke CLub in currently in the final stages of planning and approval of a proposed $400,000,000 expansion of the resort and club. The expansion will bring a new hotel additional resort amenities, condos and jobs and tourism to Longboat Key.

hh gregg Sarasota

The electronics super store, hh gregg has opened a new location at the corner of Fruitville Road and Honore Avenue. The new store which is similar to Best Buy and the now out of business, Circuit City will be open soon.  Also opening soon in the Sarasota Crossings Plaza is an Office Depot.

Good Earth Natural Foods Lakewood Ranch

The Good Earth Natural Foods Grocery is now open on Main Street in Lakewood Ranch. Local residents are please to have the new grocery store in the location previously occupied by Morton’s Market. Prior to Good Earth Natural Foods opening the space had been leased to Ada’s Natural & Organic Foods but the deal fell though as Ada’s began having financial troubles with it’s existing stores.  For more information visit www.goodearthfoods.com/lakewoodranch.html

New Publix on Bee Ridge Road Update

Back in July I wrote of the new 28,000 square foot Publix grocery store and 19,000 square feet of retail to be developed on Bee Ridge Road.  This new shopping enter which will also include a Suntrust Bank will make life much more convenient for those living in communities such as;

Laurel Lakes

Laurel Meadows

The Hammocks

Bent Tree Golf & Country Club

Laurel Oaks Golf

Gator Creek Golf Club

Misty Creek Country Club

Heritage Oaks Golf & Country Club

The video above was taken February 5th, 2008.  Improvements are also being made to the intersection of Bee Ridge and Iona Roads.  In the coming days you will find profiles and updates of the above communities that will benefit most from this new shopping center.

Click here to view more information about the new shopping center.

Bank Owned Developments

The current economic climate is creating many wonderful opportunities. Currently there are many available bank owned properties suitable for future housing development. These properties consist of multiple housing lots that are available in partially developed neighborhoods. With the credit crunch banks have refused to renew short term loans that had been given to developers. Having now foreclosed on these properties, the banks want them liquidated at prices that are far below original cost. Many such properties are complete with all infrastructure in place and ready for new homes when the market recovers.

Local builders such as Pat Neil are currently selling many new homes in developments where the land cost is low enough to make new construction profitable at today’s market pricing. At the new lots prices that are available from the banks these lands will perform well for savvy investors who take advantage of such opportunities.

New Mall on University Parkway

Recently the Benderson Group and it’s partners have received final approval to pull permits on the construction of their new mall on University Parkway.  The mall to be called the University Town Center will be modeled after the Mall at Millenia in Orlando.  The developers expect that at least 70% of the retailers in the mall will be new to the Sarasota area which they say has been undeserved by the luxury retail segment. Currently shoppers in our are have to travel to Tampa or Naples to shopp at a Tiffany’s or Neiman Marcus.  Additional retailers will include the likes of Pac Sun, Talbots, Abercrombie & Fitch, Jimmy Choo, Louis Vuitton, Cartier, Chanel and Vilebrquin.  Soon locals and international travelers will be able to enjoy such stores right here in Sarasota.  Such high end retailers will be good for our area and will attract more international visitors to our town.  According to Visit Florida, shopping ranks as the highest priority among international travelers while only fifth in importance among domestic tourists.  This is one of the reasons the mall’s developers are bullish on the project despite the current economic climate.  They have indicated that they will pay for the project from their own funds if favorable financing terms are not procured.

Ada’s, Lakewood Ranch

The Main Street Lakewood Ranch location that was once occupied by Mortons Market will soon be the new home of Ada’s Natural Foods.  The new organic market will open in January 2009.  Ada’s specializes in natural and organic foods, beauty aids, vitamins, herbs, sports nutrition supplements, protein powders, pet supplies and cleaning products.  Ada‘s Natural Foods has been voted, by an independent reader poll, “Best Health Foods Store” in Southwest Florida for five…make that 6 consecutive years.

For more information visit http://www.adasnatural.com

Sarasota Commercial Real Estate Sales

The Palmer Crossing retail center on Clark road just sold for $57,000,000.  It was the largest commercial sale in Southwest Florida since the Gateway Office Park near Fruitville Road and Interstate 75 sold for $55 million back in the summer of 2006.  The Gatway property sold for $224 per square foot. 

The Palmer Crossing property consists of 147,000 square feet of existing retail space and the 43,000 square feet to be built.  Currently the property is anchored by a Bealls department store and a Sweetbay Supermarket.  The land was previously in 1997 for $1.5 million.

 This high sales price is a strong indicator that Sarasota remains a very desirable local with very good outlook for continued growth.  The Palmer Crossing property has long-term land leases from prominent national companies on eight of the property’s 12 parcels.

University Town Center, Approved

Yesterday, the Sarasota County Commissioners unanimously approved Benderson Development’s plans for what will be called University Town Center.  The new project will be the largest mall in our region and will feature high end retailers like Nordstroms and other retailers, many of which are not currenlty in Sarasota.  The new Town Center, which is slated to be completed in 2009 will also feature 1,750 homes and a trolley system to ferry homeowners to and from the retail tenants.  University Town Center will have the feel of a small town.  With 1.7 million square feet of commercial space, the new mall will be nearly twice the size of Sarasota Square Mall.   Currently there is a Super Target store at the University Parkway location and soon there will be three hotels, a grocery store and a movie theater.    The new town Center will be constructed as a joined development between Benderson and The Forbes Co. of Michigan, which is well known for it’s ability to procure high end tenants such as Neiman Marcus, Bloomingdale’s and Nordstroms.  Plans for the new mall were

University Town Center

Having had their earlier plans for a new town center on University Parkway voted down by the county commissioners, Benderson Development has resubmitted a revised plan for it’s “University Town Center.  The new plan will slightly reduce the size of commercial space and considerably rework the design and feel of the proposed project which now calls for 1.66 million square feet of retail space and over 100,000 square feet of office space.  High-end retail stores such as Neiman Marcus and Nordstum are expected to anchor the project which will also include a theater, a trolley system and someresidential units.   The proposed University Town Center will be located next to the new Super Target on University Parkway near the I75 enterchange an Lakewood Ranch.

Sarasota Bayside; the Quay update

The Developer, Irish American Properties headed up by Patrick Kelly plans to build what could be Southwest Florida’s most expensive residential developments.  The new development to be named Sarasota Bayside will be located on the side currently occupied by the Sarasota Quay.  Sarasota Bayside is valued at 1 billion dollars.  It will be comprised of three 18 story towers with 695 condominium units and 188,000 square feet of retail space.  There will also be a 175 room hotel.  Sarasota Bayside has received an approval of it’s site plan.  Final approval of the proposed development should occur in January.  Click here for more information on this project.

Pineapple Square Sarasota…

Pineapple Square, the new $200,000,000 development in proposed for Downtown Sarasota having received final approval to move forward.  With approval in hand, they have just completed the deal to bring Brooks Brothers clothiers and Sur La Table, a Williams-Sonoma competitor. 

Pineapple Square will have 30 to 40 new retail shops at street level and multi-level public parking in addition to it’s 276 residences. In all there will be 130,000 square feet of new retail, 172 condominiums, 6 townhouses, and 32 loft units, 600 covered public parking spaces and an additional 400 for residents.  Click here for more information on Pineapple Square.

Lido Key hotel sells for $62 million

The hotel formerly known as the Radison on Lido Key has been sold for $62,500,000.  The new owner, Ocean Properties Ltd., the largest privately held hotel development company in the U.S. paid 7 times what the previous owned paid for the property in 1994.  It is expected that the hotel will continue to operate but possible with a new franchise affiliation.  The hotel is located on Lido Key at 700 Ben Franklin Drive.  For more information on the hotel property visit http://www.lidobeachresort.com

Grande Bay

A new mixed used development was just approved.  It will be located near the intersection on Beneva Road and U.S. 41.  The $130 million project  will include 68 condominiums starting around $300,000 and 210,000 square feet of commercial properties.  The commercial portion will be primarily small boutique shops.  In addition there will be 152 condominiums called the Residences at Grande Bay with prices ranging from $500,000 to $2 million.

On Target

A new Super Target just opened on University Parkway between Highway 75 and Honore Avenue.  The new 174,000 square foot Super Target store combines everything commonly found at a Target Store with a full service grocery store.   This new retail destination will soon feature additional establishments including Old Navy, Dick’s Sporting Goods, Best Buy, Petsmart, DSW Shoes Warehouse, theaters and other high-end department stores.