414-414 Lime Avenue, Sarasota, FL

This nearly 2-acre site presents a development opportunity near US-301 and Fruitville in the downtown edge district. The current zoning is Downtown Edge (DTE), which allows for 25 residential units per acre, medical/general office, retail, and other uses. The subject parcel allows for a mixed-use development with nearly 50 residential units. A future land use application proposes additional density to increase to 191 units, with an estimated 10,000+ square feet of retail commercial space on the ground floor. The surrounding neighborhood is undergoing massive redevelopment, including current construction of a hotel, 410 luxury apartments, 25,000 square feet of retail, and a grocery store. The site is within a block of a lighted intersection, providing quick access to major North/South and East/West thoroughfares. The property is located in one of the fastest-growing markets on the Southwest Florida Coast, a short distance from Siesta Key Beach, Lido Key Beach, and St. Armand’s Circle. Major employers in the vicinity include Sarasota Memorial Hospital, with over 135 beds and a projected employment of 600 to 700, with multiple projects underway. The area continues to see a rise in redevelopment and new developments. Many historic homes and neighborhoods remain intact, including the brick pavers surrounding the subject property, while other areas of the city have been updated with shopping centers, hotels, restaurants, and other businesses. Tourism continues to rise in the area.