A nearly two-acre parcel of land in downtown Sarasota has hit the market without an asking price, as one of the few expansive, vacant sites remaining near the area’s highly developed waterfront.
The property features bayfront views and flexible zoning and is located at 300 N. Tamiami Trail, just north of Fruitville Road on the edge of downtown's Rosemary District, a short walk to The Quay and The Bay waterfront park. Situated within the Downtown Bayfront and Downtown Core zoning designation, the site could accommodate developments including condominium, multifamily, hotel, retail, office or mixed-use.
The development site is “one of the largest contiguous development opportunities remaining in the heart of downtown Sarasota,” according to a news
release about the property. The nearly two-acre property sits across Tamiami Trail from more than 14 acres of luxury development, including the Ritz-Carlton Residences, One Park Sarasota and the Ocean Prime restaurant.
The Tampa branch of Berkadia Real Estate Advisors is marketing the property on behalf of the current owner, Palsar Development.
“What makes this site particularly interesting is that a developer doesn’t have to make a one-dimensional bet,” Chris Burtner, director of the Berkadia Tampa, said in a prepared statement. “The zoning supports multiple paths — for-sale residential, rental, hospitality, commercial or a combination — so a buyer can shape the program around where they see the strongest demand.”
According to Berkadia, the site’s zoning could allow up to 380 residential units and buildings as tall as 18 stories on portions of the property.
The property is situated at the downtown roundabout connecting Tamiami Trail to Fruitville Road. In addition to being right across the Trail from The Quay, it's about a five-minute walk from Main Street, while the shops and restaurants of St. Armands Circle and popular Lido Beach are about three miles away.
Matt Mitchell, senior managing director of Berkadia Tampa, is another one of the agents representing the site. He said that the nearly two-acre property at 300 N. Tamiami Trail was “irreplaceable real estate” and an opportune entry point for developers or investors to become involved with “one of Florida’s most compelling luxury residential markets.”
“Nearly two acres on a corner like this does not become available often, and it’s not easy to assemble this much land, with water views and zoning flexibility, next door to billions of dollars of investment transforming Sarasota’s waterfront,” Mitchell said in a prepared statement.
The property listing omits a price, with marketing representatives stating that it will “be determined by the market.”
Kendal Asbury is the real estate and development reporter for the Sarasota Herald-Tribune. Have an idea, tip or question about development? Send her an email at kasbury@usatodayco.com. Connect with her on LinkedIn or follow her on Instagram @wordsbykendal, and support local journalism by subscribing to the Herald-Tribune.
This article originally appeared on Sarasota Herald-Tribune: Rare downtown Sarasota site hits market with no asking price
