Sarasota, Fla. – A 7.64-acre property fronting University Parkway near Whitfield Avenue has sold for $6.5 million. The deal paves the way for a future multifamily development containing 210 units.
Managing the transaction was Mike Migone, CCIM, Senior Investment Advisor at SVN Community Advisory Group. In the making for 24 months, the deal marks a significant milestone in the area’s development landscape.
“This may well be the last property on University west of I-75 available for multifamily apartments,” said Migone. “Undeveloped land here is extremely scarce, and this well-traveled area is prime—an excellent spot for these residential units, given all the nearby amenities.”
Purchased by Lotus Company of Salt Lake City, the site is a premier location on University Parkway, a critical east-west thoroughfare traveled by more than 50,000 vehicles daily. The property is situated near I-75 and University Town Center.
The sellers were Suhail and Janet Khoury of Sarasota.
Originally zoned for planned commercial use, the land required rezoning before multifamily development was allowable.
This site benefits from having all utilities in place, as well as its proximity to such major retailers as Publix, Home Depot, Walmart and Target. The coming development of the land is expected to significantly enhance the area’s residential offerings.