Downtown Sarasota Re-development Opportunity

Vacant Land for Sale
Catylist Listing ID: 30523992
Property Subtypes: Hospitality, Multi-Family, Office, Retail
Gross Land Area: 29,092 SF
Sale Price: $3,690,000
Unit Price: $126.84 PSF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/15/2021

Overview / Comments

This area is vibrant and bordered by new residential condominium, apartment, hotel and mixed-use projects. This property has 300 ft of frontage on Fruitville Road and is one of the last remaining land re-development opportunities in Downtown Sarasota. Walking distance to the Quay re-development and Tamiami Trail to the West, The Rosemary District to the North and the center of the City to the South. Traffic count is 22,500 vehicles per day, providing excellent exposure.
Zoning is Downtown Edge defined as a densely, mixed use area with 5 stories maximum.
This property is also in the Rosemary Residential Overlay District (RROD) with an objective of increased residential density. The City of Sarasota approved a density of 40 residential units per acre in early 2020. There is also an 'affordable housing' component.

Attachments & Media

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $46,561 (Annual)

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: City of Sarasota
Tax ID/APN: 2026130007
Zoning: DTE DOWNTOWN EDGE
Property Located Between: Tamiami Trail and Central Ave
Property Visibility: Excellent
Legal Description: PID 2026130007
Largest Nearby Street: N Tamiami Trail
Feet of Frontage: 299
Traffic/Vehicle Count: 22,500
Highway Access: Fruitville West to Tamiami Trail. Fruitville East to I-75
Airports: SRQ 15 minutes away
Site Description: Visible, accessible, versatile
Area Description: High growth, increasing density, condos, apartments, hotels, mixed-use
Lot Frontage: 299
Lot Depth: 97
Zoning Description: Downtown Edge Rosemary Residential Overlay District (Early 2020)
Topography: Level
Easements: Ingress/Egress, Utilities
Easements Description: Routine Utilities
Soil Type: Mixed
Available Utilities: Electric, Water, Sewer, Cable
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,257 73,061 155,669
Median Age: 48.36 44.68 48.28
Households: 5,850 32,453 71,512
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