Quay property in Sarasota, FL, again nears close on sale

Quay property in Sarasota, FL, again nears close on sale

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

By Josh Salman via Herald Tribune

One of the most coveted parcels of property along Florida’s Gulf Coast is once again closing in on a sale that could trigger development on the long dormant site.

After a six-month lull — and at one point exiting contract negotiations all together — the Jacksonville developer first interested in purchasing the vacant Sarasota Quay site earlier this year is again filing land development requests with the city, planning records show.

An attorney representing GreenPointe Communities has asked city officials this month to move forward with latter stages of the project first, which would allow them to build a 10,000-square-foot office building at the southwest corner of Boulevard of the Arts and North Tamiami Trail.

City approvals require any developer of the Quay site to build the residential and the necessary infrastructure before that smaller office component, said Tim Litchet, director of the city’s Neighborhood and Development Services department.

“I believe phase one comes before phase two,” Litchet said. “That’s how the agreement was structured so all of the infrastructure would be in place.”

The recent request ends months of inactivity for the long vacant waterfront site, west of U.S. 41 between the Hyatt Regency and the Ritz-Carlton Sarasota hotels.

GreenPointe had reached a tentative agreement to buy the land earlier this year, but negotiations between the developer and the Irish government broke down, stalling progress on the 15-acre downtown tract.

For complete article by Josh Salman, CLICK HERE <—-======

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