Palm Avenue site has new plan

One of the most prominent commercial real estate properties in downtown Sarasota is primed to become a high-end restaurant and special event venue.

The property, on the ground floor of the city’s new Palm Avenue parking garage, is a partnership between two well-known local entrepreneurs: Jesse Biter, who sold a $16 million auto sales software firm in 2010, and Steve Seidensticker, who co-owns Libby’s, a restaurant in the Southside Village neighborhood.

The new eatery has yet to be named, but Seidensticker says it will be a restaurant and bar concept, and have a 400-seat venue for private functions. Several local officials have lamented the loss of a high-end event location since the University Club, atop the Bank of America building on Main Street, shut down in 2009.

“We thought with the closing of the University Club there was no place for downtown events,” Seidensticker said. “It will bring a tremendous amount of life to the area.”

It’s a goal Biter has longed to accomplish for several years in Sarasota, his adopted hometown. A Pennsylvania native, Biter has started several businesses since he sold his company, HomeNet. The ventures include Dealers United, a nationwide network of auto dealers that have combined buying power with vendors, and an expansion of the Hub, a startup business incubator.

Biter bought the Palm Avenue space, 11,000 square feet, from Sarasota last year for $1.6 million. He recruited regional and national chains — sophisticated offerings in sync with the art galleries that line Palm Avenue. Biter also sought out a “wow” factor tenant, a lively place that’s open past 9 or 10 p.m.

But several potential deals, for restaurants and boutiques, fell through, says Biter. Then, earlier this year, Steve Horn, a commercial real estate agent with Ian Black Real Estate in Sarasota, introduced Biter to Seidensticker.

The pair shared a desire to redefine the block on Palm Avenue. So much so that Biter gave up full ownership of the property. He will still maintain oversight and financing, but Seidensticker will handle the logistics of build-out, staffing and other day-to-day functions.

“More than anything, I want this property to be successful,” Biter said. “I’m willing to sacrifice my ownership to do that.”

Seidensticker, meanwhile, says he will form a design and concept team with his business partner, Joseph Greco, and his two sons, Joe and Patrick Seidensticker. The Seidensticker sons currently work at Libby’s.

Seidensticker says he and his sons have intended to expand for some time, and they initially looked in east Manatee County for a location. But their passion remains downtown. They hope to open the restaurant by November.

“It won’t be a Libby’s,” said Seidensticker. “It’s a completely new concept.”