A company owned by Biter buys a second parcel of land next to a building he bought in Sarasota downtown in summer 2013. He plans to build up to 200 apartments offering units from $1,000 to $2,000 per month. The deal to buy the second lot was stalled after old technology from the nearby dry-cleaner leaked chemicals into the soil. Biter tells the Sarasota Herald Tribune he is waiting on financing approvals for $32 million for the $46 million project, with plans to start construction this year.
It’s frustrating for me being one who likes to act on things quickly. I’m a car guy, so I’m used to loans being immediate. I asked around with other developers, and they all said this is normal right now.