Gabbert-led investor group buys Villages of Manasota Beach land

BUYER: BMG Three LLC (principal: William Merrill III), Sarasota
SELLER: Larry Hyman as assignee for the benefit of the creditors of Villages of Manasota Beach LLC
PROPERTY: 2401 Englewood Road, a portion of east Stoner Road and additional land, Englewood
PRICE: $5.03 million
PREVIOUS PRICE: $14.28 million, $14.04 million, $8.87 million and $2.69 million, October 2005
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota

PLANS, DESCRIPTION: An investment group led by Jim Gabbert of Gabbert Investments Group LLC purchased most of the vacant land for the proposed Villages of Manasota Beach development at State Road 776 and Manasota Beach Road for $5.03 million.

The price equated to $6,700 per acre.

The sale included 750 of the 785-acre development site after 35 acres was removed from the foreclosure process prior to the sale. Starting with a purchase in 2005, the previous owner Villages of Manasota Beach LLC had proposed creating a community of 1,450 residential units along with 25,000 square feet of commercial space. But following the real estate crash nothing was developed, and the owners faced a mortgage foreclosure judgment by IberiaBank for $41.43 million.

Gabbert says he and the other owners plan to start working on a zoning plan for the property as part of the Sarasota 2050 Comprehensive Plan, but have no set schedule to develop it.

“They are not in a hurry,” says attorney Bill Merrill of Icard Merrill Cullis Timm, who represented the purchase group. “Their intention is to plan out the property. They are surrounded by development. [Homebuilder] Pat Neal owns a project to the south. There's Thomas Ranch to the east.”