Market Updates

Over 3 Acres of Downtown Sarasota Purchased by Virginia Developer for $32 Million

downtown Sarasota
A view of Downtown Sarasota from Marina Jack Bayfront Park in Florida, on a bright sunny day. File photo: Studio952, Shutter Stock, licensed.

SARASOTA, FL – Seven parcels of land in downtown Sarasota – totaling 3.1 acres – located near the Ringling Boulevard and Orange Avenue intersection have been purchased by a Virginia developer for an eye-opening $32 million, representing the one of the most significant real estate purchases in the city in quite some time. 

The sale was made to development company Orange Pineapple LLC, and while they have not announced their plans yet, experts say the property is ideal for building residential homes, condominiums, apartment complexes, hotels, and retail establishments. Currently, the seven parcels are zoned to build up to 10 stories and 50 residential units per acre. 

Steven Horn, partner at Ian Black Real Estate – representing the sellers, Capstone Group Holdings LLC and Ringling and Orange 3 LLC – said that the $32 million paid for the property is the nearly largest amount spent in a single real estate transaction in Sarasota in years.  

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,” he said. 

Once it was put up for sale the property was sold very quickly; so quickly, in fact, it never actually made it to the open market, according to Jag Grewal, another partner at Ian Black Real Estate that assisted with the transaction. 

We were looking for the right buyer who would have both the financial wherewithal and experience to redevelop the property, and this offering was a great fit for Orange Pineapple LLC,” Grewal said. “This has a lot of potential to play a major role in downtown Sarasota’s continued transformation, and to expand commercial activity across Ringling Boulevard in the downtown core.” 

We are excited about the opportunity to contribute to the development and growth of downtown Sarasota, and we anticipate that our efforts will have a substantial positive effect on the city as a whole,” he added. 

Florida Gulf Residential specializes in the areas of SarasotaSiesta KeyBradentonLakewood RanchLongboat KeyVenicePalmer RanchOspreyAnna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.



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