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