A 13,500 square foot retail building and a one time 99-room hotel are part of an assemblage that’s for sale in Sarasota. The asking price is $25 million. The property, located at 1425-1427 South Tamiami Trail, is just south of Sarasota Memorial Hospital and is being marketed as a as a mixed-use redevelopment opportunity. Ian Black Real Estate (IBRE) has the listing.
The Sarasota Herald-Tribune reported that 5 Point Equity bought the retail property last summer for $7 million. 5 Point Equity bought the hotel in 2022 for $8 million.
Included in the marketing of the property is a conceptual plan that envisions an eight-story dual-brand hotel totaling 246 rooms and a six-story wrap-style residential building comprising 279 units, including studio, one-, two- and three-bedroom floor plans. Plans also call for three levels of structured parking with approximately 402 spaces and a shared fourth-level amenity deck with a pool.Â
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