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Manatee-Sarasota
Business Observer Friday, Jun. 5, 2015 5 years ago

Boston developer buys U.S. 41 Normandy Hotel

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A company led by developer Jason Cincotta purchased the 13-unit Normandy Hotel on 10,500 square feet of land for $1.27 million.

BUYER: North Trail SRQ LLC (manager: Jason Cincotta), Sarasota
SELLER: Billy Bowlegs Banana Patch
PROPERTY: 400 N. Tamiami Trail, Sarasota
PRICE: $1.27 million
PREVIOUS PRICE: $38,700, July 1986
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota

PLANS, DESCRIPTION:
A company led by developer Jason Cincotta purchased the 13-unit Normandy Hotel on 10,500 square feet of land for $1.27 million.

The price equated to $97,308 per unit. That figure is higher than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

The 4,031-square-foot hotel was built in 1955. One of the units is currently used as a manager's quarters. The land was most recently included in the proposed Waldorf-Astoria-anchored Proscenium project, which ultimately fell through.

Cincotta, is the principal of Boston developer Evergreen Property Group.

Robert Anderson of Re/Max Alliance Group represented the seller. He was uncertain as to the buyer's plans, but believes it's likely that the motel will be razed in favor of a development site.

“It's the first clean corner at the [future] roundabout of Fruitville and 41,” he says.

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