$2,495,000

Description

Capture an opportunity to acquire one of the remaining development sites in Sarasota’s Rosemary Arts and Design District. This 13,300-square-foot property offers Downtown Edge zoning within the Rosemary Residential Overlay District, with potential for a five-story, 31-residence condominium or mixed-use project and up to 31 parking spaces, subject to applicable zoning, governmental approvals and development requirements. Located approximately 100 feet from Central Avenue and blocks from Sarasota Bay and downtown Sarasota, the property is positioned near the Rosemary District’s growing collection of restaurants, art galleries, shops and design destinations. The site currently includes two commercial buildings generating more than $3,900 in combined monthly rental income and 11 paved parking spaces, providing income while future development plans are considered. The tenant has a triple-net lease. Tenants have invested more than $150,000 in building improvements and improvements to the paved parking area. New roofs were installed on both buildings in 2006, and both buildings were tented for wood-destroying organisms in 2017. A contemporary condominium development is planned across Seventh Street. The listing agent can provide additional information regarding the proposed project. The property is being offered subject to existing lease terms through May 2027. Tenants have a right of first refusal on contracts written before May 2027. With its development potential, existing income and location within the Rosemary Arts and Design District, this property presents an opportunity to establish a presence in one of downtown Sarasota’s evolving districts. ****ADJACENT VACANT LAND MLS A4706492 TOGETHER WITH THIS PROPERTY OFFERS A 62 UNIT DEVELOPMENT OPPORTUNITY.***