Developer plans revamp of Williams Parker site

A New Hampshire-based investment company has acquired a property that has served as the longtime headquarters of one of the city’s most prestigious law firms, setting the stage for the redevelopment of a site on the edge of downtown and Burns Court.

Capstone Group plans to revamp law firm Williams Parker Harrison Dietz & Getzen’s property at 200 S. Orange Ave. Analysts said the acquisition depicts faith that Sarasota’s growth and demand for downtown living will continue.

“It’s always encouraging when a company as significant as Capstone makes an investment of this magnitude in downtown Sarasota,” said John Harshman, president of Sarasota-based commercial real estate brokerage firm Harshman & Co. Inc.

Capstone’s mixed-use project on the 3.3-acre Orange Avenue site isn’t likely to be completed until 2022 or beyond, based on a series of existing commercial leases that will be honored with Nancy’s Bar-B-Que, Clifford M. Scholz Architects Inc. and Hancock Bank.

The project is anticipated to take advantage of the property’s 10-story height maximum. A forthcoming development is expected to contain a mix of residences and office space, perhaps with ground-floor retail and parking.

Many of the details surrounding Capstone’s plan have yet to fixed, however. Company officials could not be reached for comment. Under current zoning, about 160 residences could be built on the site.

Williams Parker is expected to remain in its pair of buildings on the property — the older of which dates to 1976 — while construction occurs.

Bill Seider, a Williams Parker shareholder, said the sale to Capstone and its proposed development gave the firm “a chance to have a state-of-the-art new office while maintaining our geographic identity on our campus.”

Capstone is believed to have paid individual Williams Parker shareholders roughly $15 million for the Orange Avenue property, though the exact sales figure is unknown publicly because the company bought the site through a land trust early last month, records show. Seider declined to reveal the purchase price.

“We’re looking at and exploring various options,” Seider said. “One of which is that perhaps our new offices would be in a building separate from the residences, but we don’t know as yet. There are a lot of moving parts to this.”

Capstone has spent in excess of $50 million to acquire a trio of Sarasota office buildings, including the PNC Building and Ringling Square building near the Williams Parker campus.

Although this is the company’s first ground-up redevelopment in the city, Harshman believes Capstone’s involvement with the project will be positive and reflect the continued demand for downtown residences.

“They’ll provide a fresh look at the location and, to an extent, a marketplace in which new dynamics are at work,” he said. “Notably, baby boomers are retiring with their money and their parents’ money.”