The 42,000-square-foot corner property, located at 1329 Fourth Street on the northeast corner of Cocoanut Avenue and Fourth Street, has administrative site plan approval for 62 residential units and 2,458 square feet of commercial space.
Seller Drapac Capital Partners has retained Ian Black and Steve Horn of Ian Black Real Estate as the exclusive listing agents for the property.
Ian Black Real Estate will be accepting bids until June 15. The initial minimum bid is set at $3.95 million.
“This is probably one of the last opportunities to build under the Rosemary Residential Overlay District, which will sunset this year,” said Steve Horn, partner at Ian Black Real Estate. “And with site plan approvals in place, it’s ready to go, other than getting the building permits. All the hard work’s been done.”
The site offers two frontages, on Fourth Street and Cocoanut Avenue. It is a three-block walk to Whole Foods, Starbucks and the reimagined Sarasota Bayfront. Renderings of the proposed development show a contemporary urban design by Halflants Pichette in keeping with the future vision for the neighborhood. The Rosemary Residential Overlay District allows for 75 units per acre.
“The Rosemary District is becoming a very hot area, walkable and with great amenities,” said Ian Black, partner and founder of Ian Black Real Estate. “We’ve already gotten some significant pre-marketing interest on this offering.”
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.