Lee County Pays $10.5 Million to Conserve 132 Acres
In the week’s top commercial real estate news, Fort Myers land sold to medical provider, Brandon gets Scandinavia furniture retailer’s first Florida store, and a Sarasota project officially starts.
Sarasota and Manatee
After obtaining a $79 million construction loan in mid-March, the developers behind the Bath + Racquet Residences & Club in Sarasota are officially set to go to work. Silver Lake Global Capital is scheduled to hold a ceremonial groundbreaking April 9 at the 2170 Robinhood St. site of the former Bath & Racquet Club. While it will mark the official start of work, construction on the site has already begun. The project includes one-, two- and three-bedroom condo units; 60,000 square feet of ground floor commercial, recreational and office space; 21,700 square feet of additional commercial space; and a 2-acre park. There will also be a 43,500-square-foot private club, 13 outdoor tennis courts and 16 pickleball courts — 12 of them indoors — a fitness center, oversized pool, spa, restaurant and a juice bar in addition to shuffle-ball courts. Silver Sky, along with Federal Finance Group, bought the 13-acre property in 2022 for $15.35 million from developer from Mark Lucas, who operated the club from early 2017 through February 2020 and tried to redevelop it. The floating rate construction loan was issued by Scale Lending and is for 30 months with two six-month extension options.