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Date of Issue: September 06, 2007

A $9 million rose for Bradenton Beach

gsr-rosadelmar.jpg
Rosy future?
GSR Development's Rosa del Mar property on Gulf Drive in Bradenton Beach may be sold at auction Sept. 7 if mortgage holder Horizon Bank accepts any of the expected bids on the property. Islander Photo: Rick Catlin

With bankrupt GSR Development LLC having abandoned all claims to its once thriving Island real estate empire, investors and developers are reported to be standing by to bid on the company’s Rosa del Mar Gulffront property in Bradenton Beach.

Barry Gould of Island Vacation Properties has been marketing the property for the Sept. 7 auction and he fully expects at least three or four bids from “major investors.”

Horizon has set the asking price at $9.2 million, said Gould, although it could accept less. The $9.2 million essentially covers the bank’s mortgage and other fees associated with the sale.

While there may be three or four “players” who will bid, Gould said there are a number of “major investor groups” from the United States and Europe that are “on the sidelines” waiting to see what the bids are and if the property is actually sold.

The property is the largest vacant piece of land available on Anna Maria Island and a site plan for 14 condominium units has already been approved by the city. Gould said he understands that a hotel is allowable for the site under the applicable zoning code.

If Rosa del Mar is sold, it will be the first GSR property sold since the company declared bankruptcy in July 2006.

All bids should be submitted to the law firm of Barnes Walker at 5914 Marina Drive in Holmes Beach by noon on Friday, Sept. 7.

For more information on Rosa del Mar, call Gould at 941-448-5500, or visit the Web site at www.rosadelmar.info.