Benderson Development among bidders for Quay site in Sarasota, FL

Benderson Development among bidders for Quay site

Picture via Sarasota Herald Tribune Archive
Picture via Sarasota Herald Tribune Archive

By Josh Salman via Herald Tribune

Benderson Development Co. is among 15 prospective buyers to submit offers on the former Sarasota Quay land before the listing broker’s deadline this month.

HFF Florida’s multi-housing team is still reviewing those offers to select a winning bidder, said Jaret Turkell, the firm’s managing director. He declined to comment on prices, identify any of the bidders or specify how soon a deal for the 15 acres could get done.

But a trio of sources confirmed that Benderson — one of the area’s most aggressive commercial real estate developers — filed a $10 million offer for the coveted bayfront tract, just a fraction of the $40 million that the Miami brokerage was asking.

If the Manatee County-based company were to land the Quay site, it would join a series of other ambitious mixed-use projects by Benderson, including the University Town Center mall, Siesta Promenade and a business park on East Fruitville Road.

Representatives from Benderson and HFF declined to comment on the bid, citing confidential agreements.

But after dropping the asking price by $10 million, Turkell said the pool of offers was strong enough that with some follow-up negotiations, he is confident the long vacant land will soon have a new owner and a viable development plan in place.

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