Monthly Archives: August 2012

The Colony Beach & Tennis Resort Update via The Observer

The Colony Beach & Tennis Resort Update via The Observer

The Colony Beach & Tennis Resort Re-Opening

Date: August 29, 2012
by: Robin Hartill | City Editor

When the parties involved in the Colony Beach & Tennis Resort gave a status update in March, town commissioners bemoaned the lack of progress.

Tuesday, Sept. 4, those involved will be back in front of the commission.

That is when the Association will ask the commission during a quasi-judicial hearing to extend the Dec. 31 deadline for re-opening as a tourism property to June 2014.

But, in the meantime, those involved are working overtime to show commissioners evidence of what the commission wanted to see in March: progress.

At 8 p.m. Wednesday, Aug. 29, the Association’s board will meet to consider a recommendation of the Owner’s Redevelopment Advisory Committee to approve what board President Jay Yablon described in an email sent Monday night to unit owners as a “non-binding memorandum of understanding between Breakpointe LLC and Coral Hospitality LLC for concluding settlement negotiations among all parties and for redeveloping and reopening The Colony.”

Breakpointe LLC is owned by longtime Colony unit owner Andy Adams, whose entities own at least 48 of the resort’s 237 units, according to property records. Adams also owns a 5% interest in the resort’s three-acre tennis courts and recreational property.

Coral Hospitality is a Naples-based hospitality management and investment company. Its past projects have included managing the Sandpearl Resort on Clearwater Beach after its 2005 opening and the 2006 completion of a $12 million renovation of Casa Ybel Resort on Sanibel Island.

“In essence, Andy Adams and Coral Hospitality have negotiated a nonbinding agreement for how to proceed with both the settlement of disputes at the Colony and rebuilding and renovations,” Yablon told the Longboat Observer. “Wednesday’s board meeting will be for the purpose of signing into that agreement.”
Yablon said that the terms of the agreement are currently confidential.

Details, including the proposed mix of new and rehabilitated units, will be disclosed at Wednesday’s meeting, which is open to all unit owners.


Leave a comment

Filed under Commericial Real Estate Articles & News, Investment Real Estate

State Sen. Bennett sells Sarasota 23-unit apartment complex at a loss.

State Sen. Bennett sells Sarasota 23-unit apartment complex at a loss.

785 north osprey 23-unit apt complex – Sarasota Florida – SOLD – picture provided here by Sean Dreznin

By Michael Braga, Herald-Tribune / Monday, August 13, 2012

Pearl Partners LLC, a Sarasota company managed former state Sen. Mike Bennett and the son of his longtime business partner Marvin Kaplan, has sold a 23-unit apartment complex at 785 N Osprey Avenue in Sarasota to Four Futures LLC for $1.05 million.

Pearl Partners paid $2.3 million for the complex in March 2006.

For full article, CLICK HERE <—–

Leave a comment

Filed under Commericial Real Estate Articles & News, Investment Real Estate

To sell apartment building, find specialist agent – article from Beacon Journal

To sell apartment building, find specialist agent – article from Beacon Journal

Avoid those who focus on house sales; listing for $3 million should get break on commission

Posted on Sat, Sep. 02, 2006

Apartment & Investment Specialist — Sean Dreznin at NAI Manasota

By Bob Bruss

Q: We are considering listing our 48-unit apartment building for sale. We have spoken with two Realtors. We would like to know what commission to expect to pay on a $3 million sale. The standard rate for houses in our area is 6 percent. One of the Realtors wants a flat commission. The other has some sort of pyramid-style system involving starting out at 10 percent and going down to 3 percent after a certain amount, all combined together. What guidance can you give? — Ellen A.

A: You need a specialist who sells only commercial and apartment buildings.
Stay away from agents who specialize in house sales. Real-estate sales commissions are negotiable, especially on $3 million income property sales. According to Real Trends, the average home-sale commission is now 5.1 percent, so your commission should be less than that. Interview at least three apartment and commercial-property sales specialists who sell apartments in your vicinity. Listen to each agent’s listing presentation, including his/her quoted sales commission rates. Let each agent “sell” himself or herself to you, not necessarily based on the commission rate alone. Check out their references of recent sellers of properties like yours before selecting the best agent for your situation.

posted by S. Dreznin

1 Comment

Filed under Investment Real Estate

A new grocery store planned by developer for Bee Ridge and Beneva

A new grocery store planned by developer for Bee Ridge and Beneva via Inside Real Estate

By John Hielscher

Commercial Real Estate

A local developer with a diverse portfolio is planning to build a grocery store on church-owned land at one of Sarasota County’s busiest intersections.

Jebco Ventures Inc. intends to purchase a four-acre site at the southwest corner of Bee Ridge and Beneva roads for the grocery, now home to the Rivers Edge Community Church.

Jim Bridges, Jebco’s president, said Thursday he plans a 41,000-square-foot grocery store on the site. He declined to identify the retailer’s name, however, citing a confidentiality agreement.

“In probably all of Sarasota County, it’s an ‘A’ location for what we intend to do with it,” Bridges said. “With the traffic and consumer goods sales within that area by other stores, it’s a strong area.”

The property is listed for sale at $6.7 million. It was put on the market in December 2010 for $8.5 million.

Jebco met with county officials last month to discuss the project, but has yet to file any formal plans for the property. Bridges said he hopes to begin construction early next year.

The grocery faces some key hurdles, though.

The site must be rezoned from its current office designation to a more intensive commercial general one.

Additionally, a county comprehensive plan amendment will be needed to change the designation from Village 1 to “commercial corridor.” Traffic impact and other studies also will be required.

If approved, the church would be razed. Pastor David McCoy at Rivers Edge could not be reached for comment Thursday to discuss the church’s plans.

For full article – CLICK HERE <——–

Leave a comment

Filed under Commericial Real Estate Articles & News, Investment Real Estate

L.A. Fitness will buy the remaining Lifestyle Family Fitness gyms in Florida.

L.A. Fitness will buy the remaining Lifestyle Family Fitness gyms in Florida.

Lifestyles fitness becoming LA Fitness or possibly closing? Photo Credit Rebekah Rae – via Sarasota Patch

By Charles Schelle

Lifestyle Family Fitness gym members in Sarasota will soon see a new name at their local workout center — or perhaps see it closed.

Rival LA Fitness will purchase the St. Petesrburg-based Lifestyle Family Fitness, reports fitness trade publication Club Industry, which obtained a letter from Lifestyle’s chief executive distributed to employees about the purchase:

“In the months that followed [the exiting of the northern markets], we evaluated our option to remain an independent company or sell to a larger organization,” Lasher wrote in the letter. “We took into consideration what would be in the best [interest] for all three constituents: our team members, members and shareholders. After careful consideration, the Board of Directors has made the decision to sell all of the Lifestyle Family Fitness clubs in Florida to LA Fitness.”

Lifestyle Family Fitness also filed a layoff notice with the state Department of Economic Opportunity that 94 employees will lose their jobs from Aug. 16 and Dec. 31, The Tampa Bay Times reports.

What does this mean for Sarasota? LA Fitness is building a 40,000 square foot gym and selling memberships at 4031 Cattleman Road, near Bee Ridge Road and Interstate 75. That location is expected to open this summer, according to the club’s Facebook page.

Lifestlye Family Fitness has two locations in Sarasota at North Beneva Road and in Palmer Ranch on the South Trail.

Lifestyle and LA Fitness has not released information about the sale as well as the layoffs or potential closures.

Related Topics: Gym, LA Fitness, Layoffs, and Lifestyle Family Fitness

Are you a member or employee of Lifestyle Family Fitness?

What does this sale mean to you?

We would enjoy hearing from you in the comments.

Original article link <—–

Leave a comment

Filed under Uncategorized