Henry Rodriquez buys downtown Sarasota land Marvin Kaplan once owned
Monday, January 23, 2012
Woodmere Investment Management LLC, a Nokomis company managed by Henry Rodriguez, has purchased 26 vacant lots in downtown Sarasota for $995,000.
Located at the 600 block of Hudson Avenue, Rowe Place and Brickstone Avenue, the land previously to Marvin Kaplan, a Sarasota businessman who spent two years and $6.4 million to assemble the parcels.
After buying the last piece, Kaplan flipped the land in May 2006 to Devonshire Park LLC, a Sarasota company he controlled, for $9 million and borrowed $8.1 million from the now defunct First Priority Bank.
Kaplan’s intention was to build 26 luxury houses on the land. But the housing downturn combined with First Priority’s failure to release some of the funds interfered with his plans.
Kaplan ended up suing First Priority and the FDIC, which shuttered the Bradenton Bank in July 2008. But Kaplan lost the suit and the FDIC seized the land after winning a $10.9 million foreclosure judgment in July of last year.