Developer walks away from SMH rights deal

Miami developer had contracted to acquire hospital’s residential development rights in Sarasota, but backed out before closing.

  • By Kevin McQuaid
  • | 6:00 a.m. February 12, 2021
  • | 0 Free Articles Remaining!
KAYLEIGH OMANG — Property Markets Group, of Miami, had contracted to buy residential development rights from Sarasota Memorial Hospital tied to its 1743 Main St. support services building.
KAYLEIGH OMANG — Property Markets Group, of Miami, had contracted to buy residential development rights from Sarasota Memorial Hospital tied to its 1743 Main St. support services building.
  • Commercial Real Estate
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Property Markets Group, a New York- and Miami-based developer with a pair of projects along the Gulf Coast, appears to have shifted on plans to do another residential development in Sarasota.

Last summer, the company behind the Sage Longboat Key project approached Sarasota Memorial Hospital about buying unused development rights from the healthcare provider.

 

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