Main Street parcel acquired for $4.29 million

A downtown parcel at 2051 Main St. has been acquired for $4.29 million. The new owner of the 0.44-acre parcel, Center Pointe Property LLC of Sarasota plans to hold the property with an eye toward future development.

An entity named Mainview Sarasota Development LLC had previously acquired the property with intentions to build a hotel. 

“Because there was so much interest in this property since they had acquired it, they changed course and put it on the market instead,” said Mike Migone of SVM Advisory Group, who represented the seller in the transaction. “The city of Sarasota recently responded to the need for affordable housing by adding an overlay district for certain downtown zoned properties, allowing up to four times greater density with inclusion of  affordable housing. That move increased the property value substantially, making it very appealing to developers.”

A single-story, 6,050-square-foot building on the property will be demolished to make room for new construction. The total property tax assessment for the site is $1.13 million.

In 2021, Mainview Sarasota Development, then operating under the name Development & Growth LLC, filed preliminary plans for a mixed-used development on the site. Called MainView of Sarasota, it was to include 36 condominiums and 10,000 square feet of retail space.