Virginia developer buys seven parcels in downtown Sarasota for $32M

Seven parcels near the Ringling Boulevard and Orange Avenue intersection in downtown Sarasota have been sold for $32 million. 

The 3.1 acres, purchased by Virginia-based development company Orange Pineapple LLC, provides the opportunity to develop condos, apartments, hotels and retail, though no plans have been revealed yet, according to a press release. 

“This and the $24 million deal we negotiated for the sale of the Zenith building downtown earlier this year are probably the most significant — apart from The Quay — to occur in downtown Sarasota in a long time,” Steven Horn, partner at Ian Black Real Estate, says in the release.