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/ Thursday, August 25, 2016
Tony and Marie Tannus, and business partner Alex Hagush, have leased the Charles Ringling Building and are currently renovating it. They plan to open Sarasota Sky Bar & Club in early September.
The Charles Ringling Building, which has been a downtown Sarasota landmark since its construction in 1926, has a new tenant.
Sarasota Sky Bar & Club will have a soft opening Sept. 9 in the venue perhaps best known this century for housing Margarita Maggie’s.
Sean Dreznin, with Ian Black Real Estate worked with Alex & Tony to come to terms on Sarasota Sky. Sean, Jag Grewal & Amy MacDougall represented the owners of building.
Margarita Maggie’s and Froggy’s, the more recent tenant at 1927 Ringling Boulevard, were nightclubs that targeted people in their 20s, with DJs typically playing electronic dance music, hip-hop and other Top 40 hits. There were occasional live shows, too, such as when rapper Vanilla Ice performed at Margarita Maggie’s in 2002.
Sarasota Sky, a smoke-free establishment, wants to attract people in their 30s to 60s with bands playing more timeless tunes with the same goal of keeping the dance-floor packed and the alcohol flowing.
“Stop for a drink, stay for the music,” is Sky Bar’s motto.
Tannus said he has booked musicians including Beatles tribute band The Glass Onion, reggae groups Jah Movement and Democracy, Oceans Eleven Big Band, Sarasota Rhythm Section, Robin & the Retros, and Nothin’ Past Midnite. These are acts with local followings known for playing familiar, dance-able cover songs, largely from decades past.
“I like downtown but there’s nothing like this,” Tannus said while offering a private tour of the bar and dance club.
“This concept has been thoroughly researched and has the proven operators to succeed where others may have missed their mark,” Dreznin said while describing Alex & Tony and Sarasota Sky.
When Sky Bar opens next month patrons will be met by a doorman and two options. Go right, and you’ll find a polished concrete dance floor and an elevated stage featuring an impressive sound system with the large wall behind it adorned with an illuminated, 15 by 25 foot photo of the Cà d’Zan. There will also be tables and a huge granite bar with Chicago-style bar rails made of poplar and LED lights dangling from above.
Turn left, and there’s the same granite bar, a second bar, a wine rack, and a room with a billiards table.
An interior balcony, which will serve as a lounge area, overlooks the stage and dance floor. The walls have been covered with faux brick panels.
By October, patrons should have another option upon entering: a second floor room, accessible by stairs or elevator, with its own bar, another billiards table and darts in a more cozy setting.
The Charles Ringling Building also has a third floor. It has what appear to be the original cypress floors and matching exposed ceilings with windows providing views of downtown. It also has its own street entrance.
More information: sarasotasky.club
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By Maggie Menderski via Herald Tribune Canals run through the project that will be anchored by a luxury movie theater Entertainment row is taking on a whole new meaning in Sarasota. It may actually…
Via Herald Tribune
By Emily Le Coz
The City Commission on Monday cleared the way for Sarasota’s first large-scale affordable housing project, unanimously agreeing to change its long-range growth plan to accommodate the complex.
The comprehensive plan amendment reclassifies the property at 2211 Fruitville Road as part of the downtown core, allowing developer Harvey Vengroff to build a higher-density apartment complex than would otherwise be permitted. Vengroff plans to construct as many as 393 apartments in five, six-story buildings, with rents ranging from $650 to $950 per month.
It was the commission’s second such hearing on the matter. The first, on May 2, ended with Vengroff storming out of the meeting over his objections to a proposed city requirement that he submit to annual, municipal property inspections not required of other housing.
The city has since agreed to drop that requirement, as long as Vengroff provides it copies of the annual inspections an insurance company will perform as part of its coverage of the property.
Vengroff said after the meeting he was pleased with the city’s compromise and the commission’s unanimous decision, and looks forward to advancing the project to the next step.
If all goes well, he said, construction could start within the next year and a half.
Most commissioners praised Vengroff’s project, saying it will fulfill a desperate need for housing among residents who struggle to afford Sarasota’s typically high rents.
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Apartment REITs Continue Their Selling Spree
May 24, 2016
Apartment REITs continue to cash in on their highly-priced properties as they prune their portfolios.
“Since 2011, we have completed the sale of $2.4 billion of assets and expect total dispositions to approach nearly $3 billion by the end of 2016,” says Richard J. Campo, chairman and CEO of Camden Property Trust, a multifamily REIT that owns and operates approximately 158 communities throughout the country.
Top REITs like Camden continue to sell large portfolios of properties and trophy assets in primary markets. The largest three multifamily REITs are buying assets selectively, if they buy at all, mostly in strong secondary markets in prime metropolitan areas, and are selling significantly more than they buy.
Equity Residential: net seller
Take Equity Residential, which was the largest apartment REIT in U.S. with 109,540 apartments, according to the Top 50 Owners list released in April by the National Multifamily Housing Council (NMHC).
The REIT is likely to have significantly fewer apartments on next year’s list.
Equity Residential sold 23,262 apartments to affiliates of Starwood Capital Group for $5.365 billion in the first quarter. The price is much higher than Equity paid for the properties—the sale generated an economic gain of approximately $2.0 billion and an unlevered internal rate of return of 11.3 percent.
Equity Residential also cashed in by selling two properties in East Palo Alto, Calif., and New York City, for hundreds of millions of dollars more than it spent to buy them in 2010 and 2011. The REIT used the proceeds to retire $2 billion in debt and improve the company’s “already strong” credit metrics. Equity Residential also bought a handful of properties in places like Seattle, Los Angeles and Brooklyn, N.Y. recently, totaling $204.1 million.
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