Nearly 2-acre site near The Quay Sarasota hits market

A nearly 2-acre site on North Tamiami Trail in downtown Sarasota at the Fruitville Road roundabout has hit the market, according to Berkadia, which is marketing the listing. The property at 300 N. Tamiami Trail is described as a rare, contiguous “development site” near the waterfront with zoning that can accommodate condo, multifamily, hotel, retail, office, entertainment or residential projects.

Designated as Downtown Bayfront and Downtown Core under the zoning code, portions of the property could support residential density of up to 380 units and building heights up to 18 stories, according to a statement from Berkadia. There is no asking price for the property; Berkadia says pricing will be determined by the market.

Berkadia Tampa Senior Managing Director Matt Mitchell and Director Chris Burtner are representing the property on behalf of the seller, Palsar Development, a Canadian company.

“Nearly 2 acres on a corner like this does not become available often, and it’s not easy to assemble this much land, with water views and zoning flexibility, next door to billions of dollars of investment transforming Sarasota’s waterfront,” Mitchell says in a statement.

Nearby projects under development include The Ritz-Carlton Residences, Sarasota Bay, which is delivering by the end of this year, and One Park and One Park West by PMG, coming in 2027 and 2028, the statement says. Across US 41 is The Quay Sarasota, featuring condos, apartments, a hotel, retail, office and commercial space. 

“What makes this site particularly interesting is that a developer doesn’t have to make a one-dimensional bet,” Burtner says in a statement. “The zoning supports multiple paths — for-sale residential, rental, hospitality, commercial or a combination — so a buyer can shape the program around where they see the strongest demand. That kind of optionality is increasingly valuable when you’re underwriting a major downtown development.”

Toronto-based Palsar owns multiple parcels in and around downtown Sarasota. It bought 1.28 acres at the northwest corner of Fruitville Road and U.S. 41 for $2.7 million in 2011, according to Business Observer archives. Some of those six parcels in this listing are from that acquisition.