Former Sarasota YMCAs planned for multifamily

SARASOTA — The investment fund TerraCap Partners II purchased three Sarasota YMCA buildings on 1.3 acres fronting Fruitville Road for $1.44 million.

The price equated to $25 per square foot of land.

The three buildings, at 41 N. School Ave., Sarasota, were unoccupied and in poor condition. One had a roof leak with water damage and a second had termite damage. Overall the buildings themselves had little to no value, according to John Harshman of Harshman & Co. Inc., who represented the seller. The value was in the property, which is zoned downtown core allowing a development of up 50 units per acre and up to 10 stores.