$200M mixed-use project up for sale

A decade ago, Pineapple Square was lauded as a way to transform downtown Sarasota's retail landscape with an injection of national retailers and upscale condos.

But, after bringing in merchants such as Brooks Brothers and Sur La Table, the development stalled amid the recession. Now, its developers hope to sell the rights to the planned $200 million phase two of the project.
Ohio-based Isaac Group Holdings LLC says it lacks the team to pull the deal off, and has set a deadline of May 11 for bids.

“Today, we believe the economy has recovered and Sarasota is in the midst of significant hotel, condominium, retail and apartment growth,” an offering memorandum developed by brokerage firm Michael Saunders & Co.'s commercial division states. “IGH has decided that it does not have the management team needed to bring a project which is worthy of Sarasota and maximizes the potential of the property to fruition.”