Naples developer pays $26M for downtown Sarasota sites

A prominent Naples developer has bought five downtown Sarasota parcels along Ringling Boulevard, between Palm and Pineapple avenues, and intends to build a luxury development on the space.

The buyer is an LLC tied to The Lutgert Cos. and includes The U.S. Garage building at 330 S. Pineapple Ave. and a parking lot belonging to the Church of the Redeemer.

According to Sarasota County property records, Lutgert paid $11 million for the U.S. Garage property at 330 S. Pineapple Ave. and $15 million for the church-owned parking lots at 301 and 303 S. Palm Ave. and 1360 Ringling Blvd.