Commercial Real Estate

Rivergate owner plans renovations
Banyan Street Capital is planning to invest more than $10 million to upgrade the 31-story Rivergate Tower along Tampa's Riverwalk to “elevate the project to a new standard for downtown,” says one of its principals.

Renovations are expected in the 400 N. Ashley Drive building's common areas, lighting and restrooms, says Dale Peterson, a CBRE Group senior vice president who represented sellers Mount Kellett Capital Management and Morning Calm Management in the $70 million transaction.

K. Taylor White, a Banyan Street senior managing director, says the Miami-based company believes tenants are seeking a more urban experience today, and will flock to buildings like Rivergate as a result. The tower is currently 80% occupied by tenants such as Butler Pappas, Digital Hands, Sykes Enterprises and Wilson Human Capital, among others.

The improvements to the 27-year-old Rivergate, which was built at a cost of $150 million, also are expected to bump rents upward from a current rate of $23 per square foot to $25 per square foot.

Dimmitt sales to boost city tax rolls
If current projections hold and Dimmitt Automotive Group is able to sell between 15 and 18 luxury cars monthly from its planned Sarasota showroom, the company won't be the only one to benefit. So will city tax coffers.

That's because Dimmitt has registered to have a dealer's license in Sarasota, in addition to its Tampa base, which means local sales tax will be channeled through the state back to the city of Sarasota.

“We want very much to be part of the local community, that's how we operate,” says Scott Larguier, Dimmitt's chief operating officer.

Dimmitt's sales of Rolls-Royce, Aston Martin, McLaren and other upscale vehicles could mean in excess of $3 million in new city taxes, says Wayne Ruben, who acquired the State Street Garage ground-floor space for $1.77 million where Dimmitt is scheduled to open in October.

Dimmitt currently operates dealerships in Tampa, St. Petersburg and Clearwater.