VENICE — A local company managed by developer Mike Miller recently signed a contract to purchase both the former Classics Steakhouse at 133 S. Tamiami Trail and an adjacent parcel along Miami Avenue from Iberia Bank, with an eye toward acquiring surrounding parcels and building a boutique hotel.
Miller, who brokered the deal as manager of Pro Group Realty, said the idea is to combine the former restaurant — which was owned by Iberia Bank — with two adjacent parcels to amass a total of two acres and build a three-story, 60-room hotel.
To do that, the other company Miller manages, MPS Development and Construction LLC, will have to negotiate with The Venice Company and Venice Masonic Lodge No. 301.
The Venice Company owns a parking lot at the corner of U.S. 41 Business and East Venice Avenue. The Classics parcel is mostly to the south of that, though it’s L-shaped, with parking and access directly to the east of The Venice Company land, along East Venice Avenue.
The Masonic Lodge owns two parcels immediately to the east of that.
Miller said negotiations are ongoing with both The Venice Company and the Masonic Lodge.
“It’s two acres total; I don’t know if we’ll get it all put together or not,” said Miller, who added that the Iberia Bank properties are technically under contract with a TP THREE LLC, a sister corporation to MPS.
MPS Development’s two principals are Marc Smith and Christian Sayre-Smith.
Among other properties, the company is currently developing Che Vista, a three-story, 15-unit Gulf-view condominium on The Esplanade, and Tra Ponti Villaggio, a 23-home development on the Intracoastal Waterway that is located north of the Venice Avenue Bridge, along Tampa Avenue and American Legion Way.
The Iberia Bank land covers about .91 acres.
Miller said if the footprint cannot be expanded by acquiring the adjacent properties, a backup plan is to develop a three-story structure with about 10,000 square feet of retail space and a first-floor restaurant.
The top two floors would include 16 condominiums that owners could live in or rent out seasonally in a fashion similar to how Horse and Chaise Rentals markets homes in the Venice area, Miller said.
If the former Classics parcel is expanded and developed into a hotel, it would be the first new hotel in the Venice city limits since the Hampton Inn & Suites opened in 1997.
At least two other developers have expressed interest in building hotels in the city.
Since last June, Venice Realty Group — backed by Frank J .Dupuis, the principal owner of Venice Municipal Airport’s fixed-base operator, Suncoast Air Center — has been negotiating with the city to build a 116-room hotel on 11.6 acres of Venice Municipal Airport land that once housed the Venice Arena.
Those negotiations hinge primarily on whether the Federal Aviation Administration approves the length of lease and financial terms, since the airport must receive fair market value for nonaviation uses on airport land.
An Encino, California-based developer, Land Developers and Associates Corp., held public informational meetings last March on plans to build a 103-room Sheraton-flagged hotel on 1.45 acres along U.S. 41 Business, just south of Venice Regional Bayfront Health, but nothing has risen to review by the Venice Planning Commission.
Miller has long sought to build a hotel in Venice.
Tra Ponti Villaggio occupies a site where Miller once hoped to build a 150-room hotel, but plans for that died during the recession.
Twice — most recently in 2016 — Miller hoped to build hotels at the Venice Municipal Airport, most recently at the Venice Arena.
Monday, he said that the boutique hotel proposal is being designed so as not to impact the proposed airport hotel.
“We’re thinking that’s going to happen,” Miller said of the airport project. “We don’t want to do anything to jeopardize that.
“This site isn’t large enough to really get too big of a hotel.”
In fact, Miller said, there are no plans to go taller than three stories, construct a large parking garage, or do anything that would require a change in zoning for the project.
“We’re trying to do something easier and more palatable to the majority,” he added.
Iberia’s asking price was $1.3 million.
Miller would not comment on the purchase price. He said the 60-day due diligence started a couple of weeks ago.
While that is ongoing, negotiations will continue for the additional properties. The earliest any proposal would be submitted to the city is June.
“Our internal plan is to take the first 60 to 90 days and get some things resolved,” Miller said. “Then, based on that, move forward.”
{Venice Herald Tribune, posted March 5, 2018}
Ali H. Johnston, MBA in Real Estate
REALTOR®, Lic. Broker #BK3284964
West Villages Realty LLC
19503 S West Villages Pkwy
Stes A2 & A11 (by Appt)
Venice, Florida 34293
