Downtown Sarasota Development Opportunity-Seller Financing Available

Vacant Land for Sale
Catylist Listing ID: 30807227
Property Subtypes: Multi-Family, Retail
Gross Land Area: 83,220 SF
Sale Price: $8,250,000
Unit Price: $99.13 PSF
Sale Terms: Cash to Seller, Owner Financing, Other
Cap Rate: Undisclosed
Last Updated: 11/9/2022

Overview / Comments

Development opportunity near US-301 and Fruitville in the downtown edge district. The current zoning for the site is Downtown Edge (DTE) allowing for 25 residential units per acre, medical/general office, retail, and other uses. The site consists of nearly 2-acres of land. The site is within a block of a lighted intersection, providing quick access to major North/South and East/West thoroughfares. The surrounding neighborhood is in the process of massive redevelopment with current construction of a hotel, 410 luxury apartments, 25,000 s/f of retail and a grocery store. The subject parcel allows for a mixed-use development with nearly 50 residential units. There is a future land use application for additional density to increase to 191 units, with an estimated 10,000+ s/f retail commercial space on the ground floor.

The property is in one of the fastest growing markets on the Southwest Florida Coast. Just a short distance to nationally rated Siesta Key Beach, Lido Key Beach and St. Armand’s Circle. The population of the Sarasota area continues to grow at record breaking rates. Major employers in the vicinity include Sarasota Memorial Hospital, with over 135 beds with a projected employment of 600 to 700 and currently has multiple projects in the work. The area also continues to see a rise in redevelopment and new developments. Today, the City of Sarasota is a mix of history and modern attractions. Many historic homes and neighborhoods remain intact, including the beautiful brick pavers surrounding the subject property, while other areas of the city have been updated with shopping centers, hotels, restaurants, and other businesses. Tourism continues to rise in the area with many coming to the city to enjoy the beautiful beaches and all that Sarasota has to offer.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: Sarasota County
Zoning: DTE

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,005 89,825 169,850
Median Age: 37.77 45.22 47.89
Households: 6,181 40,049 77,680

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