Benderson Development has bought a 51.5-acre site at the corner of East Venice Avenue and North River Road, where the company plans to develop a mixed-use project, according to a news release from the Manatee County headquartered company.
Property records show Stephen and Michelle Hazeltine sold nine parcels and parts of three others at that intersection to CCB Associates 30 LLC — a limited liability company controlled by Benderson Development — for $12 million in May.
The property had been marketed by Tampa-based Barclay Group, but a company official said Barclay Group’s plans had been not come to fruition and he had no knowledge of current plans for the property.
Julie Fanning, director of marketing for Benderson Development, said the company’s plans were still in development with no tenants confirmed at this time.
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The Sarasota County Commission changed the future land use designation for the property last year in a move that caused some opposition from nearby property owners upset about intense development near the Myakka River, which is less than a half-mile away.
According to Herald-Tribune archives, the County Commission changed the property’s future land use from moderate density residential to Village II Commercial Center, which will allow for 110,000 square feet of commercial development and 285-units of multifamily housing on the more than 50-acre property.
Ray Westbrook, founder a Facebook Group called “Save the Myakka River – Stop Commercial Development Near the Myakka” that has about 200 members, called the county’s approval “irresponsible” and worries about the impact “over development” will have on “environmentally sensitive” land near the Myakka.
Reached on Monday, Westbrook said he plans to continue advocating for less intense development around the Myakka and would bring up the issue when he has an opportunity to speak on the matter with county officials.
Benderson Development also owns several properties in the general area, including the Jacaranda Plaza on U.S. 41 and the Cocoplum Village Shops. The Jacaranda Plaza had previously been a K-Mart, but was “completely transformed into a vibrant center” after Benderson bought the property, according to a news release.
Benderson has grown its portfolio over the last few years with acquisitions that total more than $2 billion, adding more than 10 million square feet to its commercial real estate holdings. That has included recent purchases of a 3,400-acre industrial development site in Wildwood; Linton Commons in Delray Beach; the Publix Super Market at Olde Village in Englewood, a free-standing Publix Super Market in Pompano Beach and two Trader Joe’s in South Carolina and North Carolina, according to a news release from the company.
The company also recently purchased the Glengary Shoppes and Bee Ridge Square in Sarasota.
Benderson Development is one of the largest privately held real estate companies in the nation. The company owns more than 1,000 properties totaling more than 55 million square feet of commercial space across 41 states, according to the company’s news release.
This article originally appeared on Sarasota Herald-Tribune: Benderson development buys 51.5 acres for $12 million in Sarasota Co.
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