Theater sets sights on new home, lists old place for $12.5M

SARASOTA — At an event at Michael's Wine Cellar in Sarasota May 2, Players Theatre CEO Michelle Bianchi Pingel announced a new act for "that old theater."

Schroeder-Manatee Ranch, developer of Lakewood Ranch in east Manatee County, has forged a deal to bring The Players Centre for Performing Arts to the new Waterside at Lakewood Ranch development, according to the East County Observer, sister paper of the Business Observer.

Bianchi Pingel says the current 1.77-acre Players Theatre property, at 838 N. Tamiami Trail in Sarasota, is on the market for $12.5 million. The Players Theatre owns the property outright, so the money from the sale will be used to buy a 4.5-acre parcel and build in what will become Waterside's town center. Ian Black Real Estate is listing the property.

“This is the entertainment venue we've been longing for,” says Schroeder-Manatee Ranch President and CEO Rex Jensen. “This is going to spark our town center. It will add to the kind of lifestyle we offer.”

At the new location, the land purchase totals $750,000 and the estimated cost of construction on The Players Centre for Performing Arts is $8 million to $12 million. The building will be approximately 55,000 square feet.