Jesse Biter, a 36-year-old software businessman and a millionaire, has bought downtown commercial properties in Sarasota with plans to create more retail space and residences.
Biter, who made most of his earnings through an auto sales software business, acquired properties on Main Street downtown along with commercial properties and a penthouse condominium, the Sarasota Herald-Tribune said. Two companies connected to Biter bought properties ranging from the Pho Cali Vietnamese café to the Bullet Hole gun shop and the empty Sarasota Hardware store. The purchases included a total of 18,000 square feet of retail space and cost $4.075 million, the Herald-Tribune said.
Stan Rutstein, a real estate broker with the Re/Max Alliance Group, said Biter’s newly acquired stores will increase rent and bring strong tenants to the area. Biter told the Herald-Tribune that he may still acquire more properties and that he has no plans to make changes before the leases of tenants run out in 18 to 24 months.