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Another day, another deal
A member of the Crabby Bill's clan has his hand in yet another project: conversion of the Pasadena Apartments.
By KATHY SAUNDERS
Published June 19, 2005
SOUTH PASADENA - John Loder took one look at the Pasadena Apartments and knew he wanted in on their redevelopment.
"It's a gem of a building," he said. "I just fell in love with it."
Loder said he gave $4-million to Midland Associates of Sarasota to become a major partner in Pasadena Investment Management Partnership. Their newly organized group plans to spend $12-million to convert the 198 apartments into condominiums.
The building sits on 6 acres of waterfront land at 1885 Shore Drive S. Loder said Midland bought the land for $30-million.
About 20 units are empty. The remaining tenants will be able to stay through their leases, or they can leave any time with their full security deposits, Loder said.
Preconstruction sales could begin as early as this month.
The new condos will be called Shore Club Pasadena, and the one-, two- and three-bedroom units will sell for $199,000 to $399,000. The average condo in the five-story building will have about 1,100 square feet.
Loder said the renovations will not involve major structural changes. He said the units in the building, constructed in the 1960s, have large rooms and closets.
"It's such a clean, crisp building," he said. "They just don't design them like that anymore."
The renovations will be largely cosmetic on the exterior, with tinted glass balconies and an Art Deco theme to the design.
Inside, developers will update the units with wood floors, new windows, ceramic tile and granite countertops, Loder said.
The project will resemble one that Loder is developing in Indian Shores called Barefoot Beach. Since stepping out of his family's seafood restaurant business in 1995, Loder also has developed Pelican Pointe, a 63-unit condominium-hotel project in Clearwater Beach.
Loder and Sun Vista Development Group also have a contract to buy Harbor Lights Mobile Home Park in Seminole, where they plan to develop a $300-million project with nearly 400 residences.
Loder's family owns 15 Crabby Bill's restaurants.
[Last modified June 19, 2005, 00:38:17]
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