Atlanta real estate firm Carter buys one of two Biter development parcels

BUYER: NIC Sarasota LLC (Carter Acquisitions), Atlanta
SELLER: Biter Building LLC
PROPERTY: 1445 Second St., Sarasota
PRICE: $3.04 million
PREVIOUS PRICE: $2.8 million, June 2013
LAW FIRM ON DEED: Berlin Patten Ebling PLLC, Sarasota

PLANS, DESCRIPTION:
Sarasota property owner and entrepreneur Jesse Biter has sold one of the two parcels he purchased for a proposed downtown apartment development. Atlanta-based real estate investment, development, and advisory firm Carter purchased the 13,881-square-foot former United Way Building for $3.04 million.

The price equated to $219 per square foot. That figure is higher than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.

Biter had purchased the site and the 5,484-square-foot Marcia Wood & Co. building at 1401 Second St., Sarasota with plans to create a 10-story building with 168 residential and 16,400 square feet of retail space. Carter was previously described as a partner in the development with Biter Enterprises, but it appears the firm may now be taking over the development.

Carter told the Business Observer that it is in the early planning stages for the property. It declined to comment further on the project at this point.