Former Tidewell building under new ownership after $2.1M sale

Formerly owned by the Tidewell Foundation, the property at 540 Bay Isles Road is now in the hands of Longboat Key resident Tom Simonian. 

Simonian purchased the 8,000 square-foot property for $2.1 million in a sale that closed on March 18, according to the Sarasota County Property Appraiser website.

The seller was Scate Real Estate, LLC, which purchased the property for $1.75 million in 2019.

After the sale, the property transferred in April from Simonian’s trust to 540 Bay Isles, LLC. 

Simonian said he sees the property as a good investment in a solid location — across the street from the Longboat Key Town Hall, down the road from the post office and next to the island’s Publix. 

Seeing the property as a long-term investment, Simonian plans to put money into several renovations to make the property a Class A commercial property. Commercial properties like this one often grade into different classes based on amenities and quality. 

This will include upgrading the parking lot, electrical, roofing and cosmetic touch-ups like a fresh coat of paint. 

“It needs complete, new landscaping,” Simonian said. “It really needs a good makeover. The inside of it is in pretty good shape, and the outside is weathered and worn. It just needs a good facelift.” 

According to a previous LoopNet listing, the building was constructed in 1989 and is currently a Class B property. 

The building was first put up for sale in December 2023 for a listing price of $3.1 million. Ian Black Real Estate listed the property. 

Then, after reading about the listing in the Longboat Observer, the board of directors for Empath Health realized the property listed without their knowledge. In a previous article, Empath Health Chief Mission Access Officer Rhonda Sanders-Allamon said the board was still exploring options with the space. 

A few months later, Empath announced that it was officially listing the property for sale in May 2024. Like before, the property listed for $3.1 million and represented by Ian Black Real Estate. 

The Bay Isles Road property spent a little under a year on the market before being sold to Simonian for $2.1 million. 

Several tenants occupy the space, including The Paradise Center and Reed Medical Group. 

When the space was on the market, and the confusion that started the sale, representatives from The Paradise Center felt uncertain about the future of the space and some hoped the Center could purchase the property. 

Gail Loefgren, president of The Paradise Center board of directors, said she had not heard much from the new owner, but knew he planned to improve the property’s aesthetics and parking. 

“Parking has always been an issue,” Loefgren said. “I know that he wants to take really good care of the building.” 

If possible, Loefgren said The Paradise Center would like to stay in the same location. She said the organization hoped to learn more about Simonian’s plans in the coming weeks. 

“Ideally, we would like to stay there. It’s a great location for us,” Loefgren said. 

Simonian said most of the tenants’ leases are up at the end of June, and he will give all the tenants the option to renew leases at a new rate.