Work Begins On Sarasota Waterfront Development
Mixed-Use Project Will Include Residential, Commercial and Hotel Elements
GreenPointe Communities, a subsidiary of GreenPointe Holdings, recently closed on the $27 million purchase of the land for the residential, retail, hotel and office project, which will be built in phases.
The Jacksonville-based developer acquired the 14.54-acre waterfront development site at 333 North Tamiami Trail in Sarasota from an affiliate of National Asset Management Agency, which acquired the property in a foreclosure from its previous owners, according to HFF, which represented the seller.
The site is at the intersection of North Tamiami Trail and Fruitville Road in downtown Sarasota and is bordered by Sarasota Bay to the west, a Hyatt Regency hotel to the north and the Ritz-Carlton Hotel and Residences to the south.
The property is entitled for the development of 695 residential units, 190,000 square feet of commercial space and 175 hotel rooms. The site also includes protected marina space that could potentially be incorporated into any future land uses.
“The Quay site represents arguably the best waterfront development opportunity on the entire west coast of Florida,” Turkell said.