SARASOTA, Fla. (May 6, 2019) – The Palmetto Community Redevelopment Agency (CRA) has purchased a 1.93-acre property to be the future site of a mid-level parking garage in historic downtown Palmetto. The property is located on the corner of 4th Street West and 9th Avenue West, and also includes the building one-block north at 923 5th Street West. The city paid $925,000 for the land, which currently houses several structures, including a former automotive repair center.
Amy MacDougall and Jag Grewal, CCIM, of Ian Black Real Estate represented the seller, Sarasota Investment Trust, LLC. Nick Easterling of A Paradise Land Company, represented the CRA.
“This is a prime piece of property in downtown Palmetto, which made it a perfect fit for the city,” said MacDougall, Broker Associate at Ian Black Real Estate. “Given their plans for the land, this property could play a catalyzing role in the growth of the downtown area, which has seen a number of improvements lately.”
Parking in downtown Palmetto has been a topic of discussion in recent years. In 2017, the Palmetto CRA was tasked by the city commission to conduct a parking study to assess the city’s current parking status and determine its future needs based on future redevelopment goals. The study determined that the city’s existing 1,527 parking spaces were well short of the 2,990 spaces needed to meet future redevelopment goals.
In June of that year, the CRA announced the possibility of a parking garage in downtown with ground-floor retail that would emulate the Palm Avenue parking garage in Sarasota. This land purchase will allow the city to bring that plan to fruition.
However, first the city must secure a grant from the Environmental Protection Agency (EPA) to demolish the buildings on the land. Should the city be approved for this grant, demolition would begin in October of this year.
“Our ultimate goal is to create a parking garage with first-floor retail that has the façade of the historic buildings in the area to add to the charm of downtown,” said Jeff Burton, director of the Palmetto Community Redevelopment Agency. “In the short term, we’ll make improvements to the property and use it for additional surface parking in the area.”
Leveling the properties on this land and building the parking garage will help to reshape the downtown area, which has been a goal of the CRA for years.
“We’re excited to put this plan into motion and continue our efforts to revitalize downton Palmetto,” said Burton.
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.