VENICE – Venice proper is getting its first Walmart, at the northwest corner of Twin Laurel Boulevard and Laurel Road, just off Interstate 75.
LQ Commercial, a Florida-based commercial real estate brokerage organization, bought 22 acres for Walmart in Venice, along with five other acquisitions across the state covering a combined total of 150 across for seven future Walmart stores, according to an LQ press release.
Walmart closed on the purchase of 22 acres of property in a portion of Venice Crossing, a planned mixed-use development once known as the Hurt Assemblage, located north of Laurel Road and west of Twin Laurel Boulevard in May.
The brokerage organization purchased the Venice land, which is zoned for commercial use, for $20.8 million, and closed the deal in May, according to the Sarasota County Property Appraiser. Although the purchased plot of land is zoned for commercial purposes, it’s currently green space.
The store, once completed, will sit across the street from Laurel Nokomis School and in close proximity to a Publix Super Market and Sarasota Memorial Hospital – Venice.
LQ Commercial said the six sites acquired on behalf of Walmart Stores had a combined value of $51.1 million.
The other Florida transactions included:
101.5 acres for two sites two sites along U.S. 331 in Freeport.
A 12.45-acre land lease at southeast corner Cherry Lake Road and State Road 466 in Lady Lake.
A 9.3-acre land lease at 3535 SE Maricamp Road in Ocala.
3.5 acres at Highway 98 and Henderson Beach Boulevard in Destin.
0.95-acres at 10193 County Line Road in Spring Hill.
“These demonstrate the retail giant’s confidence in Florida’s robust economy – and its consumer demand,” said LQ Commercial senior associate Peter Klein. “Each represent a commitment to bring jobs and economic vitality to bourgeoning market.”
Nearby Venice residents have voiced concern about traffic in the area from development that has followed the construction of Sarasota Memorial Hospital-Venice in late 2021.
Since April, Walmart has announced nationwide renovations. Three Walmarts in the Sarasota-Bradenton area are getting a facelift as part of the company’s “store of the future” campaign. The initiative will remodel 650 stores across 47 states and Puerto Rico, including 34 in Florida.
Rendering of Walmart’s new “Store of the Future” model.
Walmart has invested over $1.6 billion in the past five years to upgrade stores in the state, it said. Earlier this year, Walmart announced one of the first locations in the United States to open with the new renovations is a Walmart Neighborhood Market in Santa Rosa Beach.
The average remodeling can take a few months, but the stores won’t close during the renovations, according to Walmart’s director of local communications, Lindsey Coulter. Remodeling could start and end by the end of year, but projected completion dates are subject to change based on construction schedules and other factors.
Sarasota, Bradenton and North Port have 11 total Walmarts.
Ella Thompson covers real estate and development for the Sarasota Herald-Tribune. Contact her at ethompson@gannett.com.
This article originally appeared on Sarasota Herald-Tribune: Walmart buys 22 acres to build first store in Venice city limits