North Port Retirement Center buys Venice land for development

BUYER: North Port Retirement Center Inc. (principal: Zia and Munir Butt), North Port

SELLER: United States Postal Service

PROPERTY: 2701 Jacaranda Blvd., Venice

PRICE: $1.2 million

PREVIOUS PRICE: $1.35 million, April 2000

LAW FIRM ON DEED: Postal Law Department, Washington, D.C.

PLANS, DESCRIPTION: North Port-based retirement home operator/owner North Port Retirement Center Inc., purchased 8.66 acres of land on Jacaranda Boulevard north of Parkmere Boulevard for $1.2 million.

The price equated to $138,568 per acre.

The company plans to develop the land into an 80,000-square-foot independent- and assisted-living senior facility with 90 units.

“It's in a really nice location, surrounded by the hospital, doctors' offices and several subdivisions on a busy road,” says Zia Butt, CEO of North Port Retirement Center Inc. “We hope to resolve some zoning issues this month. If we can, then we'll start [construction] toward the middle or end of November.”

North Port Retirement Center Inc. owns and operates North Port Pines, Gardens of North Port and Sandhill Gardens. Butt says his firm distinguishes itself from competing retirement facilities based on the quality of the property and operations, which he compared to a four- or five-star hotel. He says the company is adding facilities in Fort Myers and Sarasota.