Caldwell Trust Company Purchases Cain/Wilson Building to Accommodate Growth

Business

SRQ DAILY MONDAY BUSINESS EDITION MONDAY MAR 9, 2020

Caldwell Trust Company has purchased the former Cain/Wilson Building and the adjacent parking lot according to R. G. “Kelly” Caldwell, Jr., CEO and president. The company closed on the property for $3.35 million in a transaction handled by Joe C. Hembree of Sarasota-based Hembree & Associates. The purchase is the business’s latest move to accommodate the steady growth it has undergone since its founding in 1993, Kelly Caldwell said. In 2015 the company built an 11,500-square-foot headquarters building at 1400 Center Road, Venice, for its expanding operations. By its 25th anniversary three years later, the company had reached a milestone of $1 billion in assets under management. The 8,000-square-foot building dates back to the very beginnings of Sarasota. Architect Thomas Reed Martin came from Chicago to Sarasota in 1910 at the suggestion of Chicago native and Sarasota booster Bertha Honore Palmer. During his 40-year career, Martin reportedly designed more than 500 buildings in Sarasota according to Sarasota History Alive!

“We began searching for a place that could accommodate our needs now and into the future. We found the perfect solution at 27 South Orange Avenue,” he said. Designed by the acclaimed architect Thomas Reed Martin and completed in October 1936, the historic structure will now be known as the Caldwell Trust Company Building. Caldwell Trust Company is currently in the design and planning phase for its new building. As it renovates the structure to meet its needs, it will make minimal changes to the familiar exterior, Kelly Caldwell said. Plans include replacing existing windows with hurricane-proof windows, upgrading the front doors, updating the fountains, and enhancing the building’s brick facade. Extensive interior renovations are planned to create a high-tech, state-of-the-art facility for Caldwell’s Sarasota staff. The facility will feature traditional design with some contemporary touches and cutting-edge technology. 

Nokomis-based contractors Eric DeVaughn and Sam Green of S & E Renovations, Inc., are overseeing all construction-related aspects of the transition while Holly Logan, ASID, of HV Logan Design LLC, will create the interior design. Kelly Caldwell said he expects permits to be issued later this year, followed by 8-12 months of construction, with occupancy expected on or before Fall 2021.

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