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BUYER: South Palm Development LLC (manager: Seaward Development LLC and Thirty-Four Seventy-Five LLC), Sarasota
SELLER: Thirty-Four Seventy-Five LLC
PROPERTY: 711 S. Palm Ave., Sarasota
PRICE: $875,000
PREVIOUS PRICE: $1.75 million, August 2014
LAW FIRM ON DEED: Berlin Patten PLLC, Sarasota
PLANS, DESCRIPTION:
Broker and developer Patrick DiPinto III purchased half an interest in a 27,079-square-foot parcel on Palm Avenue for $875,000.
DiPinto, who manages Seaward Development, is joining his business partner, David Hargraves of Rhode Island, in owning the site, which they plan to develop. The project, called South Palm Residences, calls for 15 residential units in fours levels above covered parking. Amenities will include a swimming pool and fitness room.
“The location on South Palm really fits our style of building, low-scale, low-density living,” DiPinto says. “We were really drawn by the uniqueness of the property.”
DSDG Architects is the designer for the project.
The developers expect to break ground this summer with the goal of having it completed by fall 2016.
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