Description: University Professional Park, the first commercial development completed by Burton-Katzman in Southwest Florida, consists of the development of 12.3 acres of vacant land at a prime intersection in Sarasota. This Class A office condominium development is located approximately ½ mile west of I-75, at the southwest intersection of University Parkway and Honore Avenue, in the heart of one of the nation’s fastest growing regions.
The property was purchased by BKG Honore, LLC, which is a special purpose entity created solely for this development opportunity. The property included a site plan, designed by the prior developer, which had received Final Site Plan Approval by Sarasota County. However, it was quickly determined by our team that the original plan was expensive to develop, and inefficient in design. This created an opportunity to create higher value through better land planning and product design. The BKG Honore team analyzed and redesigned the layout of the site, found significant savings in engineering and architectural design, and ultimately created a far superior plan than the prior development team had created. Careful negotiations with Sarasota County officials allowed the redesigned plan to proceed without unnecessary delays.
University Professional Park now consists of two buildings totaling 85,000 square feet plus a high value outlot parcel, which is planned for a high-quality retail user, restaurant or bank branch. The East office building offers 44,000 square feet of space on two levels. The buildings are designed and marketed for sale as individual office condominiums for professional office uses, with a focus on the growing medical services sector. Direct access, private, exterior entrances allows ground floor condominium owners convenient access and good visibility. Second floor owners access their suites by entering the large and inviting lobby and taking one of two elevators to the second floor. The West building offers a total of 41,000 square feet of space on two levels and includes a more secluded and tranquil environment overlooking a wooded area and a large landscaped pond. Both buildings feature state of the art hurricane resistant construction while also including strikingly high caliber finishes, highly developed building systems and smart technology. Each suite offers private restroom facilities along with public restrooms in the common areas of each floor.
Drawn by the pure market opportunity, Michigan-based Burton Katzman Development Company began expanding into the Florida market in 2005. Burton Katzman chose Sarasota County because it enjoys a low cost of living, a growing economy, and a growing population. "We’ve taken our time getting to know the market and met some of the top developers and real estate professionals in the area," commented Peter Burton. "Our company has been around for nearly a century, so we have a long-term view of real estate investment and relationship building. We’re here to stay."