Payne Park Village

Vacant Land for Sale
Sale Pending
Catylist Listing ID: 30017793
Property Subtypes: Multi-Family, Office, Retail-Pad
Status: Pending
Gross Land Area: 8.67 Acres
Sale Price: $10,000,000
Unit Price: $1,153,402 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 3/14/2017

Overview / Comments

Payne Park Village "PPV" is a mixed use project overlooking a 36 acre
park and recreational area " Payne Park " located in the midst of Downtown Sarasota.

Existing Permits are in effect through 2019 and entitlements call for:
238 Condo Residences
70,000 SF of Retail/Office
100 Room Hotel or Office building

There are TWO Phases, which can be staged as one unified development or purchased and developed separately.

See attached Offering Memorandum

Usage by Phase:

Phase I/II/III - Contains 8.67 acres with an approved use of a 238 unit condominium residential community consisting of 14 buildings 3, 4 and 5 story buildings plus 70,000 SF of commercial space. Offered at $ 10,000,000.

Phase One is UNDER CONTRACT.

Phase IV - 1.34 Acres. Permitted use is 100 room hotel or office. Offered at $1,150,000.

Phase Two is still available.

TOTAL PROJECT OFFERED AT $11,150,000.00

The current Master Site plan has been approved by the City of Sarasota in a 10 year Development Agreement signed in 2009. Some changes to site plan (not density or height ) are permitted by the Minor Conditional Use process.
Site plan approval will require construction drawings.

• Phase One is entitled for 238 residential condos and up to 70,000 or retail.
• Phase Two is entitle for a 100 room hotel or an office bldg.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Tax ID/APN: 2029-140-002
Zoning: DTE
Market Type: Medium
Property Located Between: South School Avenue & Novus Street
Side of Street: East
Road Type: Highway
Property Visibility: Excellent
Feet of Frontage: 1,100
Transportation: Bus, Shuttle, Rail, Highway, Airport, Taxi, Water/Ferry, Other
Highway Access: Fronts on School which connect to Ringling and Fruitville Road
Airports: srq
Area Description: Residential with neighborhood retail and large city owned recreation park.
Lot Frontage: 1100
Zoning Description: DTE Downtown Edge
Development Name: PAYNE PARK VILLAGE
Topography: Level
Easements: Utilities
Soil Type: Sandy
Available Utilities: Electric, Water, Gas


Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,184 91,011 174,206
Median Age: 44.77 45.59 48.22
Households: 7,445 40,696 80,348
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