The property and its 1.77-acre parcel at 838 N. Tamiami Trail just north of downtown Sarasota is one of the last remaining Bayfront development parcels available and has the last unobstructed view of Sarasota Bay. The development site has been on the market for nearly a year.
“Our market research and intelligence was telling us that the original asking price was not going to bring the kind of serious interest we needed to sell this property,” said Ian Black of Ian Black Real Estate, the firm managing the listing. “We believe the new asking price is better aligned to attract buyers looking for this special kind of development opportunity.”
The Players Centre announced in May 2016 its move to Waterside Place in Lakewood Ranch. The new theater complex will cost $30 million, which the board plans to approach in three stages of development. The Players Centre owns the Sarasota property outright.
“The board feels confident that lowering the asking price will open up more opportunities for finding the right buyer for this property,” said Michelle Bianchi, chief executive officer and managing director of The Players Centre. “We see this as a positive step toward fulfilling our ultimate goal of building a beautiful new complex in Lakewood Ranch.”
About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.