Developer buys 3.1 acres in downtown Sarasota for $32M

Seven parcels near the Ringling Boulevard and Orange Avenue intersection in downtown Sarasota have been sold for $32 million.

The 3.1 acres, purchased by Virginia-based development company Orange Pineapple LLC, provides the opportunity to develop condos, apartments, hotels and retail, though no plans have been revealed yet, according to a press release.

“This and the $24 million deal we negotiated for the sale of the Zenith building downtown earlier this year are probably the most significant — apart from The Quay — to occur in downtown Sarasota in a long time,” said Steven Horn, partner at Ian Black Real Estate, in the release.

Capstone Group Holdings LLC and Ringling and Orange 3 LLC, the sellers, were represented by Horn and Jag Grewal, who’s also a partner at Ian Black Real Estate.

While no plans have been announced, the property is zoned to build up to 10 stories and 50 residential units per acre. The property went quickly, never making it to the open market. The press release states Horn and Grewal worked on the transaction for 10 months.

“We were looking for the right buyer who would have both the financial wherewithal and experience to redevelop the property, and this offering was a great fit for Orange Pineapple LLC,” Grewal said. “This has a lot of potential to play a major role in downtown Sarasota’s continued transformation, and to expand commercial activity across Ringling Boulevard in the downtown core.

“We are excited about the opportunity to contribute to the development and growth of downtown Sarasota, and we anticipate that our efforts will have a substantial positive effect on the city as a whole."

This article originally appeared on sister site BusinessObserverFL.com.