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Business Observer Wednesday, Sep. 18, 2019 8 months ago

Parcel sold for nearly $2 million, apartment complex planned for site

The buyer plans to develop the land into a four-floor apartment complex with 47 units. 

SARASOTA — Tembo Enterprises LLC recently sold a 1.44-acre parcel in Sarasota to Tamiami Trail Apartments LLC for $1,975,000.

Tamiami Trail Apartments plans to develop the land, on Tamiami Trail, into a four-floor multifamily apartment complex with 47 units. Mike Migone, a senior advisor with SVN Commercial Advisory Group in Sarasota, represented both sides of the deal. 

“It was the only available property in the area with entitlements already in place for 47 apartment units," says Migone in a statement. "We closed on the neighboring land last year, which is now being developed into a Starbucks. Both of those factors, plus its proximity to Ringling College, made it very appealing to potential buyers." 

Tamiami Trail Apartments plans to break ground on the development in the last quarter of 2019.

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