Quay deal falls apart after city of Sarasota’s denial

Quay deal falls apart after city of Sarasota’s denial

Picture via Sarasota Herald Tribune Archive

By Josh Salman

Negotiations between a Jacksonville developer and the Irish government on the former Sarasota Quay property have broken down, prompting the long-vacant site to be re-marketed for sale and further stalling any development on the 15-acre tract.

The split stemmed from a recent City Commission vote denying a proposed extension that would have given developers until early 2027 to begin building on the waterfront land, where $1 billion worth of condos, shops, hotel rooms and offices were once envisioned.

GreenPointe Holdings LLC, the Jacksonville firm that was working to buy the former Quay property, requested the extension from the city in February.

Without that additional time, any potential Quay buyer would have to break ground by January 2017 or restart a lengthy city application process, which could cost hundreds of thousands of dollars and delay development for several more years.

That looming deadline, along with other new hotel and condominium developments proposed or under construction downtown, appears to have made the Sarasota Quay less attractive as an acquisition target.

“GreenPointe is not under contract and has discontinued work on the project,” Ed Burr, GreenPointe’s chief executive, said in a statement emailed to the Herald-Tribune.

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