City of Venice buys land for $1.5 million to develop a park

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VENICE, Fla. – The City of Venice recently purchased land in the northeastern part of the city for $1.5 million. The city will develop the 5-acre parcel, located at 3560 Laurel Road E, into a park to accommodate citizens in this growing region.

Jag Grewal, CCIM, SIOR, and Michele Fuller of Ian Black Real Estate represented the City of Venice in the transaction. Marek Realty Plus represented the seller, Border Road Investments.

“This parcel was well-located and had high visibility in this area of town, which is growing quickly due to development along this stretch of Laurel Road,” said Grewal, partner at Ian Black Real Estate.

Currently, Venice Myakka River Park is the only city park east of Interstate 75. The city is planning to allocate $2.75 million in park impact fees for the design and construction of the new park on Laurel Road E.

“Buying this land is a very exciting milestone for the project and for the residents of Venice who will get to enjoy this new park in the northeast area of the city,” said James Clinch, Venice’s Assistant City Manager. “I have no doubt that once completed, this new park will quickly become a popular community meeting space, where people can enjoy the outdoors, the beautiful park amenities and each other’s company.”

Possible amenities at the new park include natural open space, a nature trail, pickleball courts, a children’s playground and a dog park.

“The different amenity options and how they may fit into the new space and project budget will be reviewed as part of the design process, and a future design plan will be approved before any construction occurs,” Clinch said.

The next step for the property is to complete the rezone process that will allow the property to be developed as a public park, and to complete the selection process for the design/build project team. Engineering and permitting for the park will begin in October, with construction expected to begin 10 to 12 months after that.

Ian Black Real Estate has represented the city of Venice in several commercial real estate transactions in recent years. Grewal and Fuller identified this off-market property on Laurel Road E and approached the property owner about selling it to the city for the park. They also attended and spoke at public meetings during the city’s review and approval process to purchase the property.

“Working with Ian Black Real Estate over the years has been a very positive experience,” Clinch said. “We’ve appreciated their commitment to the city’s goals and willingness to work with us to meet those goals.”

About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.

About SIOR
SIOR is the leading global professional office and industrial real estate organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industry’s top professionals qualify for SIOR. Today, there are more than 3,200 members in 685 cities and 36 countries. For more information, visit www.sior.com