By: Gulf Coast Business Review

August 09, 2012

BUYER: SRQ Land LLC (SRQ Land Limited and Michael Schafer), Sarasota

SELLER: City of Sarasota

PROPERTY: 12222 and 12500 Fruitville Road and additional land, Sarasota

PRICE: $2 million

LAW FIRM ON DEED: Kimbrough & Koach LLP, Sarasota

PLANS, DESCRIPTION: Sarasota contractor Michael Schafer and the Grand Cayman company SRQ Land Limited purchased 762 acres of agricultural land in eastern Sarasota County for $2 million.

The price equated to $2,624 per acre.

The purchase is just the latest and last of a multi-year, about 3,200-acre acquisition from the city of Sarasota. The city previously used the land, south of Fruitville Road and west of Verna Road, to dispose of treated wastewater. But demand for treated wastewater has increased for irrigation, leaving the city with less need to dispose of the excess and more opportunities to sell it.

Schafer and SRQ Land Limited purchased the first 2,462 acres in mid-2011 for $20 million ($8,123 per acre).

For the immediate future not much will change with operations on the 762 acres. Schafer says he is leasing the land to a company growing sod. The property is also used to graze cattle.

Schafer says eventually the property will likely be developed into an upscale residential development with ranchettes similar to the adjacent Hi Hat Ranch.

http://www.review.net/section/detail/sarasota-grand-cayman-investor-completes-land-buy-from-city/