Devonshire Park land sells for $1.6 million

BUYER: YYZ Properties Inc., Oakville, Ontario, Canada

SELLER: Woodmere Investment Management LLC

PROPERTY: lots 1-26, Devonshire Park between Alderman and Oak streets (the 600 block of Hudson Ave.), Sarasota

PRICE: $1.6 million

PREVIOUS PRICE: $995,000, January

LAW FIRM ON DEED: Kirk Pinkerton PA, Sarasota

PLANS, DESCRIPTION: A company led by Canadian businessman and part-time Sarasota resident Lou Donato purchased the undeveloped Devonshire Park property in downtown Sarasota and its development approvals for $1.6 million.

The price equated to $61,538 per approved lot.

A group led by Sarasota businessman Marvin Kaplan purchased the land in 2006 with plans to develop a community of 26 single-family homes. The project was never developed. In July, the Federal Deposit Insurance Corp., acting as a receiver for First Priority Bank, foreclosed on the property. In January, an affiliate of Sarasota-based Woodmere Capital Group purchased the property for $995,000.

Donato is the owner of the quick-service Japanese restaurant chain Teriyaki Experience and Mrs. Vanelli's Fresh Italian Foods. His companies own a number of properties in Sarasota, including the four-unit Outrigger Apartments building on Golden Gate Point acquired late last year for $1.05 million.

“This was a non-core asset to us,” says Henry Rodriguez, chairman and CEO of Woodmere Capital Group. “We were getting a lot of offers on it. There's a lot of opportunity there.”
Woodmere Capital Group is a real estate investment and service company.