Tuesday, December 9, 2014

HFF closes $27 million sale of waterfront development site in Sarasota, FL


Development Site, 333 North Tamiami Trail adjacent to Sarasota Bay, Sarasota, FL


Jaret Turkell
MIAMI, FL – HFF announced today that it has closed the $27 million sale of a 14.54-acre waterfront development site located at 333 North Tamiami Trail adjacent to Sarasota Bay in Sarasota, Florida.

                HFF represented the seller, an affiliate of National Asset Management Agency (NAMA).  Jacksonville, Florida-based GreenPointe Communities purchased the asset for $27 million.

                The site is located at the intersection of North Tamiami Trail and Fruitville Road in downtown Sarasota and is bound by Sarasota Bay to the west, a Hyatt Regency hotel to the north and the Ritz-Carlton Hotel and Residences to the south. 

The property is entitled for the development of 695 residential units, 190,000 square feet of commercial space and 175 hotel rooms.  The site also includes protected marina space that could potentially be incorporated into any future land uses.

The HFF investment sales team representing the seller was led by managing director Jaret Turkell, executive managing director Manuel de Zárraga and associate director Scott Wadler.

Manuel De Zarraga
“The Quay site represents arguably the best waterfront development opportunity on the entire west coast of Florida,” Turkell said.

Ron Kriss of Stroock & Stroock & Lavan LLP provided legal counsel for the seller.  The firm also handled the foreclosure of the property from the former owners. 

“It’s been a long time coming,” Kriss said.  “We are glad to have resolved this asset for our client, and I think the land is in very good hands.  As a large waterfront parcel in the heart of downtown Sarasota, it’s a really special site offering the new owners many possibilities.”

GreenPointe Communities is the community development division of GreenPointe Holdings with extensive real estate market data and analytical systems to rapidly assess real estate values and challenges. 


Scott Wadler
Its mission is to acquire, create and transform residential and mixed-use communities into neighborhoods for today's homebuyer while providing lasting, sustainable value.


For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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