Two Sarasota entrepreneurs buy, developing Palm Garage retail

BUYER: Palm Avenue Holdings LLC, Sarasota

SELLER: City of Sarasota

PROPERTY: 1289 N. Palm Ave., Sarasota

PRICE: $1.6 million

PREVIOUS PRICE: $500,000, August 1990

LAW FIRM ON DEED: Berlin-Patten PLLC, Sarasota

PLANS, DESCRIPTION: Palm Avenue Holdings LLC, an entity led by Jesse Biter, CEO of Biter Enterprises LLC, has closed on nearly 11,000 square feet of retail space on the first floor of the Palm Avenue Garage for $1.6 million.

Biter is partnering with co-owner of Libby's Cafe + Bar Steve Seidensticker. The duo plans to locate a high-end restaurant and a special event venue there.

Seidensticker has taken on the day-to-day responsibilities of developing the retail space. The 2-year-old, 281,700-square-foot city-developed parking garage features 743 parking spaces, 20 motorcycle spaces and 80 bicycle spaces.

Seidensticker has started devoting more time to real estate investments in recent months. He and his other real estate partner, Gilbane Building Co. executive Lemuel Sharp III, recently purchased the mortgage debit to the Libby's restaurant's building, Morton's Plaza, Southside Deli, a 4,089-square-foot retail building and a vacant lot in Sarasota's Hillview area.

Since selling HomeNet, Biter's ventures have included Dealers United and an expansion of business incubator the Hub.