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Venice Regional Bayfront Health has hired a Sarasota commercial real estate brokerage firm to market for sale the site of a proposed hospital, plans for which its parent company abandoned last year.
American Property Group of Sarasota has listed the 50-acre tract, in Venice, for $12.99 million, according to marketing material developed by the brokerage.
Barry Seidel, American Property Group’s president, who is marketing the 2665 E. Venice Ave. land together with his son, Adam Seidel, of the same firm, says the duo were awarded the assignment earlier this month.
American Property Group manages several Venice Regional properties and maintains a “long-standing relationship” with the healthcare provider, Seidel says.
Although the property is currently zoned OPI — allowing office, professional and institutional uses — Seidel says he expects many buyers will work to change that designation. Prior to the hospital’s involvement, the land had been zoned exclusively for residential uses, and single-family communities surround the property currently.
As such, American Property Group is targeting primarily regional homebuilders in its efforts.
Seidel says he expects the property to sell before the end of this year.
He adds the land might be attractive for a variety of residential uses — including single-family homes, townhomes and even multifamily rental apartments.
“Whoever buys is I’m sure will examine it closely to figure out what the best uses are, what the market will warrant and how to get the most density out of it given the zoning,” he says.
Apartment projects have become popular in South Sarasota County over the past five years, especially, and several have traded in the past year at premium prices.
Most recently, last summer New York-based Abacus Capital Group acquired the 257-unit Sage at Palmer Ranch complex completed in 2014 from developer Spanos Corp. for $60.4 million.
The property is just minutes away from both Interstate 75 and Jacaranda Boulevard, which also is expected to draw interest from developers.
“That area is growing by leaps and bounds, and given the size of the parcel, someone will be able to put a project there that could be stunning,” Seidel says.
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