Developer pays $7.5M for Sarasota lots, plans mixed-use community

A Fort Lauderdale real estate investment and development firm specializing in opportunity zones has bought two lots in Sarasota and plans to build a mixed-use development.

PTM Partners paid $7.5 million for the two parcels on Payne Parkway. According to a company spokesperson, the properties total 1.98 acres.

In a statement announcing the purchase, PTM says it plans to build a 120,000 square-foot, mixed-use community that will include 50 for-rent town homes and about 8,000 square feet of retail space. The company plans to break ground next year with the intent of completing the project by the fall of 2025.