TAMPA, FL—Developers are looking north for prime land—north of Miami, that is. With land harder to come by—and selling for higher prices as scarcity increases—some developers are eyeing submarkets.
Jacksonville, FL-based GreenPointe Communities, the community development division of GreenPointe Holdings, purchased a Sarasota, FL development site from an affiliate of National Asset Management Agency. The sale price was $27 million.
HFF managing director Jaret Turkell, executive managing director Manuel de Zárraga, and associate director Scott Wadler, represented the seller. Turkell says, “The Quay site represents arguably the best waterfront development opportunity on the entire west coast of Florida.”
The site is located at the intersection of North Tamiami Trail and Fruitville Road in Downtown Sarasota. It is bound by Sarasota Bay to the west, a Hyatt Regency hotel to the north, and the Ritz-Carlton Hotel and Residences to the south.
The property is entitled for the development of 695 residential units, 190,000 square feet of commercial space, and 175 hotel rooms. The site also offers protected marina space that could potentially be incorporated into any future land uses.
Ron Kriss of Stroock & Stroock & Lavan LLP provided legal counsel for the seller. The firm also handled the foreclosure of the property from the former owners.
“It's been a long time coming,” Kriss says. “We are glad to have resolved this asset for our client, and I think the land is in very good hands. As a large waterfront parcel in the heart of downtown Sarasota, it's a really special site offering the new owners many possibilities.”
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