Sarasota, Fla. (January 29, 2021) – Coldwell Banker Commercial and Coldwell Banker Realty in Florida represented the sellers of the former Gulf Beach Resort Motel in a transaction valued at $23.5 million. The property was co-listed by Elliot Rose with Coldwell Banker Commercial NRT and Judy Kepecz-Hays with Coldwell Banker Realty’s Longboat Key office.
The buyer plans to redevelop the 2.3-acre site as a beachfront luxury condominium tower.
Built in 1950, the Gulf Beach Resort Motel, located at 930 Benjamin Franklin Dr. in the Lido Key area of Sarasota, Fla., was part of the post-World War II motel construction boom that addressed the needs of a growing number of tourists to the area. In 1977, the motel was converted into a condominium form of ownership containing 43 units.
“This site attracted substantial interest from potential buyers, and we received multiple offers from several developers,” said Rose. “The new, modern luxury condominium development being planned will surely attract buyers to Lido Key’s shores.”
“The stability and strength of the Sarasota area’s luxury real estate market continues during these unprecedented and challenging times, and we consistently leverage excellent client service, state-of-the-art technology and expert marketing knowledge for each and every transaction,” said Kepecz-Hays.
About Coldwell Banker Commercial NRT
Coldwell Banker Commercial NRT, the local affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com
About Coldwell Banker Realty
Coldwell Banker Realty in Florida is a leading residential real estate brokerage company with approximately 80 offices and 7,000 affiliated sales associates. Coldwell Banker Realty is owned by a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), the largest full-service residential real estate services company in the United States. Visit ColdwellBankerHomes.com.
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