SARASOTA, FL – Sarasota’s historic Mira Mar Plaza, a commercial retail property which has stood the test of time on Palm Avenue for the past 100 years, was sold last week to Miramar Acquisition Company, LLC, with its 40 tenants being informed by email shortly afterwards.
The seller, Mira Mar Plaza Associates, LTD, was paid an impressive $17.3 million for Mira Mar Plaza, illustrating how much property values have increased in the area since they originally purchased it for a mere $1.8 million in 1989.
Mira Mar Plaza was nearly purchased and demolished in 2022, but the deal eventually fell through. At the time, numerous members of the public protested the planned teardown of the century-old property, saying that it would rob Sarasota of the “charm and character” that sets the city apart from other metro areas.
Those in favor of the demolition pointed to engineering reports that claimed that the Plaza’s structure had endured significant damage over the years that would be costly to repair, including undersized foundations, corroded structural wood wall studs, irregular framing and more.
In their email to tenants, Mira Mar Plaza Associates calmed any fears they may have had regarding the future of the Plaza, noting that its new owner “has plans to maintain the property for the foreseeable future” and “considers the Mira Mar Plaza a long-term asset while analyzing the best options for the future of the property.”
Those options, Mira Mar Plaza Associates noted, could include converting the property into a mixed-use development with the potential addition of affordable housing units. Red Property Management will continue its role as property manager to ensure a seamless transition that will have minimal impact for business owners.
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Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.