Long Bar Pointe owner adds partner, sells some land

BUYER: Long Bar Pointe LLLP (principal: Larry Lieberman), Sarasota
SELLER: SBC Developments LLLP
PROPERTY: a portion of land with the single address of 5115 86th St. W., Bradenton
PRICE: $6.3 million
PREVIOUS PRICE: $3 million, September 2001; $3.22 million, February 2006; $663,000, October 2005 and $372,000, August 2004
LAW FIRM ON DEED: Dye Deitrich Petruff & St. Paul PL, Bradenton

BUYER: Cargor Partners VIII-Long Bar Pointe LLLP (principals: Michael Jacobson and Carlos Beruff), Bradenton
SELLER: SBC Developments LLLP
PROPERTY: a portion of land with the single address of 5115 86th St. W., Bradenton
PRICE: $6 million
PREVIOUS PRICE: $3 million, September 2001; $3.22 million, February 2006; $663,000, October 2005 and $372,000, August 2004
LAW FIRM ON DEED: Porges Hamlin Knowles & Hawk PA, Bradenton

PLANS, DESCRIPTION: The 530-acre west Bradenton mixed-use project known as Long Bar Pointe has been revised to focus on new single-family housing instead of multifamily units as originally planned.

Its developer, Larry Lieberman, has partnered with Bradenton-based homebuilder, Medallion Home and Cargor Partners.

Lieberman's SBC Developments sold the 142-acre single-family portion of the development to Medallion Home and Cargor Partners for $6 million. At the same time, SBC Developments sold the remainder of the development, 381 acres, to a new joint venture Lieberman's company shares with Medallion Home and Cargor Partners for $6.3 million.

Several years ago, the waterfront development was approved as a 1,658-unit mix of condominiums, townhomes, hotel rooms and single-family homes. But with the recession, nothing was built.

Recently, Lieberman says, the partners decided the quickest way to develop the property would be to change from condominiums to single-family homes. Lieberman says he found Carlos Beruff, CEO of Medallion Home, when he was looking for homebuilding partners.

Beruff and Lieberman are the managing general partners of the joint venture. “The single-family home business is doing pretty well right now so this is where we thought we should start,” Lieberman says. “Our goal is while the single-family development is taking shape, we will be planning to execute on the rest of the development.”

The single-family portion of Long Bar Pointe includes nearly 400 lots.

Prior to the recent transactions, American Momentum Bank took the property to foreclosure before SBC Development bought it back from the bank.

“We paid the bank back every dollar, but we did this to clear the title,” Lieberman says. “This property had been owned previously by trust funds, and there was always a chance that a sale had happened but not been recorded.”

Planning and engineering for the single-family portion of the property is under way. Site work will likely start toward the end of 2013.