JEBCO buys Whitehall property near proposed Embassy Suites site

BUYER: Rebco Ventures LLC (principals:
Paul Beitlich and James Bridges), Sarasota
SELLER: GCAG Whitehall LLC
PROPERTY: 290 Cocoanut Ave., Sarasota
PRICE: $1.04 million
PREVIOUS PRICE: $1.83 million and $602,300, February 2008
LAW FIRM ON DEED: Carlton Fields PA, Miami

PLANS, DESCRIPTION: Sarasota-based developer JEBCO Ventures Inc. purchased a half-an-acre parcel at the corner of Cocoanut Avenue and Fruitville Road for $1.04 million.

The property included the former Whitehall Homes buildings, which were demolished earlier this year. The land is also close to 202 N. Tamiami Trail, where JEBCO Ventures has proposed developing an 18-story Embassy Suites hotel.

“This isn't part of the Embassy Suites I'm doing, but it could be its sister,” says Jim Bridges, CEO of JEBCO Ventures. “We did a feasibility study for 130 units and suites in a limited services hotel there. We're also looking at possibly doing a mixed-use project there. But we aren't sure yet. We just knew it was a good piece of property with downtown-core zoning. It's at a traffic light with a good traffic count.”

JEBCO purchased the property from an affiliate of Global Capital Advisors Group, which foreclosed on the property in May 2010.