Sarasota, Fla. (December 14, 2022) – A commercial property that will house a complex of high-end apartments and retail space in Sarasota, Fla., has sold for $1.7 million.
Mike Migone, CCIM, Senior Investment Advisor for SVN Commercial Advisory Group, managed the sale for Whitaker Lofts, LLC. The land is at 1400 N. Tamiami Trail, just north of the downtown area.
Set for completion in 2024, the four-story building will contain nearly 34,000 square feet and 21 luxury residential units on the second, third and fourth floors. About 9,000 square feet of retail space is planned for the ground floor of the complex.
The project designer is Michael Halflants, selling member of Whitaker Lofts and principal at Halflants + Pichette. Halflants was instrumental in obtaining development approvals with the city of Sarasota.
The Elevate Team in Buffalo, N.Y., purchased the property via an opportunity fund.
“These will be some beautiful units in a structure fronting the roundabout,” Migone said. “It’s a project we expect to have a tremendous impact on the area, which is designated as an opportunity zone – quite an addition.”
The U.S. government offers special tax incentives for investments in areas officially recognized as needing economic development. The opportunity funds are partnerships and corporations created as entities for investments into these zones.
The property faces the 5.5-acre Whitaker Gateway Waterfront Park. It is situated between the Rosemary District and Ringling College of the Arts – both of which are experiencing rapid growth. In addition, the Sarasota–Bradenton International Airport is only about an eight-minute drive from the future complex.
The retail spaces will have 12-foot ceilings with floor-to-ceiling windows. The vistas offered from this building will be one of the big draws for tenants, Migone said.
“The loft units will have roof terraces with spectacular views of the Sarasota Bay,” he said. “They should be in high demand and provide great benefit to the surrounding area.”
About SVN Commercial Advisory Group
A full-service commercial real estate brokerage firm, SVN Commercial Advisory Group works with large corporations, middle market businesses and individual entrepreneurial investors. The group provides advisory services for the sale, leasing and management of commercial properties. Advisors at SVN Commercial Advisory Group have deep experience working with many types of investment real estate. They serve the greater areas of Sarasota, Manatee and Charlotte counties. For more information on the SVN Commercial Advisory Group, visit suncoastsvn.com.