Former Quay site in Sarasota, fl finally sells for $27 million — It once had $90 million of debt on it

Former Quay site in Sarasota, fl finally sells for $27 million — It once had $90 million of debt on it

A Jacksonville firm has acquired a vacant 15-acre waterfront site in downtown Sarasota, previously the Sarasota Quay, that some consider the best development opportunity on the Gulf Coast.

GreenPointe Communities, a subsidiary of Jacksonville-based GreenPointe Holdings, announced the deal in a statement today. Terms of the sale weren’t disclosed. The firm says it will move forward with planning and design on a project that can link downtown with the Arts District and will include residential, commercial, retail and hospitality elements.

GreenPointe bought the site from the Irish government, which owned the property after Anglo-Irish Bank there had taken it back in a default proceeding.

Our company is poised to bring this important parcel to life for Sarasota residents and visitors alike,” GreenPointe Chairman and CEO Ed Burr says in the statement. “We have been pleased at the warm response we have received in Sarasota and look forward to being a part of the fabric of one of Florida’s fastest growing, culturally rich and vibrant regions.” –

See more at: http://www.yourobserver.com/news/sarasota/Front-Page/1205201437556/Quay-site-in-Sarasota-sells#sthash.4UqAB25y.dpuf

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