BUYER: Quay Venture LLC, Jacksonville
SELLER: National Asset Sarasota LLC
PROPERTY: 33 N. Tamiami Trail, Sarasota
PRICE: $27 million
PREVIOUS PRICE: $37 million, January 2004
LAW FIRM ON DEED: Stroock & Stroock & Lavan LLP, Miami
GreenPointe Communities, a subsidiary of GreenPointe Holdings, purchased the 14.54-acre former Sarasota Quay land for $27 million.
The price equated to $1.86 million per acre.
The property, which previously held a large retail and office development on U.S. 41 near Fruitville Road, was demolished by Irish American Management Services Limited LLC to create a mixed-use development of 700 condominium units, a hotel and restaurant and office space. That project, a victim of the real estate collapse and recession, never materialized, and Anglo Irish Bank Corp. Limited foreclosed on it in August 2013.
GreenPointe Communities says it is undertaking a phased development plan for the property, which will include residential, commercial, retail and hospitality elements.
“Our company is poised to bring this important parcel to life for Sarasota residents and visitors alike,” GreenPointe Chairman and CEO Ed Burr says in a press release. “We have been pleased at the warm response we have received in Sarasota and look forward to being a part of the fabric of one of Florida's fastest growing, culturally rich and vibrant regions.”
Irish American's 2007 site plan for the property is valid until 2017.
The development comes as the city of Sarasota government grapples with creating a master plan for development of its bayfront land through the Sarasota Bayfront 20:20 group.