Fischler Property Company has facilitated the sale of a prime 12.53- acre development parcel in Palmetto, adjacent to the Bradenton Area Convention Center.
The property, located at the southeast corner of U.S. Route 41 and Seventh Street East, was purchased for $5.3 million by BACC Hotel, LLC and In Development Partners of San Francisco, California, from Pinzon, LLC of São Paulo, Brazil.
The buyers’ proposed development plan includes: an eight-story, 251-room Sheraton Hotel with rooftop lounge; a freestanding 126-room hotel; an 18,000- foot, two-story connector linking the convention center and Sheraton; an area for expos and other outdoor community events; and an additional parcel with restaurant and retail space. The estimated total construction cost is $60 million.
City of Palmetto Mayor Shirley Groover Bryant says she believes the project will have a positive impact on Palmetto and the surrounding areas. “There has long been a shortage of hotels here. As presented, it will become another local venue for social gatherings,” she says. “The hotel also should develop even more use of the newly renovated convention center, making it much more functional for groups looking to hold conferences and events.”
Fischler Property was the sole real estate brokerage firm in the transaction. The process began in February 2015 and involved multiple contract modifications, a public-private agreement, and city and county entitlement changes.
“We persisted and found a way to reach an agreement that benefited all sides,” says Phil Fischler, company founder and principal. For more information, visit fischlerco.com.