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SARASOTA, Fla. (Jan. 10, 2019) – Advisors Tony Veldkamp, CCIM, and Matt Fenske of SVN Commercial Advisory Group have been selected to market and coordinate the sale of a 3.4-acre property critical to a community redevelopment project in Palmetto, Fla. The city is asking $2.95 million for the acreage at 834 Riverside Drive address and three adjoining properties fronting Riverside Drive.
“This is one of the most coveted development sites in Manatee County,” said Fenske. “The beautiful views of the Manatee River, as well as the proximity to many tourist attractions make this site attractive for a dynamic mixed-use project that could incorporate anything from residential condominiums to multifamily to a hotel, in addition to retail.”
The City of Palmetto and its Community Redevelopment Agency (CRA) are seeking bids from potentials buyers who will enhance the ongoing development in the downtown core and bring more commerce and employment to the area. The city acquired the property about six years ago.
Jeff Burton, director of the Palmetto CRA, said that the city’s vision for this property is mixed-use prime development – a set of improvements that will effectively make it “a gateway into Palmetto.” Neighboring properties are already poised to add value to the area, he said.
“The area that surrounds the property has gone through massive public and private redevelopment,” Burton said. “For example, one of Florida’s fastest-growing corporations purchased the adjoining property and has redeveloped it into their corporate headquarters.”
Among the redevelopment projects that Palmetto has undertaken – work totaling $20 million – is a boating facility at Riverside Park that adjoins the property. Improvements to the area will continue well after the sale, including an estimated $16 million in street improvements over the next five years, Burton said.
To obtain the listing, SVN recently presented a detailed marketing plan to the CRA. “SVN’s local presence, coupled with our national reach will allow us to market the property effectively to a nationwide network of brokers and developers,” Veldkamp said. “We’re confident we’ll find just the right buyer for this important piece of property.”
SVN is the only commercial real estate company that markets all of its properties to the entire brokerage and investment community. SVN advisors share commissions with cooperating brokers to close more deals in less time and at the right value for clients. This open, transparent and collaborative approach to real estate is the SVN difference. SVN Florida provides services in more locations than any other Florida commercial real estate company.
SVN, a commercial real estate brokerage firm headquartered in Boston, is one of the industry’s most recognized and powerful brands based on the annual Lipsey Top Brand Survey and Commercial Property Executive Magazine. With more than 200 locations in 500 markets, SVN Commercial Real Estate Advisors provide sales, leasing and property management services to clients worldwide. The Florida team consists of more than 100 advisors serving locations across the state. For more information on SVN Florida, visit www.svnflorida.com.
Tony Veldkamp, CCIM, senior advisor, SVN Commercial Advisory Group, 941-487-6990 / firstname.lastname@example.org