Monthly Archives: October 2012

A new mall by Benderson Development and Taubman, in north Sarasota, has its ground breaking!

A new mall by Benderson Development and Taubman, in north Sarasota, has its ground breaking!

SARASOTA COUNTY – A long-awaited shopping expansion is now underway in northern Sarasota County.

Developers broke ground Monday at The Mall at University Town Center.

It will be a mall unlike any other locally with a Saks 5th Avenue, Macy’s, Dillard’s and more than 100 mall stores.

In addition to creating thousands of jobs locally for construction and to work at the mall when it opens, what many are excited about what could be a significant boost in our local economy.

The mall will be located the southwest corner of I-75 and University Parkway off North Cattleman Road, which is a key place to build based on the easy access from the interstate.

County commissioners say sales taxes from the mall will add a tremendous boost to the local economy, also creating thousands of jobs locally over the next couple years.

For full article, CLICK HERE <—-=====

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Longboat Key Club & Resort sold

Longboat Key Club & Resort sold

LBK club – pic via herald tribune archive

By Justine Griffin
Published: Tuesday, October 16, 2012 at 8:32 p.m.

LONGBOAT KEY – The Longboat Key Club & Resort, one of the most important tourism properties in Southwest Florida and host to U.S. presidents and thousands of visitors annually, has been acquired by a hotel operator with significant local holdings.

Ocean Properties Ltd.’s purchase of the 400-acre resort for an undisclosed sum, announced late Tuesday, could also break a legal logjam and jump-start a roughly $400 million redevelopment of the beachfront property, which contains golf courses, tennis courts and a private marina.

The purchase is to close by the end of this month, officials said. The timing of the redevelopment is uncertain, however, because it has been fought by neighbors who contend it will cause traffic congestion and other problems.

“We look forward to being part of the Longboat Key Club & Resort and this community,” Andy Berger, Ocean Properties’ vice president of operations, said in a statement.

Longboat Key Club & Resort is an amazing place and an excellent complement to our family of properties,” Berger added.

Ocean Properties also owns the 222-room Lido Beach Resort, which it bought in 2006, and the 135-room Holiday Inn Lido Beach, acquired three years later.

For Full Article, CLICK HERE <—-=====

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Swift Road shopping center sells for $2.965 million

Swift Road shopping center sells for $2.965 million

Shopping Center in Sarasota, FL sells.

By Michael Braga, Herald-Tribune / Monday, October 22, 2012

3d Realty Florida LLC, a Lindenhurst, N.Y. company managed by Domenick Delia and James Breeze, sold a 15,224-square-foot shopping center at 4789 Swift Road in Sarasota to 4789 Swift Road LLC for $2.965 million.

3d Realty paid $2.56 million for the 29-year-old shopping center in February 2005.

For Full article, CLICK HERE <—–======

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2.8+/- Acres, 1/2 mi South from University Parkway, Sarasota, FL

2.8+/- Acres, 1/2 mi South from University Parkway, Sarasota, FL

CLICK HERE <—–===== for Loopnet listing & data

NAI Manasota – Sean Dreznin listing of 2.8 +/- Acres for development on the SW corner of Desoto Rd & North Lockwood Ridge Rd Just 1/2 mile south of University Parkway

Price:$595,000

Lot Size:2.80 AC

Property Type:Land
Property Sub-type:Residential (land)
Additional Sub-types:Multifamily (land)
Commercial/ Other (land)
Zoning Description:RE 1 – residential in nature

Features:
Electricity/Power
Irrigation
Water
Telephone
Cable
Gas/Propane

Price:
$595,000
Lot Size:
2.80 AC
Price/AC:
$212,500
Lot Type:
Residential (land)
APN / Parcel ID:
0021-03-0005
Commission Split:
3.5%
2.8+/ – acres Located on the SW corner of North Lockwood Ridge Rd and Desoto. ** Located 1/ 2 mile from University Parkway. **
Highlights
Traffic count – 30,000+ vehicles per day.
Growing area with new and renovated commercial and retail.
Located 1/2 mile from University Parkway.

Current Zoning is RE1 – – Permitted uses include; Veterinarian, Day Care facility, medical, school, religious institution, etc. ** Traffic count – 30,000+ vehicles per day. ** Growing area with new and renovated commercial and retail. ** Great location for Assisted Living * Community Center * Social Services

Located on the SW corner of North Lockwood Ridge Rd and Desoto. ** Located 1/2 mile from University Parkway. **

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Colony founder and former Chairman Dr. Murray “Murf” Klauber and the limited partners were awarded a total of almost $25 million in a US Bankruptcy Court

Colony founder and former Chairman Dr. Murray “Murf” Klauber and the limited partners were awarded a total of almost $25 million in a US Bankruptcy Court

Klauber wins $23 million award

Longboat Key

STEVE REID
Editor & Publisher
sreid@lbknews.com


Colony founder and former Chairman Dr. Murray “Murf” Klauber and the limited partners were awarded a total of almost $25 million in a US Bankruptcy Court
proceeding Friday afternoon in damages to be paid by the Association of Unit Owners. The award amounts to an obligation of more than $100,000 per unit to be paid over five years.

Klauber was jubilant and at the same time troubled that it had to come to this outcome.

“I feel terrifically elated. The outcome had to soak in,”
said Klauber from outside his temporary residence on Longboat Key. “This Association board caused their fellow investors to come up with more than $23 million. You think they should be pleased with them?” added Klauber.

Judge Rodney May followed the instructions of US District Court Judge Steven Merryday, May’s superior, who ruled last year that May had erred and ordered May to reverse his rulings and award Klauber and the General Partners, which Klauber controlled, extensive damages for the Association of Unit Owners failure to pay for renovations which led to the shuddering of the once-internationally renowned resort.

May was given two options by the superior court judge to consider at the hearing:
award Klauber the total damages of nearly $25 million, or award Klauber about $7 million in damages and return control of the units to Klauber and the General Partner. May said he was going to decline returning control of the units to Klauber.

May said returning control of the Colony to Klauber and the General Partnership was not feasible due to several factors including that the unit owners hold warranty deeds to their properties.
He also said the General Partner and Klauber are in Chapter 7 liquidation and the partnership could not comply with articles of the management agreement. He also said the trustee was not able to successfully take the General Partner into Chapter 11 was another reason.

…(portion from later in article)…
Klauber said his goal is to help bring the Colony back to life.

“I am going to try and find a way to cure the ills at the Colony shortly. This brings them to their senses. All I want to do is bring it back to what should be here for people on the island and for people who should not be injured they way they have been injured. This is a financial injury. They still do not have their units — they need to be rebuilt. We have the right ingredients for this property and I am going to try and see if these people will make sense,” said Klauber.

FOR FULL ARTICLE, CLICK HERE <—–======

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Hillview apartments sell for less than half boomtime price

Hillview apartments sell for less than half boomtime price

By Michael Braga, Herald-Tribune
/ Tuesday, October 2, 2012

Apartments pictured are representative. Not actual.

Brazos XV LLC, a subsidiary of American Momentum Bank, has sold a collection of rental properties off Hyde Park Street in Sarasota to My Hillview LLC for $715,000.

My Hillview, a Longboat Key company managed by Robert K. Lesser, financed the purchase with a $500,000 loan from American Momentum.

The properties include a 10-unit apartment complex
at 2066 Hyde Park Street, a 4-unit complex at 2067 Hyde Park Street, a 1,223-square-foot duplex at 2050 Hyde Park Street and a 1,125-square-foot house at 2059 Hyde Park Street.

The four properties were previously owned by Rand-Hillview LLC, a Sarasota company managed by Stephen Svirsky, Bart Leereveld and Kahoru Watanabe.

The partners paid $2.2 million for the buildings between December 2004 and January 2006.

For the complete article, CLICK HERE <—–=======

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2011 was Year of the Apartment, statistics show

2011 was Year of the Apartment, statistics show

By Doug Sword via The Herald Tribune
Published: Thursday, October 4, 2012 at 4:13 p.m.

We sell apartments – NAI Manasota and Sean Dreznin

There is mounting evidence that 2011 was the Year of the Apartment in Southwest Florida.

In the wake of the economic downturn, the number of households in the area shrunk, as young adults moved back home and more people moved in with roommates.

Households shrunk by 5,000 in Sarasota County and 2,000 in Manatee County from 2007 to 2010.

But that trend turned with a vengeance last year, with households jumping from 163,000 to 173,000 in Sarasota County and from 126,000 to 134,000 in Manatee County, and apartment vacancies shrunk, a Herald-Tribune analysis of U.S. Census data shows.

To be sure, there is wiggle room in those numbers showing a collective 18,000 new households. The Census, for example, surveys roughly one out of every 65 households in Sarasota County each year. But even assuming the biggest range for the margin of error in the survey, the county’s households grew by at least 1,400 last year and may have grown by even more than the Census’ 10,000 estimate.

For Full article, CLICK HERE <—-======

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