Description

This centrally located, five-parcel assemblage in Sarasota's Park East neighborhood offersa rare redevelopment opportunity in an area experiencing ongoing growth. Totalingapproximately 35,000 square feet (350 road frontage x 100) deep or (0.80 acres), the site currently includes five income-producing rental units bringing in a total of $8,250 per month. The property is also situated within an Opportunity Zone.Zoning allows for mixed-use development with ground-floor commercial and multifamilyresidential uses as well as hotel developments with ground-floor commercial. Theproperty supports a base density of 25 units per acre, with the potential to achieve up to100 units per acre through participation in the City of Sarasota's Attainable HousingDensity Bonus Program. Building heights of up to four stories are permitted undercurrent zoning.The property is strategically located near downtown Sarasota, US-301, Fruitville Road, andI-75, offering convenient access to local employers, retail corridors, and regionaltransportation. Nearby recreational and cultural amenities include Bayfront Park, PaynePark, Gillespie Park, and the Rosemary District.Rental income provides holding revenue while entitlements and development planningare pursued. Buyer is responsible forverifying all zoning regulations, density bonuses, and development entitlements with theCity of Sarasota.