City of Sarasota Development Opportunity

Vacant Land for Sale
Catylist Listing ID: 30742931
Property Subtypes: Multi-Family, Retail
Gross Land Area: 26,281 SF
Sale Price: $1,800,000
Unit Price: $68.49 PSF
In Opportunity Zone? Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/6/2021

Overview / Comments

The exceptional development opportunity is on a site that faces both waterfront park and soon to be completed roundabout. Between the rapidly growing Rosemary District and the fast expanding Ringling College of the Arts, the site is immediately adjacent to The Reserve, a popular coffee shop, and the 5.5-acre Whitaker Gateway Waterfront Park. It is just four blocks from the Van Wezel Performing Arts Hall and the Sarasota Orchestra.

The award-winning firm Halflants + Pichette Architects completed a design for the site which consists of 20 luxury residential units over 9,000 SF of ground floor retail space. The simple, but dramatic design consists of retail on the ground floor, ten garden units above, and ten two-story loft units on the third and fourth floors. The 900sf garden units each face an interior courtyard. The ten 1,500 sf loft units above each have a two-story space that opens to views of the park. Loft units will have a roof terrace with views of the Sarasota Bay. A dramatic monumental entry stair provides the residents access to the waterfront park. The project is designed to provide a smaller unit size that is largely missing from the Sarasota market.

The City of Sarasota is commissioning large-scale public art to grace the adjacent round-about. With the bold curved design of Whitaker Lofts, the four-stories tall building will serve as its own dramatic public art sculpture and a recognizable gateway to the City. Deep balconies will enliven the fa├žade and create a play of light and shadow throughout the day. All retail entrances are designed to be directly off of the sidewalk. The valuable retail spaces will be highly visible facing the newly created round-about with a wide sidewalk and landscaping.

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Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: Sarasota County
Tax ID/APN: 2025040056
Zoning: NT - NORTH TRAIL
Property Visibility: Excellent
Legal Description: LOTS 1, 2, 3 & 4, LESS W 10 FT THEREOF FOR TAMIAMI TRL R/W & ALL OF LOTS 5 & 22, BLK C, REV PLAT OF VALENCIA TERRACE OR 3001/2326, LESS US 41 R/W AS DESC IN ORI 201602111
Largest Nearby Street: Tamiami Trail
Feet of Frontage: 297
Highway Access: I-75 approximately 5 miles from the subject.
Airports: Sarasota Bradenton International Airport
Site Description: Cleared site ready for development
Area Description: Rapidly growing area with new condo, retail and multifamily.
Lot Frontage: 297
Development Name: 1400 N Tamiami
Topography: Level
Easements: Utilities
Soil Type: Mixed
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, Cable, Broadband, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,093 64,130 156,901
Median Age: 40.76 44.33 47.99
Households: 5,819 28,080 71,575

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