Monthly Archives: May 2012

Mannausa moves towards creating ‘The Jewel’ of Sarasota

Date: May 31, 2012
by: Kurt Schultheis | City Editor

Years of planning have led to Mannausa’s goal of building what he perceives as the premier condominium tower in downtown Sarasota
. Mannausa calls it a “no-brainer” to name his project located at 1301 Main St., “The Jewel.”

The modern, contemporary tower being designed by Hoyt calls for 18 floors.

The corner of Main Street and Gulfstream Avenue has been eating away at longtime Sarasota real-estate developer Tom Mannausa for more than 20 years.

In 1989, Mannausa had a fifth-floor office in the Palm Tower building and remembers looking down at the one-story buildings on the Main Street block between Gulfstream and Palm avenues.

I would come there every day and look at the view of those properties before Epicure was even built there,” Mannausa said.

I always thought it would be a terrific residential site … the best residential site in downtown Sarasota.

A downturn in the economy, followed by a recession, made Mannausa’s goal unattainable.

But in December 2010, Mannausa made his move, purchasing the corner lot at the corner of Gulfstream Avenue and Main Street for $870,000 from the estate of developer Samuel Hamad, whose Marquee on the Bay residential project fell apart during the downturn in the economy.

When Mannausa purchased the Hamad property, the purchase price came with Hamad’s former plans designed by Hoyt Architect President Gary Hoyt.

The prior presentation only encompassed the corner lot, though, and I knew that was wrong,” Mannausa said. “ My vision has always been the entire block.”

Immediately, Mannausa began negotiating a purchase price for the Living Walls furniture store. Mannausa told the Sarasota Observer he closed on the property last week.

Mannausa has also worked out an agreement to purchase The Sports Page Bar & Grill
from owners Kenny Barr and Bob Richards, in July.

I’ll own the corner free and clear up to Epicure,” Mannausa said.

Coming full circle, Mannausa has also negotiated an agreement with Epicure, which will stay put in exchange for the ability to make design modifications that will allow Mannausa’s new condominium tower to blend in with the Epicure property.

We will integrate the design of the first three levels of our property with Epicure, so, architecturally, our theme will be carried through the entire block,” Mannausa said. “Everything will be cohesive.”

For Full Article, CLICK HERE <–—-

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London’s Financial Times touts Sarasota real estate

London’s Financial Times touts Sarasota real estate

Sarasota, Fl = Sun, Sand & Real Estate via NAI and Sean Dreznin

By Online staff, Herald-Tribune
/ Tuesday, May 29, 2012

High-income readers around the world got some news about Sarasota over the weekend.

The Saturday edition of the Financial Times, the salmon-colored business newspaper based in London but circulated throughout Europe, Asia and the U.S., has a half-page article extolling Sarasota real estate.

In upmarket resorts such as Sarasota on the Gulf of Mexico,” Nicola Venning writes, “which is also one of the most expensive areas in the US to buy property, the general uplift in prices has not yet reached the top of the market and there are good deals to be had.”

For Full Article, CLICK HERE <–—–

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DeSoto Square Mall appears set to change hands to new owner

De Soto Square Mall, Bradenton, Fl
*** Picture by MARC R. MASFERRER/Bradenton Herald

DeSoto Square Mall appears set to change hands to new owner

By John Hielscher
Published: Wednesday, May 23, 2012 at 5:11 p.m.

De Soto Square Mall, Bradenton, Fl

BRADENTON – The owner of the long-neglected DeSoto Square Mall has listed the property for sale and might be close to a deal, a move that analysts say could prompt a renovation or other enhancement.

Simon Property Group — which has owned the mall for the past 16 years as its value plunged through recession and lack of upgrades — declined to discuss any potential sale, as did CBRE, the commercial real estate brokerage firm trying to sell the 693,000-square-foot mall.

But commercial mortgage analyst Trepp LLC has reported that a letter of intent to sell the 39-year-old mall has been signed by Simon and an unidentified buyer. Under terms of the deal, the buyer will also assume at least some debt on DeSoto Square, Trepp reported, citing information from a loan servicer.

Letters of intent are common instruments in the retail industry and do not guarantee an eventual transaction.

But experts said a sale could benefit the mall, resulting in new tenants and cosmetic improvements for DeSoto Square, anchored by Macy’s, JCPenny and Sears. A Dillard’s department store, which had been a fourth DeSoto anchor, closed in late 2009.

Simon’s timing in selling, too, may also be opportune, because investors are showing more interest of late in properties like DeSoto Square, which are considered secondary, or Class B malls, in the retail industry, said retail consultant Jeff Green.

Unlike so-called Class A malls, such as International Plaza, in Tampa, which are full, investors view malls like DeSoto Square as opportunities to add value with new merchants or higher rental rates.

“You can improve the tenant mix and hopefully get higher rents,” Green said. “You can densify the site by adding non-retail uses, like office or residential or a hotel. There is a lot that can be done to B malls.”

But Green does not expect a new owner to pump millions of dollars into DeSoto Square.

Whoever buys it will maybe do more of a remodel than a redevelopment,” Green added. “It’s not the time for developers to spend a ton of money on redevelopment.”

If consummated, a sale would resolve a more than two-year conflict between Simon and its lender on the mall
, the $62 million loan on which fell to “imminent monetary default” in 2010, Trepp reported.

In response, Simon offered to turn the mall over to the lenders, but the world’s largest real estate company instead retained ownership
. The loan was sent to a special servicer later that year, Trepp reported.

Simon’s debt on DeSoto Square is backed by nearly 500,000 square feet of the property, and represents nearly 8 percent of the collateral of a $1 billion pool of securitized commercial mortgages managed by Merrill Lynch Mortgage Trust.

For Full Article, click here <——-

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Facebook Stock – We want your opinion!

CLICK HERE TO VOTE —–> Do you think Facebook Stock will end the year above or below it’s $38 IPO price?
(polls) <——- CLICK HERE TO VOTE

Will the sun rise or set on Facebook’s stock?

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Converter loses more than $20 million on Manatee condos

By , Herald-Tribune
/ Monday, May 14, 2012

Tradition Tarragon LLC, a New York City company managed by Robert Rothenberg, has sold a 178-unit condo complex at 8431 Gardens Circle in Southern Manatee to JWC Sarasota Tpa LLC for $13.5 million.

Tradition Tarragon paid $35 million …

Click link for full article via Inside Real Estate at Herald Tribune

TS Debby Lifeguard stand pic by mark palmer via Sean Dreznin

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Rent Prices Rising? Sinch that Belt another notch.

Rent Prices Rising?  Sinch that Belt another notch.

Representative apartment photo – Not specific to a complex or geographic area

From Anthony Homer Blog,

via Ted Jones Blog;

The dearth of residential construction in the past four years and a growing (albeit sputtering) economy, has set the stage for several years of rising rents—and in some locations SIGNIFICANTLY rising rents.  One of the mega themes I have addressed this past year in my presentations has been the trend towards more people becoming renters rather than owners.

24/7 Wall Street completed a study examining rental growth rate, home price changes from the peak and in the prior 12 months, and job growth in the price 12 months.

Data taken from Trulia found that in the 100 largest housing markets home prices increased slightly (yes—once again showing that the housing market bottomed last year) and rents increased more than 5 percent on average.  Six markets showed rents rising more than double digits. These markets are detailed in the following table.

The bottom line is that rents will continue to rise (as will home prices), which should make many renters consider becoming homeowners.

Owners of rental housing will see rising rental rates and values, once again.

From Anthony Homer Commercial Real Estate Blog

From Ted C. Jones real estate blog

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