Libby's To Launch Restaurant in Palm Avenue Garage

Updated April 24 3:30 p.m.

looks to become 's first — and only — tenant, transforming the entire ground level space into a high-end concept restaurant. 

The restaurant announced the move in a joint press release with Biter Enterprises, which purchased the ground level retail space from the City of Sarasota for $1.6 million. 

"It will be in the Libby's family, but it won't be Libby's," said Holly Johnson, a spokeswoman for Imagica Communications, which represents Libby's.

Libby's owner Steve Seidensticker and Biter Enterprises CEO Jesse Biter own the real estate together and Seidensticker would take charge for developing the space, concept and managing the new restaurant and event space.

“It’s my belief that downtown Sarasota is ready for and needs such a venue,” Biter said in a news release. “As an entrepreneur, boss, mentor and investor, I have developed a good telling for ones who are ready and able to succeed.  Steve Seidensticker is that guy.  He has a proven track record of success here in Sarasota.  He knows the town and he knows the business well.  His vision for Palm Ave impressed me enough that I decided not only will he succeed, he will create something that I, as a downtown resident, will want to visit on a regular basis.”

The owners are meeting with architects now to help plan out the vision, Johnson said.

Biter had searched for national chains, upscale boutiques and other local stories and businesses, but wanted a tenant to stay open to at least 9 or 10 p.m. to contribute to the evening downtown experience, and Libby's was willing to do that, according to the release. 

The space includes about 11,000 square feet of retail space on the first floor, and the deal was made possibled by Ian Black Real Estate's Steve Horn, the release states.

Seidensticker and the Libby’s team are in the process of developing the new restaurant and special event space concepts.  Plans will be announced as decisions are made.

The deal also satisfied a requirement Biter had to meet from the city as part of the December sale — filling a space within 270 days of closing and filling more than half the space.