Illinois family buys University land for Culver's restaurant expansion

BUYER: Jade Sarasota One LLC (principal: David Koch), Rockford, Ill.
SELLER: University Groves Development LLC
PROPERTY: 2605 University Parkway, Sarasota
PRICE: $960,000
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota

PLANS, DESCRIPTION: The Koch family of Rockford, Ill., purchased land east of U.S. 301 in University Groves for $960,000.

The buyers are developing a 4,446-square-foot new Culver's restaurant on the site. The building will feature 100 seats and an outdoor patio. The new restaurant, which is being built by McCON Building Corp. of Highland, Wis., will employ between 50 and 60 people.

The Koch family, which has existing Culver's locations in Illinois, owns the franchise rights to operate Culver's restaurants in Sarasota.

“We plan to send four of our best managers to Sarasota from Rockford, Ill.,” says David Koch. “We love Sarasota. I've personally had a condo in Naples for a long time. My children, who run the business, just happened to have vacationed on Siesta Key a year and half ago and they suggested we look at Sarasota.”

Koch says he and the rest of the family found the more commercial nature of Sarasota attractive.

The owners plan to have the first Culver's location open by April along with a second one shortly thereafter and a potential third by the end of 2014.