New Jersey rental owner buys Tides Inn, Sunset Lodge

BUYER: Siesta Promenade Cottages LLC (manager: Daniel Jones), Spring Lake, N.J.
SELLER: Siesta Vista Condominium LLC
PROPERTY: 1800 Stickney Point Road and 1765 Dawn St., Sarasota
PRICE: $1.5 million
PREVIOUS PRICE: $1.4 million and $820,000, April 2005
LAW FIRM ON DEED: William A. Dooley PA, Sarasota

PLANS, DESCRIPTION:
Rental owner Daniel Jones of New Jersey purchased the adjacent Tides Inn Motel and Sunset Lodge south of the Siesta Key Bridge for $1.5 million.

The price equated to $75,000 per unit.

Located blocks from the Gulf Gate area and a planned Benderson Development retail/hotel project, the motels feature 20 rental units and a total of 8,784 square feet of space.

The Tides Inn has 12 guest rooms and an office, maintenance room, and manager's apartment. The Sunset Lodge has seven units: one regular apartment and six efficiencies. They also feature two swimming pools, shuffleboard courts, a horseshoe pit and laundry facilities.

Jones told the Sarasota Observer he plans to continue to operate them as rental housing with some renovations.

“We're going to make it more like a resort inside,” he says. “It's going to be absolutely adorable.”

Jones, who owns eight rental properties units on Siesta Key, plans to add gardens and a fence around the Stickney Point parcel.

The properties come with approvals to develop a 10-story 22-unit condominium building.

The buying entity, Siesta Promenade Cottages LLC, mortgaged the property to the seller, Siesta Vista Condominium LLC, for $250,000.

— additional reporting by Alex Mahadevan, correspondent