Downtown Sarasota Development Opportunity

Vacant Land for Sale
Catylist Listing ID: 30755726
Property Subtypes: Multi-Family, Residential (Single Family)
Gross Land Area: 23,400 SF
Sale Price: $4,990,000
Unit Price: $213.25 PSF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/15/2021

Overview / Comments

The surveys are piling up: US News & World Report calls Sarasota the 9th "Best Place to Live" in 2021. Time Magazine included Sarasota in the Top 100 "Most Interesting Places in the World." And now you have an opportunity to buy a piece of paradise in one of the most coveted neighborhoods in Downtown Sarasota.

625 S Palm Ave is one of the few remaining vacant tracts of land with Downtown Edge Zoning. You can build up to 13 luxury condominiums or townhouses at a maximum height of 5 stories (4 levels of residential over parking).

An easy stroll to Marie Selby Botanical Gardens; downtown restaurants; Burns Court; art galleries; retail shops and entertainment. And just a block away from the waterfront!

Be sure to view the outstanding video authored by my colleague Ray Collins!

Please note that 1526 Oak Street, across Elder Lane from the subject property is
available separately at $1,675,000. Oak Street would accommodate 3 additional
newly built dwelling units.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: Sarasota City
Tax ID/APN: 2027140037
Zoning: DTE DOWNTOWN EDGE
Property Located Between: Alderman and Elder Lane
Property Visibility: Excellent
Legal Description: Lots 3, 4, 5 and 6, Block D Grosvenor Park. See listing attachment for full legal description.
Largest Nearby Street: Mound (aka US 41Tamiami Trail)
Feet of Frontage: 71
Highway Access: Mound (US 41 Tamiami Trail)
Airports: SRQ 20 minutes
Site Description: Flat, cleared of overgrowth. Several mature trees. Street access from S. Palm Avenue, Alderman Street and Elder Lane See survey attachment.
Area Description: South Palm Avenue is a serene tree-lined residential street. A blend of new/newer luxury condominiums and charming older buildings...an eclectic mixture of why Sarasota is so special!
Lot Frontage: See attached survey
Lot Depth: See attached survey
Zoning Description: Downtown Edge (DTE) that allows up to 25 units per acre. At 23,400 sq ft, this property is .537 of an acre which would allow for 13 units to be built.
In Flood Plain?: Yes
Topography: Level
Easements: Utilities
Easements Description: Routine utility easements
Soil Type: Mixed
Available Utilities: Electric, Water, Gas, Sewer
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,950 80,607 162,609
Median Age: 48.31 45.42 48.69
Households: 5,880 36,254 75,560
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