An empty, prime piece of real estate, located along a busy roadway, has been snapped up by a local businessman.
Danny Gaekwad purchased two connected pieces of land — one 25.79 acres, the other 5 acres — on the east side of Southwest 27th Avenue, south of State Road 40 and across from Closetmaid in Ocala.
Documents show the deal was finalized late last month. The sales price: $1.7 million.
Land along SW 27th Avenue ‘has potential’
Gaekwad told a Star-Banner reporter he has seen the property sitting idle for years. He said he decided to purchase the land because the “area has potential.”
As to what that potential could be? At this point it’s unknown.
“I think its a very strategic piece,” Gaekwad said.
The business owner and developer said he wants to sit down with city officials “to see what’s needed.”
“I’ve no plans, but we (him and the city) need to work together to see what would make sense,” Gaekwad said.
“Thirty acres is a lot of land. We’ve got to be careful with it. There’s no development on that side,” Gaekwad said.
Possible downtown development
Gaekwad’s new acquisition is not the only one he has in the pipeline.
Roughly three months ago, he bought three parcels, totaling 4.32 acres, in downtown. The sites, which sits next to each other, are across the street from Gaekwad’s Hilton Garden Inn hotel on the downtown square. Gaekwad paid $6 million for the land.
The largely unused properties once were the site of a bank.
Though plans are not firmed, Gaekwad said the property could be developed into a mixed-use center with apartments and a shopping center. He said the apartments could be built by him or with a partnership.
Having residential units downtown is important, Gaekwad said.
A bank and Gaekwad’s hotel
Gaekwad and fellow investors are forming a local bank that will be housed at the former Wells Fargo Bank branch at 3617 NE Seventh St. Plans are in place, but Gaekwad said they’re waiting on permits and licensing issues before they can proceed.
Businesses:Ocala rooftop bar thrives; two more coming to downtown
Gaekwad said his downtown Ocala hotel, the Hilton Garden Inn, is “doing well.” He said he wants other tenants/renters for the accompanying space.
“I’m open to anyone. If it’s retail space, office or a dance hall, I’m open to anything,” he said.
Gaekwad said downtown has the potential to be grow even more.
“I want downtown to be vibrant. I live here. We need entertainment. Music is universal,” he said.
Contact Austin L. Miller at austin.miller@starbanner.com or @almillerosb
Read More: Land along SW 27th Ave bought by local businessman Danny Gaekwad