Sarasota restaurant property sells for $5 million

Naples/Fort Myers

Retail sale: A Punta Gorda commercial retail building has sold. The property at 208 Tamiami Trail was bought by Soldi Masari, a local LLC that paid $1.75 million. It was previously owned by a Tennessee investor. The 19,720-square-foot building is about a mile from the Sunseeker Resort Charlotte Harbor. According to a profile of the property on crexi.com, it was built in 2007 and fully leased when it hit the market. The Fort Myers commercial real estate firm LSI Cos. represented the buyer and announced the sale. 

Same as the old boss: Speaking of the Sunseeker, Allegiant Travel Co., the Las Vegas company building the resort, announced Sept. 28 that CEO John Redmond had stepped down. Redmond oversaw construction of the over-budget and oft-delayed $695 million project being built in Port Charlotte. He is being replaced by company founder Maurice J. Gallagher. In a statement announcing his resignation as CEO and from the board, Redmond says he is “particularly proud of the Sunseeker team we've put in place, and I know they will carry the project over the finish line and establish the hotel as a premier destination in Southwest Florida.” An opening day has not been set for the resort, which was supposed to open this month.

Work it: Construction has started on a 233-unit workforce apartment complex in Naples. The community, which will be called Aspire Naples, is being built at 5050 Immokalee Road, between Livingston Road and Juliet Boulevard. CIG Communities, the developer, says when complete about 30% of the units — 71 — will be below market rate for “qualified residents who live and work in Collier County.” Construction officially began on the project Oct. 6. The first phase is due to be complete in about 18 months. The development was first approved by Collier County Commissioners in 2021 and is the first in the county to qualify for Live Local Act benefits. This was critical, CIG says, because tax savings helped offset “significant increases” in insurance costs and financing rates. Live Local is the $711 million bipartisan affordable housing plan approved by the Florida Legislature in the spring. The funding is aimed at programs that increase the availability of housing and provide down payment assistance.

Tampa/St. Petersburg

Courtesy image

Sustainable living: St. Petersburg-based Salt Palm Development has finished work on The Royal, a community it has been working on for six years. The four-story building is at 545 4th Ave. S. and has 13 townhomes. Prices start at $525,000 and top out at $1.7 million. The units are outfitted with smart-home and energy-saving technology and were built using “responsible practices to minimize environmental harm and maximize societal benefit,” according to a statement. Salt Palm, which broke ground on the project in December 2019, is a Certified B Corp. and sees itself as a socially conscious developer of sustainable housing. A spokesperson for the company says the project was built using more than 90% local and independent suppliers and that each unit is Energy Star certified and is ready for solar power and EV charging. 

Image courtesy of SVN Saunders Ralston Dantzler

Church on time: A former church property has hit the market in Lakeland. According to a listing posted by SVN Saunders Ralston Dantzler, the church at 2337 S. Crystal Lake Drive sits on 4.85 acres and includes an 11,520-square-foot building with multiple offices, classrooms, 118 parking spaces and two large multi-stall bathrooms. It also comes with a full kitchen and fellowship area as well as a large traditional sanctuary with an attached gym. The asking price is $1.25 million. According to Polk County records, the property is owned by The Church of Jesus Christ of Latter-day Saints in Salt Lake City. SVN broker Craig Morby is co-listing the property with a Utah broker. He says there are several offers on the table and they expect another church to buy it.

Sarasota/Manatee

Double the entendre: The new Twin Peaks restaurant property in Sarasota has sold. According to Marcus & Millichap, which represented the seller, the property at 3110 Fruitville Commons Blvd. sold for $5 million. The seller was MJE Property Investment Group, county property records show. The buyer was not disclosed and property records had not been updated as of Oct. 5. The 8,600-square-foot building was built on the 1.03-acre property, just east of Interstate 75 and off Fruitville Road, earlier this year for Twin Peaks. The chain, which is scheduled to open the Sarasota restaurant Oct. 9 at 5 p.m., has a 20-year lease on the property. The chain was founded in 2005 outside of Dallas and bought by Fat Brands in 2021. Today, it has more than 100 locations in 26 states — 11 of those are in Florida, including one in Fort Myers.

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