Tag Archives: sean dreznin

Sarasota Sky Bar & Club to open Friday

1927-image-google1927-ringling-lease-image1
The nightclub is slated to open in the Charles Ringling building on the east end of downtown this weekend.
by: Alex Mahadevan News Innovation Editor

Following some delays, downtown Sarasota’s newest nightclub will open this weekend in the historic Charles Ringling building.

Sarasota Sky Bar & Club will open at 4 p.m. Friday, Sept. 23, at 1927 Ringling Boulevard, which is adjacent to McCurdy’s Comedy Theatre. The club will feature 1960s-themed local band Robin and the Retros starting at 8 p.m., with a $5 cover to get in, said co-owner Tony Tannus.

Democracy, a reggae band, will play during the same hours Saturday.

“We have to mix it up,” said Tannus, who said he wants to focus on bringing in a mature crowd to the non-smoking building. “I’m not bringing in 20 year olds to bounce around.”

Tannus, who also co-owns the Meadows Village Pub & Grill, said the 7,000-square-foot size of the interior, and its history, attracted him to the property. Charles Ringling, John Ringling’s brother, constructed the two-story building in 1926.

“His office is still up there,” Tannus said.

 

Sean Dreznin & Jag Grewal from Ian Black Real Estate handled both sides of the transaction.

Sarasota Sky Bar & Club set to open

Nightclub will occupy Charles Ringling Building in downtown Sarasota.

1927 Ringling image
Business partners, Tony and Marie Tannus, and Alex Hagush have leased the Charles Ringling Building for Sarasota Sky Bar & Club. The building on Ringling Blvd. in Sarasota was built in 1926 and has been home to several nightclubs over the years. // Photo via Ian Black Real Estate

Following a delay earlier this month, the owners of Sarasota Sky Bar & Club say they’re ready to open Friday with a performance by high-energy area dance band Robin & The Retros. Longtime local reggae group Democracy will be playing on Saturday.

Both performances are scheduled for 8 to 11 p.m. with doors opening at 4 p.m. There will be a $5 cover charge for each evening and management has stated that “at this time we will not be offering parking nor valet services to our patrons and will be advising them to utilize available public parking in the vicinity.”

Sarasota Sky Bar & Club, a smoke-free establishment aiming to attract people in their 30s to 60s, occupies the historic Charles Ringling Building in downtown Sarasota. 8 p.m. Friday and Saturday, Sarasota Sky Bar & Club, 1927 Ringling Blvd., Sarasota; $5;  sarasotasky.club

Sean Dreznin from Ian Black Real Estate handled both sides of the transaction.

Sarasota Sky Bar & Club opening in downtown Charles Ringling Building

Apartment REITs Continue Their Selling Spree


Story via NREIOnline

Apartment REITs Continue Their Selling Spree

Bendix Anderson

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.
Click here for complete article

Vengroff apartment project: “Not going to happen”


Pictured above – New condo construction on Golden Gate Point – Pic by S. Dreznin

As the City Commission debated whether to require annual inspections for a proposed affordable housing complex, the property owner walked out of the hearing, proclaiming the project dead.
by: David Conway Deputy Managing Editor

After city staff, the Planning Board and the overwhelming majority of public commenters offered support for a proposed affordable housing project near downtown Sarasota, the City Commission failed to approve a request that would allow the plans to move forward.
As a result, property owner Harvey Vengroff says he will abandon his effort to construct a 393-unit apartment complex at 2211 Fruitville Road.
The commission’s ruling — or lack thereof — came after a two-hour discussion of a proposed comprehensive plan amendment that would allow for higher density on the nearly 8-acre site. Vengroff has said this proposal would be necessary to make his plans economically feasible. The amendment required a supermajority of four commissioners to gain approval.
The staff and planning board approval came with a series of requirements on the proposal, including caps on building height and unit size. Joe Barnett, the applicant representing Vengroff, said he learned of one additional proposed requirement when the meeting began: a stipulation that would allow city staff to inspect the entirety of the property annually. Staff said the requirement would ensure compliance with the U.S. Department of Housing and Urban Development’s safe and sanitary housing standards.
This turned out to be the sticking point for Vengroff and the commission. Although he said he was willing to allow inspections of the property’s external features, such as railings and stairways, he was unwilling to allow the city to conduct internal inspections.
“I do have a problem with you walking into someone’s apartment,” Vengroff said to the commission. “I don’t think that’s where we want to be.”

For complete article, Click Here 

Come enjoy the guided Rosemary District Tour in Sarasota

Rosemary Tour with CID

Sponsored by: Rosemary Square Thursday, March 31 Tour begins at 4 p.m. Networking at 5:45 p.m.    Meet at Mandeville Beer Garden 428 N Lem…

Source: Come enjoy the guided Rosemary District Tour in Sarasota

Commercial Real Estate Profile: Ian Black

Commercial Real Estate Profile: Ian Black

 

145463114185-630x405

Ian Black founded Ian Black Real Estate as a boutique commercial real estate brokerage and management firm in Sarasota, following stints with Icorr Properties and Fred Starling Inc. Today the company is one of the largest commercial brokerages in Southwest Florida. Photo by Lori Sax

 

February 05, 2016

IAN BLACK
Founder and CEO,
Ian Black Real Estate
Sarasota

Ian Black Real Estate has been busy of late, and not just with the transactions the Sarasota-based commercial real estate brokerage and management firm has been closing in the region’s heated market.

In the past two months, firm founder and CEO Ian Black has named new partners, moved his office, sold his former business address and purchased an investment property in the city’s burgeoning Rosemary District.

His firm has also taken on additional lines of business, been moving into new territory and been involved in some of the largest deals of its 13-year history.

The moves come, too, amid a 30% hike in revenue in 2015.

Taken together, Black says the moves demonstrate the business is “growing up.”

“So much has happened of late that we need to make sure we don’t get ahead of ourselves, and I don’t think we have,” Black says. “We have a good team of people who work well together.”

Most noticeably, the firm moved its headquarters earlier this year to the 84,000-square-foot Kane Plaza office building in downtown Sarasota. There, Ian Black occupies 4,000 square feet and has rights to another 1,600 square feet.

As part of the shift from its long-standing quarters in the city’s Rosemary District, Ian Black also is spearheading roughly $10 million in renovations to the building’s lobby, common areas, bathrooms and signage with owner TerraCap Management, of Bonita Springs. The firm is handling both leasing and management of the property.

“We presented the landlord with a series of recommendations aimed at taking it from a (class) C building to a B-plus or an A building,” Black says.

To date, the recommendations are paying off with new tenants. When TerraCap acquired Kane Plaza, for instance, it was 76% occupied. Thanks to a series of outstanding leases Ian Black has negotiated, the building could be 92% committed by March.

“They’ve done a great job so far,” says Steve Good, a TerraCap partner. “They’re a good fit for us, and we’ve worked really well together as a team.”

While Ian Black has remained focused on Sarasota, the firm has begun chasing deals in Charlotte and Lee counties, as well. It has also expanded into tenant representation, corporate services and by taking on joint listings with giant brokerages like Cushman & Wakefield.

Internally, Ian Black has added partners Michele Fuller and Nick DeVito to its roster, bringing to six the number of principals in the firm. Black, 69, says the appointments recognize the strength and depth of the firm’s talent.

But the firm’s increasing business has really differentiated it. Late last month, firm partner Jag Grewal brokered the $20 million sale of a 30-acre tract in Charlotte County at the entrance of Gasparilla Island. The deal marked the largest in firm history, and came on the heels of its work in the $18 million purchase of the Main Plaza office and retail complex in downtown Sarasota late last year.

“When we made the decision not to have an internal leasing team, Ian was the first person and company I chatted with to do that,” says Fred Starling, a Sarasota County developer and investor whose 600,000-square-foot portfolio is leased by Ian Black.

“I’ve always been impressed with Ian and his team, and his ability to reach out, assess a deal and make recommendations,” Starling adds.

Black, too, has personally been making moves. Last month, he sold his firm’s office at 1069-1075 Central Ave., in Sarasota, for $510,000, and then acquired a building on the same street for $1.03 million through a 1031 tax-free exchange.

Black first invested in the city’s burgeoning Rosemary District in 1995.

And despite all the moves, Black says his ambition is that the firm will continue growing, and move further into tenant representation and receiverships, as well as asset management.

“I’d like us to continue to widen our base of skill sets,” he says. “We never want to be a big company and we know we don’t have the resources to compete in that arena, but I like to think that our marketing material and capabilities are on par with the big firms.

“We’ve had a lot to contend with all at one time, it’s true, but at the same time, we had a great year last year, so we’re thankful for that.”

Click here for the full article and others!

Image

Owning versus Renting – The Onion

The Onion - Renting versus Owning

Florida’s first Diverging Diamond Interchange coming to Sarasota

Florida’s first Diverging Diamond Interchange coming to Sarasota

By  via WFLA.com News Channel 8

SARASOTA, FL (WFLA) — Florida’s first Diverging Diamond Interchange is coming to one of the Bay area’s busiest stretches of roadway. Engineers believe the innovative design will help ease congestion and reduce crashes at I-75 and University Parkway.

The Diverging Diamond Interchange eliminates a left turn movement onto an interstate entrance ramp.  Drivers will travel on University Parkway through a cross over onto the left side of the road.  They can then turn left onto the ramp without stopping.  If they are not getting on the interstate, they will continue straight and cross back over to the right hand side of the road. Watch below to see exactly how it works.

Multi-Family properties currently available on the Gulf Coast of Florida (7/22/15)

Multi-Family properties currently available on the Gulf Coast of Florida (7/22/15).